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IPO-bound Ventive Hospitality to buy, develop hotels as temple tourism rises
Livemint
·
7m ago
Medial
Ventive Hospitality, a joint venture between Panchshil Realty and Blackstone, plans to expand its hotel business in India to take advantage of increasing leisure travel and temple tourism. The company, which owns luxury hotels such as Ritz Carlton Pune and Aloft Bangalore, aims to expand through acquisitions and new developments. It is set to raise INR 1,600 crore ($214 million) through an initial public offering, with the proceeds primarily used to reduce debt. Ventive Hospitality currently operates 11 hotels in India and the Maldives, with three more under development. Temple tourism accounts for 30% of India's travel and tourism sector.
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Blackstone-backed Ventive Hospitality trims IPO size, targets $1.77 bn valuation
VCCircle
·
7m ago
Medial
Blackstone-backed Ventive Hospitality has adjusted the size of its initial public offering (IPO) as it aims for a valuation of $1.77 billion. The IPO will make Ventive Hospitality the fourth-largest hotel chain in India based on market capitalization. The offering, which features only newly issued shares, is set to open on Friday and is supported by private equity firm Blackstone.
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EaseMyTrip, Jeewani Group partner with Radisson Hotel Group to build hotel in Ayodhya
Livemint
·
1y ago
Medial
Travel booking platform EaseMyTrip has partnered with the Jeewani Group to develop a 150-room Radisson Blu Hotel in Ayodhya. The hotel, set to open in 2027, is strategically located near the Shri Ram Mandir and is expected to benefit from increased religious tourism following the consecration of the Ram Temple. The collaboration aims to enhance the hospitality offerings in Ayodhya and create a landmark destination in the city.
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Oyo to add 750 hotels on its platform in next three months to tap peak travel season
Economic Times
·
1y ago
Medial
Hospitality tech firm Oyo plans to expand by adding 750 hotels to its platform in the next three months across 35 leisure markets, targeting the festive and winter tourism season. The majority of the new hotels will be added under Oyo's premium brands, such as Palette, Townhouse, Townhouse Oak, and Collection O. The company's key focus markets include Goa, Jaipur, Mussoorie, Rishikesh, and Shimla. Oyo aims to provide quality accommodation and employment opportunities for local communities, with the influx of new hotels expected to boost tourism. The introduction of a stay now pay later option offers greater flexibility for travelers.
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Grapevine: Blackstone JV plans IPO; Pernod Ricard may sell whisky brand
VCCircle
·
11m ago
Medial
Ventive Hospitality, a joint venture between Blackstone Group and Panchshil Realty, is reportedly planning an initial public offering (IPO). The company intends to raise about Rs 2,500 crore through a fresh share issue. JM Financial and Kotak Mahindra Capital have been appointed to manage the IPO process. Additionally, Pernod Ricard may sell its whisky brand, further signaling possible changes in the alcohol industry.
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Interim Budget: Startups see big opportunity as tourism takes centre stage
Inc42
·
1y ago
Medial
Indian startups in the travel, tourism, and hospitality sector are optimistic about expanding their user base and offerings following the Indian government's focus on promoting tourism. Finance Minister Nirmala Sitharaman announced plans to develop tourist centers, improve port connectivity, and enhance amenities on Indian islands. The government has increased the budget for the tourism industry by over 40% to INR 2,449.62 crore for FY25. Startups anticipate a surge in tourist numbers and believe the announcements will unlock India's tourism potential and boost the hospitality sector.
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Ventive Hospitality and Marriott International expand partnership with 1548 rooms across 7 hotels
Economic Times
·
1m ago
Medial
Ventive Hospitality and Marriott International have expanded their partnership by signing management contracts for seven luxury, upper upscale, and upscale hotels in India and Sri Lanka, totaling 1,548 rooms. This collaboration marks several brand debuts in key locations like Sri Lanka, Varanasi, Mundra, Pune, and Navi Mumbai. The partnership leverages Ventive's project execution capabilities and Marriott’s hotel management expertise, aiming to create distinctive destinations for business and leisure travelers, driving growth in luxury and upper-upscale segments.
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Abu Dhabi wealth fund ADQ signs deal for stake in Egypt luxury hotels
VCCircle
·
1y ago
Medial
Abu Dhabi's wealth fund ADQ has reached an agreement to acquire a 40.5% stake in ICON, the hospitality arm of Egypt's Talaat Moustafa Group (TMG). This deal will grant ADQ partial ownership of several luxury hotels in Egypt. The transaction, a capital increase carried out by ADQ and its unit ADNEC, is seen as a significant foreign direct investment in Egypt's tourism and hospitality sector. The financial details of the deal have not been disclosed.
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This hotel chain doubles down on spiritual tourism, luxury & metro hubs
Livemint
·
5m ago
Medial
Sarovar Hotels & Resorts is expanding in India’s hospitality sector, targeting premium business hubs, leisure, and spiritual tourism. Operating 136 hotels, the company plans to add 16-20 properties this year, including international locations. Sarovar is experiencing double-digit growth, with a significant focus on spiritual destinations. The company is repositioning its Golden Tulip brand and considering introducing the upscale Royal Tulip to India, while seeking government support for hotel investments due to high costs and long return timelines.
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IPO-bound OYO’s profit doubles QoQ to INR 30 Cr in Q3 FY24: CEO Ritesh Agarwal
Inc42
·
1y ago
Medial
IPO-bound hospitality unicorn OYO doubled its profit after tax to INR 30 Cr in Q3 FY24, according to CEO Ritesh Agarwal. This marks the startup's second consecutive profitable quarter and is attributed to enhanced customer experience, increased patron confidence, and favorable market conditions. OYO also reported a nearly 10% YoY revenue growth in the same period, alongside a 15% reduction in operating costs compared to the previous year. The platform's number of hotels increased by 27% to 17,000 over the past year. OYO has also repaid INR 1,620 Cr of its outstanding term loan.
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Retailers flock to religious destinations for new avenues of success
Livemint
·
1y ago
Medial
Large retailers are expanding their presence in religious destinations in India due to increased tourism and improved infrastructure. Retail brands across various segments, including fashion, food, and electronics, are tailoring their offerings to cater to the needs of pilgrims. This trend benefits both the retail industry and spiritual tourism, with cities like Amritsar, Varanasi, and Ayodhya witnessing significant growth. Enhanced connectivity and access to these destinations, along with online retail platforms, are further driving this retail boom. Hospitality companies are also capitalizing on the demand by opening new hotels in these cities.
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