Pradeep Shetty, President of FHRAI, Comments on Union Budget 2024's Impact on Hospitality Sector

Pradeep Shetty, President of FHRAI, Comments on Union Budget 2024's Impact on Hospitality Sector

By Nishang Narayan

Published on July 24, 2024

The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, was eagerly anticipated by the hospitality sector, especially in light of the Government of India's vision of Viksit Bharat by 2047. Pradeep Shetty, President of the Federation of Hotel & Restaurant Associations of India (FHRAI), offers his perspective on the budget’s implications for the sector.

Comment by Pradeep Shetty:

"The hospitality sector has been pinning high hopes on the Union Budget for 2024-25 presented by Smt. Nirmala Sitharaman today, on the backdrop of the Government of India's stated vision of Viksit Bharat by 2047 and the critical role tourism industry holds in achieving it. However, there is nothing spectacular in the budget to bring structural changes to address the fundamental challenges it faces in a competitive world order and to accelerate the growth of the sector to be a $3 trillion economy by 2047.

Some key demands of tourism & hospitality to revitalise the sector such as GST rationalisation, granting of infrastructure status and bringing ease of doing business and policy reforms have not been considered in the budget once again, given the well-accepted multiplier effect of tourism on employment and economy. The hospitality sector is disappointed but not dejected as the overall focus on infrastructure development, employment generation, skill development, and development of religious tourism centres are the silver linings which will help the sector to tide over some of the critical challenges that it faces today. The focus of Budget 2024 on youth employment, skill development, and job creation are welcome initiatives. The industry has been facing a shortage of skilled workforce, especially in the hospitality sector.

It is also laudable that the Honourable Finance Minister's Budget speech highlights the Government's commitment to making India a premier global travel destination through targeted investment and strategic initiatives. Development of iconic spiritual sites along with the promotion of cruise and beach tourism can be helpful in attracting both domestic and international tourists."

While the Union Budget 2024-25 may not have met all the expectations of the hospitality sector, particularly regarding structural reforms and GST rationalization, it does offer positive elements such as infrastructure development, skill enhancement, and the promotion of tourism. These measures are expected to support the sector in overcoming current challenges and contribute to India's goal of becoming a leading global travel destination.


Royal Caribbean Group raises dividend by 33% to $1 per share

Royal Caribbean Group raises dividend by 33% to $1 per share

By Manu Vardhan Kannan

Published on September 14, 2025

Royal Caribbean Group (NYSE: RCL) has announced a significant increase in its shareholder returns, declaring a 33% hike in its quarterly dividend. The company’s Board of Directors approved a dividend of $1.00 per common share, payable on October 13, 2025, to shareholders of record at the close of business on September 25, 2025.

Jason Liberty, President and CEO of Royal Caribbean Group, said the move underscores the company’s confidence in its performance and long-term growth strategy. “Today’s dividend increase reflects both the strength of our performance and our commitment to return capital to shareholders. This increase in dividend, along with our ongoing share repurchase program, highlights our balanced approach to capital allocation, returning value to shareholders while funding future growth,” Liberty stated.

Royal Caribbean Group is a global leader in the vacation industry, operating a fleet of 68 ships across five brands that serve millions of guests annually. Its portfolio includes Royal Caribbean International, Celebrity Cruises, and Silversea, as well as land-based experiences such as Perfect Day at CocoCay and the Royal Beach Club collection. The company also holds a 50% joint venture in TUI Cruises, which manages brands like Mein Schiff and Hapag-Lloyd Cruises.

With a reputation for innovation and guest-focused experiences, Royal Caribbean Group continues to expand its global footprint while maintaining its commitment to responsible and sustainable growth.


Apeejay Surrendra Park Hotels Reports Rs 13 Crore Net Profit in Q1 FY26

Apeejay Surrendra Park Hotels Reports Rs 13 Crore Net Profit in Q1 FY26

By Manu Vardhan Kannan

Published on August 18, 2025

Apeejay Surrendra Park Hotels Limited (ASPHL) announced its financial results for Q1 FY26, recording a net profit of Rs 13 crore. Revenue from operations stood at Rs 154 crore, a 14% increase year-on-year, while operating EBITDA grew 16% YoY to Rs 45 crore. The company maintained an industry-leading occupancy of 92%, reaffirming its leadership in the hospitality sector.

ASPHL’s growth is fueled by expansion into Tier 2 and Tier 3 markets. The company recently signed an MoU to acquire and manage four leisure properties in Goa, Manali, Shimla, and Dharamshala, adding 138 rooms under its brand. These steps align with ASPHL’s strategy to broaden its presence in high-potential tourism destinations and double its key count to 5,750 over the next five years.

Flurys, ASPHL’s iconic bakery and confectionery brand, now operates 102 outlets nationwide, reflecting the company’s focus on expanding its market presence while integrating modern amenities with rich cultural heritage.

Commenting on the performance, Vijay Dewan, Managing Director, Apeejay Surrendra Park Hotels, said,

"We have delivered an extraordinary and best-ever Q1, setting a strong momentum for the year ahead. With topline growth of 14% and EBITDA growth of 16%, we recorded India’s highest occupancy of 92% and maintained leadership in RevPAR in the upper-upscale segment. ARR improved by 13% and RevPAR increased by 12%. With nearly 600 new rooms added, including a 41% rise in our asset-light model, and nationwide Flurys rollout, we are poised to scale faster, enhance margins, and deliver exceptional shareholder value."

ASPHL’s strong performance in Q1 FY26 underscores its strategic focus on market expansion, operational excellence, and premium guest experiences.


Marriott Announces Dividend and Expands Share Buyback Plan

Marriott Announces Dividend and Expands Share Buyback Plan

By Manu Vardhan Kannan

Published on August 10, 2025

Marriott International, Inc. has declared a quarterly cash dividend of 67 cents per share on its common stock, reaffirming its commitment to delivering shareholder value. The dividend will be paid on September 30, 2025, to shareholders who are on record as of August 21, 2025.

Alongside the dividend announcement, the hospitality giant also revealed an expansion of its share repurchase program. The board of directors has authorized the repurchase of an additional 25 million shares of its Class A common stock. This comes in addition to the approximately 7.4 million shares that were still available under previous authorizations as of July 30, 2025.

Marriott has already bought back 6.4 million shares this year, amounting to $1.7 billion. These moves reflect the company’s continued confidence in its financial stability and long-term performance, aiming to strengthen shareholder value through strategic capital allocation.

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