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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.
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By Hariharan U
Published on October 24, 2026
Ganpati Group has announced a planned investment of approximately ₹250 crore in a proposed 200-key hotel in Lucknow, in partnership with Sheraton Hotels and Resorts, marking a strategic move into branded hospitality for the diversified business group.
Located in Vibhuti Khand, the proposed development will combine Ganpati Group's real estate development capabilities with Sheraton's established international hospitality brand and management expertise. The project is part of the Group's broader strategy to expand its hospitality portfolio across key urban markets.
Ganpati Group is targeting the addition of approximately 800–1,000 hotel keys over the next three to five years. Hospitality is also a component of its upcoming development portfolio, valued at approximately ₹2,000 crore across residential, commercial and hospitality projects. Lucknow and Visakhapatnam are among its immediate focus markets.
Commenting on the announcement, Nikhil Agarwal, Managing Director, Ganpati Group, said, “Hospitality is an important pillar of our long-term growth strategy, and our planned ₹250 crore investment in Lucknow, in partnership with Sheraton Hotels and Resorts, reflects our conviction in the potential of India's evolving hospitality market. We believe markets that combine a growing business ecosystem, infrastructure development and tourism potential offer compelling opportunities for quality hospitality assets. Lucknow brings these fundamentals together, making it an important market for our expansion. By combining our real estate development capabilities with Sheraton Hotels and Resorts' established global hospitality expertise, we aim to contribute to the city's evolving hospitality infrastructure while building a stronger, more diversified portfolio for Ganpati Group.”
The partnership reflects the Group's approach of combining strategically positioned real estate investments with established international hospitality brands. Branded hotels are expected to play a growing role in diversifying its business and supporting long-term expansion across business and leisure destinations.
Lucknow's position as Uttar Pradesh's capital, along with its expanding business ecosystem, infrastructure development and tourism potential, underpins the investment. The proposed hotel is intended to contribute to the city's hospitality infrastructure as demand evolves across business, administrative and leisure travel segments.
The announcement also aligns with Ganpati Group's wider development plans across residential, commercial and hospitality real estate, with the Group looking to build a broader presence in markets offering opportunities for long-term growth.
Founded in 1972 as a family business, Ganpati Group is a diversified conglomerate headquartered in Agra, Uttar Pradesh, with interests in real estate, hospitality and healthcare. Its flagship real estate arm, Ganpati Infrastructure Development Company Limited, has delivered more than 20 residential and commercial projects across Agra, Vrindavan and other markets.
Its portfolio includes developments such as Ganpati Wonder City, Ganpati Classique and Ganpati World, alongside ongoing projects including Ganpati Smart City, Ganpati Upvana and Ganpati Capital Court in Lucknow. The Group is led by Chairman Anil Agrawal and Managing Director Nikhil Agarwal
By Manu Vardhan Kannan
GAP Group has commenced work on Hyatt Place Dholera, a proposed five-star hotel being developed in partnership with Hyatt in Gujarat's Dholera Special Investment Region (SIR). The upcoming property will feature 200 rooms, including 20 suites, bringing an internationally recognised hospitality brand to the developing industrial region.
The groundbreaking ceremony was performed by former Gujarat Cabinet Minister Bhupendra Singh Chudasama and Kalubhai Dabhi, MLA from Dhandhuka. Sonale Zagade, General Manager at Hyatt Group, unveiled the hotel's finalised design, offering the first look at the upcoming development. The occasion also included a tree plantation by the dignitaries.
Gujarat Chief Minister Bhupendra Patel also visited GAP Group's Akhilam Township, where he explored the Hyatt Place Dholera site and other developments, including Avant, the coworking space and the food court. He was accompanied by Gujarat Chief Secretary M. K. Das, Chief Minister's Advisors Hasmukh Adhia and S. S. Rathore, Dholera Industrial City Development Limited (DICDL) Managing Director Kuldeep Arya, and other senior state government officials.
The hotel will spread across approximately 2.6 lakh sq. ft. of built-up area, including two basement levels, and will rise to approximately 65 metres. Its facilities will include a restaurant, banquet hall, pre-function area, business meeting facilities, swimming pool, gym, café and lounge.
The banquet and pre-function spaces, along with an outdoor lawn, will accommodate approximately 500 people. These facilities are expected to position the hotel for business meetings, conferences and social events, complementing its accommodation and leisure offerings.
Speaking on the occasion, Gopal Goswami, Chairman of GAP Group, said, “Dholera is entering an important phase of development, with several ongoing and upcoming industrial projects creating new opportunities. As business activity grows, there will be a greater need for hospitality facilities to serve investors, business travellers and other visitors. Hyatt Place Dholera is an important step in meeting this need, and we believe it will support the region’s growth in the years ahead.”
Ambrish Parajiya, Managing Director of GAP Group, said, “GAP Group has been part of Dholera’s development journey since commencing operations in 2014. As the first private developer to begin development in the Dholera Activation Zone, we have witnessed the region’s progress over the past decade. We believe that Dholera’s next phase of growth will require infrastructure that supports not only industry and commerce but also the people who will live, work and do business here. Hyatt Place Dholera is an important step in that direction. We remain confident in the region’s potential and plan to invest ₹2,500 crore in Dholera by 2030 across residential, commercial and industrial developments.”
Located along the Delhi-Mumbai Industrial Corridor (DMIC), Dholera SIR is being developed as a smart industrial city with planned infrastructure and multimodal connectivity. The Ahmedabad-Dholera Expressway and the proposed international airport are expected to improve access to the region as industrial and commercial activity expands.
As Dholera continues to develop, the demand for hospitality facilities is expected to grow alongside its industrial and commercial infrastructure. Hyatt Place Dholera aims to address this demand by bringing together accommodation, meeting spaces, dining and leisure facilities under one roof.
For GAP Group, the project forms part of its wider development plans for Dholera, complementing its residential, commercial and industrial investments. The hotel is expected to support the region's growing business travel needs while offering facilities for visitors attending meetings, conferences and social events.
Published on October 23, 2026
The Indian Hotels Company Limited (IHCL) has reported its 18th consecutive record quarter, with consolidated revenue rising 21% year-on-year to ₹2,566 crore in Q2 FY2027. The company has also upgraded its full-year revenue growth guidance to 15–17%, supported by strong hotel performance, higher management fees and portfolio expansion.
For the quarter ended 30 September 2026, IHCL recorded EBITDA of ₹788 crore, with a margin of 30.7%, while profit after tax (PAT) increased 23% to ₹349 crore. Operating revenue grew 22%, while operating EBITDA rose 24%, accompanied by a 50-basis-point expansion in operating EBITDA margin.
The performance reflects growth across IHCL's operating portfolio, supported by higher revenue per available room (RevPAR), new hotel openings and contributions from recent acquisitions.
Domestic same-store hotels recorded 25% growth in RevPAR, while management fee income also increased 25%, supported by the momentum of new hotel openings. IHCL's Select Service business reported 25% revenue growth, while recent acquisitions, including Brij and Atmantan, added to the quarter's performance.
Demand from social celebrations and meetings, incentives, conferences and exhibitions (MICE) also remains an important growth driver for the hospitality sector. With seasonally stronger quarters ahead, IHCL expects continued support from domestic travel demand, events and business generated by newly opened properties.
Building on its first-half performance, IHCL has raised its consolidated revenue growth guidance for FY2027 from 12–14% to 15–17%. The company expects its hotel segment revenue to grow by 17–19%, supported by demand trends and non-like-for-like growth from new properties and portfolio additions.
The upgraded guidance signals management's confidence in sustaining growth through the remainder of the financial year. It also reflects the contribution expected from hotels added to the portfolio, alongside continued performance from existing properties.
IHCL signed 47 hotel deals during the first half of FY2027 across its brand portfolio, taking its overall portfolio to 670 hotels. The company said it is now positioned to achieve its Accelerate 2030 target of a 700-hotel portfolio well ahead of schedule.
The expansion reflects IHCL's strategy of growing through a diversified brandscape and a mix of operating models. New signings and openings can strengthen its geographic reach and management fee income, while the performance of existing hotels remains central to revenue and margin delivery.
IHCL's latest results underline the importance of combining same-store hotel growth with expansion across brands and markets. With its full-year guidance upgraded and the portfolio nearing the 700-hotel milestone, the company is entering the second half of FY2027 with a stronger growth outlook.
Consolidated revenue: ₹2,566 crore, up 21%
EBITDA: ₹788 crore, up 21%
EBITDA margin: 30.7%
Profit after tax: ₹349 crore, up 23%
Operating revenue growth: 22%
Operating EBITDA growth: 24%
Domestic same-store RevPAR growth: 25%
First-half signings: 47 hotels
Total portfolio: 670 hotels
Revised FY2027 consolidated revenue growth guidance: 15–17%
FY2027 hotel segment revenue growth guidance: 17–19%
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