Loading...
You have Successfully logged In !
Already have an account? Login
By clicking Register you agree to the Terms & Conditions and acknowledge our Privacy Policy.
Don't have an account?Register
Enter your E-mail address below, We will send the verification code
Please enter the code send to
Didn't receive the email?Click to resend
Your password has been successfully reset!.
Please login again to access your account.
An OTP has been sent to
Enter the 4-digit code
By Nishang Narayan
Published on January 18, 2025
Radisson Blu Palace Resort & Spa, Udaipur, a beacon of luxury and elegance, has achieved a significant milestone by crossing the INR 100 crore revenue mark in 2024. This historic achievement underscores the resort’s growing reputation as a premier destination for luxury experiences and highlights its strategic focus on maximizing revenue streams.
A key contributor to this achievement was the luxury wedding segment, which recorded a 24% growth compared to the previous year. The property’s strategic renovations, including enhanced banquet halls and guest facilities, along with its personalized services, cemented its position as a trusted venue for grand celebrations. In 2024 alone, Radisson Blu Udaipur hosted 75 weddings, showcasing its growing appeal for premium destination weddings.
Mr. Somesh Agarwal, Chairman and MD, expressed pride in this accomplishment, stating:"Crossing the INR 100 crore revenue milestone is a historic achievement for Radisson Blu Udaipur Palace Resort & Spa, marking a significant chapter in our journey. This success reflects the relentless dedication and hard work of our outstanding team, led by Vice President Mahesh Singh Jasrotia. It also stands as a testament to our patrons' unwavering trust and support. Together, we look forward to setting new benchmarks in luxury hospitality and creating unforgettable experiences for our guests."
Radisson Blu Udaipur has ambitious plans to expand its offerings, including:
Nestled amidst eight acres of scenic beauty, Radisson Blu Palace Resort & Spa, Udaipur, offers 244 elegantly designed rooms with stunning views of Fateh Sagar Lake and the Aravalli Range. Renowned for its premium event spaces and proximity to Udaipur’s cultural landmarks, the resort blends modern luxury with timeless hospitality, making it a top choice for unforgettable celebrations and getaways.
Radisson Blu Udaipur’s remarkable revenue milestone highlights its unwavering commitment to excellence and innovation in the hospitality industry, setting new benchmarks for luxury experiences in India.
A Shopper’s Haven: Luxury Shopping Festival at Phoenix Palla...
Phoenix Palladium, Mumbai’s epitome of sophistication and lu...
Fighting Hunger with Every Missed Call: Hunger Free Bharat M...
In a groundbreaking collaboration, The Restaurant Cricket Le...
Hollywood Hotels Become Safe Havens for L.A. Wildfire Evacuees
As wildfires rage across regions like Los Angeles, hotels ha...
Bastian Hospitality Unveils Bastian Chinois in Mumbai
Bastian Hospitality has made an exciting addition to its por...
By Author
Published on January 17, 2025
The total capital of ₹28 crore was secured from a mix of renowned investors, including:
Mrinalini Jaisinghani (part of the Polycab Group)
Nabs Vriddhii LLP (part of the Sattva Group)
The Golden Bird Fund, a notable foreign portfolio investor
Green Portfolio Fund Management
This strategic fundraising initiative is poised to accelerate the expansion of the VITS Hotels brand, a mid-market hotel chain renowned for providing exceptional service and a homely experience for travelers. With more than 25 properties across India, VITS Hotels has become synonymous with premium comfort hospitality, appealing to both leisure and business travelers.
Expressing his gratitude and excitement, Dr. Vikram Kamat, Managing Director of Vikram Kamats Hospitality Limited, stated:
“Since 2016, we have provided excellent returns to our investors despite market fluctuations by focusing on a profitable business and strategic expansion. This funding demonstrates the continued trust of marquee investors and family offices in us. We will pursue an asset-light growth strategy by adding new VITS Hotels and Kamats Restaurants across India.”
Founded in 2007 by Dr. Vikram Kamat, VKHL is the flagship company of the VITSKAMATS Group, a diversified hospitality chain listed on the Bombay Stock Exchange (BSE ID: KAMATS & BSE Code: 539659). While VKHL primarily focuses on the Kamats Restaurant and VITS Hotels business, its subsidiary, Vitizen Hotels Ltd., operates hotel properties under lease, franchise, and management models.
With this latest infusion of funds, VKHL is poised to unlock new opportunities and redefine mid-market hospitality in India. The company remains committed to quality, innovation, and customer satisfaction while emphasizing sustainable growth.
Dr. Kamat’s leadership has been instrumental in setting new benchmarks for the Indian hospitality industry, delivering memorable guest experiences, and driving operational excellence.
Established in 2007 by hospitality visionary Dr. Vikram Kamat, Vikram Kamats Hospitality Limited (VKHL) is the driving force behind the VITSKAMATS Group. VKHL’s portfolio includes the Kamats Restaurants and VITS Hotels chain, an expanding network of mid-market hotels and resorts across India. Known for blending comfort, quality service, and exceptional dining, VITS Hotels caters to both business and leisure travelers.
VKHL also holds a majority stake in Vitizen Hotels Ltd., which operates its hotel properties under lease, franchise, and management models. Focused on sustainable growth and innovation, the company aims to set new benchmarks in the Indian hospitality industry by ensuring every guest’s experience is both enriching and memorable.
With this successful fundraising, VKHL is poised to achieve significant growth, expanding its footprint across India and reinforcing its position as a leader in mid-market hospitality.
By Manu Vardhan Kannan
ITC Ltd. has taken a significant step in reshaping its hospitality business by allotting 125.11 crore equity shares of ITC Hotels to its shareholders. This development finalizes the demerger of ITC Hotels as an independent entity and is part of the conglomerate’s strategy to unlock value and focus on a sharper capital allocation approach.
The decision, made during a Board meeting on January 11, 2025, follows a scheme of arrangement under Sections 230 to 232 of the Companies Act, 2013. As per ITC’s exchange filing, “The Board of Directors of ITCHL...has allotted 125,11,71,040 equity shares of INR 1 each to the shareholders of the company as of the record date, January 6, 2025.”
Strategic Implications of the Demerger
Effective January 11, 2025, ITC Hotels ceased to be a subsidiary of ITC Ltd., with plans to list the newly issued shares after securing regulatory approvals. Until then, these shares will remain frozen. ITC will retain 40 percent of the hotel business, while the remaining 60 percent will be distributed among existing ITC shareholders.
ITC’s demerger is expected to attract investors and strategic partners aligned with the hospitality sector's specific needs. The move also enhances shareholder value by providing a direct stake in ITC Hotels, which will now benefit from independent market-driven valuation.
India’s Second-Largest Hotel Chain
With a portfolio of 140 properties, ITC Hotels has emerged as India’s second-largest hotel chain. Its offerings range from iconic luxury hotels such as ITC Grand Bharat to premium brands like WelcomHotel, catering to diverse travelers across major cities and tourist destinations.
The company’s transition aligns with ITC’s “asset-right” strategy, focusing on optimized capital allocation within its hospitality arm. This demerger is expected to position ITC Hotels for greater growth, providing opportunities for strategic collaborations and enhancing its market presence.
Broader Impact on ITC
Beyond hospitality, ITC Ltd. remains a diversified conglomerate with a strong presence in FMCG, packaging, and paperboards. Its brands, including Aashirvaad, Sunfeast, and Classmate, continue to dominate their respective markets, demonstrating ITC’s leadership across multiple sectors.
The market anticipates ITC Hotels’ stock to be listed on exchanges by mid-February, pending approvals, setting the stage for a significant milestone in the Indian hospitality industry.
Published on January 8, 2025
Following the demerger of ITC Hotels from its parent company, ITC Ltd., domestic brokerage firm Nuvama has predicted a passive outflow of approximately USD 180 million. This corporate action will have a notable impact on major indices such as Nifty50 and Sensex, with expected passive outflows of USD 110 million and USD 70 million, respectively.
Nuvama's analysis suggests that assuming ITC’s share price remains stable around INR 260 at the time of exclusion, the passive flow for Nifty50 will amount to USD 110 million (with a weight of 23 basis points), while Sensex will experience an outflow of USD 70 million (with a weight of 28 basis points).
A special price discovery session was held to adjust ITC’s share price, resulting in an INR 26 adjustment on NSE and INR 27 on BSE as the stock began trading ex-demerger on January 6. The demerger ratio of 1:10 (one share of ITC Hotels for every 10 shares of ITC Ltd.) has led to the valuation of ITC Hotels at approximately INR 260 on the Nifty50 indices and INR 270 on BSE indices.
Until ITC Hotels is officially listed separately, it will be treated as a "dummy entity" with a fixed price, and the stock will be held at this value temporarily. According to Nuvama, ITC Hotels is expected to be listed within the next 30-40 days. Following the listing, ITC Hotels will be removed from all NSE and BSE indices at its last traded price, effective at the opening on the listing date, with a three-day adjustment period. If the stock hits circuit limits, the exclusion will be postponed by two trading days for each occurrence.
Nuvama also noted that ITC Hotels may qualify for inclusion in the MSCI Global Small Cap Indexes, but this will only happen if the stock is listed within 20 working days after the record date of the demerger.
Stay up-to-date with the latest Hospitality news and trends in the Hospitality industry!
Subscribe to Hospitality news e-magazine for free and never miss an issue.
By clicking subscribe for free you agree to the Terms & Conditions and acknowledge our Privacy Policy.
Advertise With Us
We have various options to advertise with us including Events, Advertorials, Banners, Mailers, etc.
A platform dedicated to showcase the skills and creativity of hospitality professionals. Share your articles, videos and other content related to the industry and get recognized for your unique perspective and expertise. By posting your content and gaining likes from your own community, we'll categorize your talents and expose them to the hospitality world. Join our community of passionate hospitality professionals and let your talent shine!.
Already have an account?Login
By clicking you agree to the Terms & Conditions and acknowledge our Privacy Policy.
Subscribe for ₹2,000 and receive our monthly magazine for one year (12 months) from the coming month and save 2 months cost.