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By Nithyakala Neelakandan
Published on July 4, 2024
Turkish hotel group Kaya Tourism Group has acquired the historic Great Northern Hotel in King’s Cross, marking its first property in London and signaling the start of its expansion into the UK and Europe.
The Great Northern Hotel, an 88-room property, is a Grade II-listed building with a rich history dating back to 1854. Designed by architect Lewis Cubitt, who also designed King’s Cross and London Bridge stations, the hotel underwent a £40 million renovation in 2013. Known for its prime location next to St. Pancras station, the only railway link from the UK to Europe, the hotel is strategically positioned in one of London’s most successful regeneration areas.
Kaya Tourism Group, part of Kaya Holding, operates 13 hotels in Turkey and Cyprus under the Kaya Palazzo Hotels & Resorts and Kaya Hotels & Resorts brands. The group plans to enhance the Great Northern Hotel’s food and beverage offerings, which currently include the Rails restaurant and Little Bar, to better serve the needs of King’s Cross and St. Pancras passengers as well as local residents.
Burak Kaya, Chairman of the Board at Kaya Holding, expressed his enthusiasm about the acquisition. "We are delighted to have made our first international hotel investment in London. Great Northern Hotel is located in one of the capital’s most successful regeneration developments and is right next to St. Pancras station, the only railway connection from the UK to Europe. We are proud to be the first Turkish tourism company to make such a significant hotel investment in the UK and believe this investment will strengthen mutual tourism relations between Turkey and the UK. We are actively considering next options for further expansion into Europe." he said.
Kaya also highlighted the group’s broader expansion plans, stating that they are actively considering additional opportunities for growth across Europe. This acquisition represents a significant milestone for Kaya Holding, as it becomes the first Turkish tourism company to make such a substantial investment in the UK hospitality sector.
The Great Northern Hotel has a storied past and architectural beauty that complements Kaya’s vision of high-quality hospitality. Previously managed by Kew Green and most recently by Marugal Distinctive Hotel Management, the hotel has maintained its reputation as a top destination for both business and leisure travelers.
Kaya Tourism Group’s acquisition of the Great Northern Hotel is a strategic move that underscores its commitment to expanding its footprint in the global hospitality market. By integrating Turkish hospitality with the historic charm of the Great Northern Hotel, Kaya aims to attract a diverse range of travelers and strengthen tourism ties between Turkey and the UK.
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By Nishang Narayan
Published on February 16, 2025
The Board of Directors of Avadh Sugar & Energy Limited (ASEL) (BSE: 540649 / NSE: AVADHSUGAR) and Magadh Sugar & Energy Limited (MSEL) (BSE: 540650 / NSE: MAGADSUGAR) took on record the unaudited financial results for the quarter and nine months ended December 31, 2024.
Q3FY25:
9MFY25:
“The sugar season 2024-25 has presented a mixed outlook, with challenges such as lower cane yields and lower recovery in key states like Uttar Pradesh, Maharashtra, and Karnataka affecting production. Despite these setbacks, we remain optimistic about long-term growth. However, rising production costs and stagnant ethanol prices call for timely policy adjustments.
At Avadh, we are focused on sustainable expansion, and with the upcoming completion of our crushing enhancement at the Hargaon unit for the 2025-26 season, we expect further value creation.”
“The industry is facing a decline in production due to lower cane availability and recovery, along with a shift toward ethanol. Despite these challenges, our ability to adapt and invest in expansion positions us well for long-term growth.
At Magadh, we are committed to sustainability and are enhancing our crushing capacity and implementing steam-saving measures at our Narkatiaganj unit, which is now operational for the 2024-25 crushing season. With the right policy support, the sugar industry can continue to play a crucial role in India's economy.”
Published on February 7, 2025
Sterling Holiday Resorts Ltd. has announced its strongest quarter yet in Q3 FY25, marking a milestone in the company’s growth trajectory. With 18 consecutive quarters of profitability, Sterling’s performance in Q3 surpassed even its traditionally dominant Q1, thanks to strategic portfolio expansion that strengthened revenue streams beyond peak seasons.
The company reported a 12% YoY income growth, reaching ₹1,389 Mn. EBITDA increased by 14%, with a solid 38.8% EBITDA margin, while EBIT rose 13% YoY.
Sterling’s portfolio now spans 48 locations with 57 resorts, hotels, and retreats in the upper-mid to upper-upscale segments. Strengthening its footprint, the company added three new resorts in Q3:
Maintaining its rapid growth pace, Sterling has launched one resort per month for the past 18 months, with several more in the pipeline.
"Sterling has witnessed its strongest-ever quarter, a testament to our brand's growing preference among customers. A surge in holiday demand, coupled with our aggressive resort expansion, has fueled this success," said Vikram Lalvani, MD & CEO, Sterling Holiday Resorts.
Sterling’s food and beverage division has been another strong performer, recording a 20% YoY growth. The company attributes this to its enhanced dining experiences and a diverse range of culinary offerings across its properties.
Further strengthening its commitment to sustainability, Sterling has introduced Sterling Sankalp, an ESG initiative aimed at responsible tourism. The company has implemented key measures across several resorts, including:
On a year-to-date (YTD) basis, Sterling has achieved a 14% growth in income (₹3,842 Mn) and a 35% EBITDA margin, showcasing its sustained upward trajectory. With an expanding portfolio, a thriving food and beverage sector, and a strong focus on sustainability, Sterling continues to solidify its leadership in the hospitality industry.
Published on February 5, 2025
The Union Budget 2025 has introduced key measures that promise growth across the hospitality, food & beverage, and startup sectors. Industry leaders see these developments as game-changing, driving innovation, infrastructure enhancement, and workforce development.
Mayank Prasad, Founder of Curated Catering by Design, sees the budget as a positive step for the catering and hospitality sector.
"The establishment of the National Institute of Food Technology will drive innovation and skill development in food processing, benefiting the entire ecosystem. The push to enhance tourism by developing 50 key destinations is a welcome move that will directly boost demand for premium catering services. Additionally, government support for hospitality training programs will help bridge the skill gap, ensuring a well-trained workforce for the sector," he said. With these measures, the catering industry is poised to scale, innovate, and contribute significantly to India's evolving culinary landscape.
Rahul Taneja, Head of Operations at Dharana at Shillim, highlighted the transformative impact of the budget on tourism.
"A standout feature is its strong emphasis on the travel and hospitality industry, with well-structured measures to boost both domestic and international tourism. Initiatives like promoting spiritual and medical tourism, along with the Heal in India initiative, will be game-changers," he noted. The budget’s collaboration with the private sector and simplified visa norms aim to position India as a top destination for holistic well-being, integrating Preventative Medicine, Healing Nutrition, Ayurveda, and more. Additionally, investments in skill development within the hospitality sector will enhance service quality, elevating India's global tourism reputation.
Vishal Puri, Co-Founder of Spalba, praised the budget’s steps toward fostering innovation and sustainability."Investments in tourism infrastructure and connectivity enhancements, like the development of greenfield airports and the modified UDAN scheme, should boost domestic and international travel. However, the quality of services at these airports, specifically regarding cancellations, needs to be controlled for these measures to be effective," he pointed out. The inclusion of hotels in the harmonized tourism infrastructure scheme and the ₹1 lakh crore Urban Challenge Fund are also expected to transform urban tourism experiences. Additionally, startups will benefit from an extended tax holiday, simplified compliance, and increased funding through the ₹10,000 crore Startup India Fund, driving digital innovations and sustainability.
With a strong focus on tourism, catering, and startups, the Union Budget 2025 sets the stage for accelerated growth, making India a more attractive and accessible destination for travelers and entrepreneurs alike.
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