Strategic $18m Hotel Sale in Bengaluru by Hansoge Enterprises

Strategic $18m Hotel Sale in Bengaluru by Hansoge Enterprises

By Author

Published on January 7, 2024

In a significant move in the hospitality sector, Hansoge Enterprises has sold a boutique hotel in Bangalore for a whopping $18 million (Rs 1.5 billion). This deal marks a notable transaction in the bustling city's real estate market.

The hotel, a mid-scale property boasting 175 rooms, is conveniently located near the Bengaluru International Airport in Karnataka. With an impressive size of over 150,000 square feet, the hotel is expected to be fully operational by the end of this year.

Previously, the hotel was part of a portfolio held by JC Flowers, a renowned asset reconstruction company (ARC), along with other parties. JC Flowers Asset Reconstruction had made headlines in 2022 when it acquired non-performing assets from Yes Bank, taking on stressed loans amounting to Rs 480 billion.


The sale of this boutique hotel in Bangalore signifies a strategic move for both Hansoge Enterprises and the unnamed ultra-high-net-worth individual who purchased the property. According to insiders familiar with the deal, the transaction was carefully structured to meet the business objectives of both the sellers and the buyer. The buyer, in particular, is keen on establishing a strong presence in this vibrant metro area.

Colliers India, a diversified real estate services provider, played a pivotal role in facilitating this transaction. Piyush Gupta, the managing director of capital markets and investment services at Colliers India, expressed satisfaction with the successful closure of the deal, attributing it to the team's deep understanding of the various challenges involved.

This recent sale comes on the heels of another notable development in Karnataka's hospitality industry. In October last year, the state welcomed Planetree The Fern Resort & Spa. Located in Chikmagalur, this resort features 70 rooms equipped with various amenities, further enriching Karnataka's hospitality landscape.

Travel Demand for France Surges Ahead of 2024 Summer Olympics

Travel Demand for France Surges Ahead of 2024 Summer Olympics

By Nithyakala Neelakandan

Published on July 17, 2024

The Olympics is one of the global events that can significantly boost both travel and advertising sectors. This year, spending on advertisements for events such as the Super Bowl, Olympics, and European Championship is projected to hit $61 billion. These events not only increase ad revenues but also drive substantial travel demand. For instance, flight bookings to Singapore surged by 63% before the F1 Grand Prix, and trips to Qatar were booked well in advance of the 2022 FIFA World Cup. Such events also maintain interest in host destinations long after they conclude. Following the Qatar World Cup, international lodging searches in the country rose by 79-255%.

Similarly, scheduled from July 26 to August 11, 2024, the Olympics is expected to attract 10,500 athletes from 206 countries, marking the largest event ever hosted in France.

Paris Sees a Spike in Flight Bookings

Paris is already a top tourist destination, with 6.3 million visitors to the Eiffel Tower in 2023 alone. The upcoming Olympics are set to enhance this popularity. Since tickets for the 33rd Olympic Games went on sale on November 30, 2023, flight bookings to Paris have increased by 125% compared to the same period last year. Most travelers plan to depart the city as soon as the Olympics end, suggesting many come from countries like the United States, where extended leave is uncommon. The average trip length has shortened to 11 days from 13.2 days in 2023, indicating that the games are influencing travel plans.

Paris remains a favorite summer destination, especially for American travelers. During the Olympic period, 23.8% of flight bookings to Paris are from the United States, followed by Canada, the United Kingdom, Japan, and Spain. The U.S. also led the medal counts in the 2016 and 2020 Olympics, likely contributing to the high demand.


Leveraging Increased Travel Demand

Destination Marketing Organizations (DMOs) can benefit from the heightened travel interest by using continuous, multichannel marketing strategies. Noreen Henry, Chief Revenue Officer at Sojern, said “By using the right channels throughout the year—not just seasonally—DMOs can reach travelers in the moment and inspire them to think beyond sporting events. Not only do always-on, multichannel campaigns give DMOs better insights, but these types of campaigns enable them to maximize their budgets, do more with less, and get in front of travelers at every stage of the planning cycle.”

Travel Data from Amadeus Shows Significant Increases

Amadeus, a leading provider of travel technology, also reports a surge in travel interest. As of June 6, 2024, international air travel to France is up 56% for the Olympic period from July 24 to August 13. Domestic air travel within France has increased by 31%. Paris, in particular, is expecting 72% more travelers than the same period last year. The Paralympics, from August 28 to September 8, will boost travel to Paris by 16%, especially from the United States, Spain, and Canada.

Lille, hosting basketball and handball events, anticipates a 203% increase in visitors compared to last summer, with domestic travel growing by 300% and international travel by 181%. Bordeaux, hosting football, and Marseille, hosting sailing and football, also see significant increases in bookings, both up by 38%.

With the Olympics approaching, the hospitality sector in France is gearing up for a busy season, driven by substantial increases in both international and domestic travel bookings.

Grohe-Hurun India Real Estate Report Ranks IHCL as Third Largest Real Estate Company in India

Grohe-Hurun India Real Estate Report Ranks IHCL as Third Largest Real Estate Company in India

By Nishang Narayan

Published on July 14, 2024

The 2024 Grohe-Hurun India Real Estate 100 report has placed Indian Hotels Company Limited (IHCL), a Tata Group company, as the third most valuable real estate company in India. With a valuation of INR 79,150 crore, IHCL has seen a remarkable 43% growth in its market valuation over the past year. This report also highlights the hospitality real estate sector as the third dominant sector, following residential and office spaces, with a valuation of INR 158,870 crore.

IHCL, known for its iconic Taj Group of Hotels, stands out as the most valuable hospitality company in India. Another notable mention is Taj GVK, a subsidiary of IHCL, which ranks 74th with a valuation of INR 2,050 crore.

Top Players in the Real Estate Sector

DLF leads the 2024 Grohe-Hurun India Real Estate 100 list with a valuation of INR 2 lakh crore, reflecting a 72% growth. DLF has ambitious plans to launch projects worth approximately INR 30,000 crore in the fiscal year 2025.

Macrotech Developers secured the second position with a current valuation of INR 1.4 lakh crore, marking a 160% increase from the previous year.

Other top companies in the 2024 list include Godrej Properties, Oberoi Realty, Prestige Estate Projects, Adani Realty, The Phoenix Mills, K Raheja Group, and Embassy Office Park.

A Golden Year for Indian Real Estate

The report describes 2024 as a golden year for the Indian real estate sector, with 86% of the top 100 companies experiencing a value increase. Collectively, these companies have added INR 6.2 lakh crore in additional valuation. The combined value of India's most valuable real estate companies is USD 171 billion (INR 14.2 lakh crore), surpassing the combined GDP of countries like Oman and Sri Lanka.


Geographic Distribution of Real Estate Giants

Out of the 100 companies listed, 72% are based in major Indian cities. Mumbai leads with 33 companies, followed by Bengaluru with 15, Delhi with 14, and Gurugram with 10.

Industry Insights

Priya Rustogi, Leader, India & Subcon, LWT IMEA, commented on the report: "Over the years, we have witnessed remarkable advancements within the Indian real estate sector, driven by visionary leaders who consistently push the boundaries of innovation and excellence. The latest rankings underscore the resilience and adaptability of these industry pioneers and their dedication to promote a sustainable and forward-thinking future for the sector. As we move forward, we are dedicated to supporting these leaders in their pursuits and are eager to see the continuous progress of the Indian real estate landscape."

Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, stated: “The 2024 GROHE-Hurun India Real Estate 100 confirms our prediction of breakout of Indian real estate brands post-COVID. An impressive 86% of the companies in this year’s list saw their values increase, collectively adding INR 6.2 lakh crore, showcasing the robust growth and dynamic recovery of the sector."

Future Prospects

India’s real estate sector is experiencing a remarkable boom, driven by a rapidly growing middle class, robust economic expansion, and increasing investments. With the middle class projected to reach 547 million by 2030, residential sales are expected to grow 10-12% in FY 2024-25. Rising foreign investments of around USD 4 billion yearly are further catalyzing growth, positioning India as a key player in the global real estate market.

Galeries Lafayette Haussmann Revolutionizes Customer Experience with UPI Payments

Galeries Lafayette Haussmann Revolutionizes Customer Experience with UPI Payments

By Nishang Narayan

Published on July 9, 2024

Galeries Lafayette Haussmann has recently announced the integration of the Unified Payments Interface (UPI) system, introducing a new level of convenience and security for its customers. This initiative is part of the store’s continuous efforts to modernize and streamline the payment process for its customers.

The Unified Payments Interface, a revolutionary payment technology developed by the National Payments Corporation of India (NPCI), has transformed the digital payment landscape in India. Since its inception in 2016, UPI has enabled instant and interbank money transfers via mobile applications, allowing users to link multiple bank accounts to a single app using unique virtual identifiers.

Established in 2008, the National Payments Corporation of India (NPCI) is a non-profit organization dedicated to promoting and developing India’s payment infrastructure. Through innovations like UPI, NPCI has played a crucial role in digitizing the Indian economy, making digital payments more accessible and inclusive for millions of citizens. This transformation has facilitated everyday transactions and significantly advanced financial inclusion on an unprecedented scale.

To celebrate the launch of UPI payments at Galeries Lafayette Haussmann, a cocktail event was held on Wednesday, July 3rd, 2024. The event was honored by the presence of H.E. Jawad Ashraf, Ambassador of India, and Nicolas Houzé, CEO of Galeries Lafayette. This exclusive gathering provided a unique opportunity to strengthen ties between the Parisian department store and the Indian diplomatic community, highlighting the importance of international relations in the store’s commercial and cultural endeavors.

"We are delighted to be the first department store in Europe to offer the UPI payment solution at Galeries Lafayette Haussmann. By introducing UPI, we facilitate seamless and secure transactions for our Indian customers and strengthen cultural and economic ties between France and India. As the number of visitors from India is growing, we are proud to offer this innovative payment option, ensuring a convenient and memorable shopping experience. With the opening of our first Indian store in Mumbai in 2025, followed by New Delhi, this initiative becomes even more significant, symbolizing our commitment to reinforcing the ties between our two countries," declared Vincent Sénéquat, Director of Galeries Lafayette Paris Haussmann.


The integration of UPI payments by Galeries Lafayette Haussmann marks a significant milestone for both customers and the store, highlighting their dedication to leading technological innovation and continuously improving the shopping experience, thereby strengthening customer trust. This initiative cements the department store’s position as an industry leader and underscores their commitment to simplifying transactions by providing payment solutions that meet the demands of today’s consumers.

About Galeries Lafayette: Famous the world over, Galeries Lafayette is France’s leading department store brand. It has dominated the fashion and retail event stage for the past 130 years, offering each visitor a unique shopping experience and ensuring that French and international customers can choose from a constantly fresh range of classic as well as more exclusive brands. Home to fashion & accessories, beauty, lifestyle, as well as a food hall and dining spaces, Galeries Lafayette enjoys a global reputation thanks to a network of 67 stores in France and worldwide, its e-commerce site,, and its factory outlet business Galeries Lafayette L’Outlet.

About NPCI International:

NPCI International Payments Limited (NIPL) was incorporated on April 3, 2020, as a wholly owned subsidiary of the National Payments Corporation of India (NPCI). As NPCI’s international arm, NIPL is devoted to deploying NPCI’s indigenous, successful real-time payment system—Unified Payments Interface (UPI)—and card scheme (RuPay) outside of India. NPCI has successfully developed and proved its products and technological capabilities in the domestic market by transforming the payment segment in India. Currently, there are several countries that seek to establish a real-time payment system or a domestic card scheme. NIPL, with its knowledge and experience, can offer these countries technological assistance through licensing and consulting for building real-time payment systems to meet the rapidly evolving needs of fast-growing global businesses. NIPL focuses on transforming payments across the globe through technology and innovation. It will not only enable payments for Indians but also support other countries by enhancing their payment capabilities using technological assistance, consulting, and infrastructure.

Indulge in a seamless shopping experience at Galeries Lafayette Haussmann with the newly integrated UPI payment system, marking a new era of convenience and innovation.

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.