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News on Medial
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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More astro, spiritual tech startups set to raise fresh funds this festive season
Entrackr
·
1y ago
Medial
Astro and spiritual tech startups in India are attracting interest from venture capitalists despite the funding challenges. Vama, a virtual astrology and spiritual platform, is reportedly finalizing a $1.5-2 million funding round led by a global VC with existing investors doubling down. Other startups in the devotional and astrology space, such as InstaAstro and Bodhi, are also said to be seeking funding this festive season. The Indian religious and spiritual market is growing, with the faith-based tourism market estimated to be worth over $1 billion in 2023.
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Nishant Pitti's EaseMyTrip parent to open a 5-star hotel near Ram Mandir in Ayodhya
IndianStartupNews
·
1y ago
Medial
Nishant Pitti's Easy Trip Planners, the parent company of EaseMyTrip.com, is investing Rs 100 crore to open a luxurious 5-star hotel near the renowned Shree Ram Mandir in Ayodhya, Uttar Pradesh. The hotel aims to provide a unique blend of spirituality and luxury, catering to the surge in religious tourism to Ayodhya. EaseMyTrip recently reported a net profit of Rs 47.5 crore in the third quarter of FY24, with a year-on-year increase in revenue and EBITDA.
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Brookfield set to score blockbuster gains as India hospitality portfolio firm goes public
VCCircle
·
2m ago
Medial
Canadian investment firm Brookfield is poised for significant returns from its six-year investment in a prominent Indian luxury hotel chain as it reduces its stake. Brookfield manages a $29 billion portfolio in India, spanning real estate, infrastructure, renewable energy, and private equity. The move comes as the hotel company goes public, allowing Brookfield to capitalize on its investment, signaling a successful venture in India's hospitality sector.
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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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Brookfield-backed Leela hotels owner Schloss files for $599 mn IPO
VCCircle
·
10m ago
Medial
Indian luxury hotel chain owner, Schloss Bangalore, has filed for a $599 million initial public offering (IPO) as the country's stock market continues to perform well. The IPO will include fresh shares worth 30 billion rupees, while shareholder Project Ballet Bangalore Holdings will sell shares worth 20 billion rupees. The company plans to use the proceeds to repay debt and expand its hotel chain. The hospitality market in India is expected to reach $31 billion by 2029.
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OYO to launch 400 properties at spiritual spots; Ayodhya, Puri, Shirdi on list
Livemint
·
1y ago
Medial
Hospitality tech platform, OYO, plans to launch 400 properties in major spiritual destinations like Ayodhya, Varanasi, Tirupati, and Katra-Vaishno Devi by the end of this year. The expansion is driven by the growing interest in domestic travel and spiritual tourism in India. OYO has seen a 350% increase in searches for Ayodhya on its platform, with the upcoming opening of the Ram Mandir contributing to the surge. The company aims to provide comfortable and affordable accommodation options for pilgrims to enhance their spiritual journeys.
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Spiritual apps get blessed with more users, investors post Covid
Economic Times
·
1y ago
Medial
The post-pandemic surge in online engagement and the increased interest in spiritual practices have led to the success of apps offering spiritual and devotional services. Popular apps such as Astrotalk, AppsForBharat, Vama.app, DevDham, and Utsav are benefiting from this trend, with some even contributing to spiritual tourism. The pandemic has paved the way for the growth of astrology and spiritual apps, which are now generating substantial revenue. The strong vein of spirituality in India, combined with the rising digital engagement across sectors, has contributed to the increased acceptance and usage of these services.
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Digital platforms lay groundwork to cash in on Maha Kumbh
Economic Times
·
6m ago
Medial
Tech startups and digital platforms are gearing up to capitalize on the Maha Kumbh Mela in Prayagraj, offering virtual experiences and spiritual services. Companies expect a significant increase in app downloads and users, driven by the global interest in the festival. The event, held every 12 years, has also spurred spikes in travel bookings, with notable rises in flights and accommodation demands. This showcases the growing synergy between technology and spiritual tourism in India.
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SoftBank partners Oravel to check into premium hotels
Economic Times
·
1y ago
Medial
SoftBank is expanding its presence in the Indian hospitality sector by partnering with Oravel Stays, the parent company of Oyo hotels. The companies have established a joint venture called 'Mountainia' to open premium and five-star hotels under the 'Sunday' brand in tier two Indian cities. The first Sunday hotel has already opened in Jaipur, with plans for four more by the end of the year. SoftBank and Oyo aim to redefine the premium and luxury hotel experience in India, tapping into the growing demand for high-end offerings in non-metro and tier-2 cities.
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Short on cash, El Salvador doubles down on Bitcoin dream
Economic Times
·
1y ago
Medial
El Salvador is doubling down on its Bitcoin dream despite economic challenges, with President Nayib Bukele pushing ahead with plans to make the country a cryptocurrency haven. This move may affect the country's chances of receiving financial support from the International Monetary Fund (IMF), as the IMF has recommended removing Bitcoin's legal tender status. Critics question the decision to invest taxpayer dollars into a risky asset, while most Salvadorans remain hesitant about using Bitcoin due to concerns about its volatility and lack of understanding. Nevertheless, Bukele's Bitcoin swing has rebranded El Salvador and boosted tourism.
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