Few people know Ratan Tata as well as R K Krishna Kumar does. Widely perceived to be among the managers closest to Tata, Krishna Kumar assesses Ratan Tata, the man and business leader, in this exclusive interview to Rediff.com's Vaihayasi Pande Daniel.
Encouraged by a steady recovery seen in the first two weeks of February, hospitality firms expect the business hotels in metros including Mumbai, Bengaluru, Chennai, Kolkata and Hyderabad that have been lagging the leisure hotels in terms of revenue per available room (RevPar) to catch up in the coming months. Huge pent-up demand for MICE (meetings, incentives, conference and exhibitions) as companies slowly return to hosting physical events coupled with easing of the recently announced restrictions on international travel, will also help in getting closer to pre-Covid levels of revenue, they said. The Omicron wave that peaked in January had derailed the strong month-on-month recovery seen by the hotels since August.
A rich and mouth-watering palak kofta recipe from Chef Hari Ballabh Singh of Tradition Saffron, Ozen Reserve Bolifushi's Indian hotel in the Maldives.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
The hospitality sector has been hit very hard by the pandemic. In the past 18 months, it has lost business, first because of the harsh lockdowns and after that because of lack of demand due to the ensuing economic slowdown. Most hospitality businesses have sustained low revenues and losses since April 2020. Is this the classic case of a beaten-down cyclical sector that may be close to bottoming out?
The mood at the Hotel Investment Conference South Asia (HICSA), the annual hospitality industry conference was rather upbeat. But hotel brand operators and owners remain cautiously optimistic of the outlook and are living on a hope that a third wave of the pandemic doesn't become a reality. Having just survived the unprecedented zero revenue situation, the two day confrence organised by consulting firm Hotelivate, was dotted with anecdotes and best practices adopted by the hotels of all hues.
The rating was downgraded despite 25 per cent held by stronger partner Indian Hotels, which operates the company's seven properties in India.
The group began to outperform the broader market only with the onset of the pandemic in March 2020 while earlier it was largely keeping pace with the Sensex. The group's market cap is up 164.4 per cent since the end of March 2020 against a 105 per cent rally in the Sensex.
What India's top restaurants are doing to satisfy your food cravings.
From free salons to discounted room rates, hotels are offering it all.
This e-series funding round also makes OYO the most valued hospitality company in the country, ahead of the Tata group's Indian Hotels Company, which owns the Taj brand of hotels, and EIH, which owns the Oberoi brand of hotels.
Tata group's hospitality firm Indian Hotels Company Ltd (IHCL) on Friday said its 'Taj' brand has been rated as the strongest hotel brand in the world. According to the 'Hotels 50 2021' report by Brand Finance, Taj topped the strongest brands list for having stood resilient in spite of the challenges posed by the pandemic, besides other achievements.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Business executives are finally dusting off their long-unused suitcases to resume travel, thanks to a good vaccination rate, a drop in fresh cases, and an easing of travel restrictions. It comes as a huge relief for the ravaged aviation, travel and hospitality sectors. "We are witnessing a 40 per cent recovery on pre-covid volumes from our business travellers, signalling the return of corporate confidence in air travel," said Indiver Rastogi, president & group head, Global Business Travel, Thomas Cook (India) & SOTC.
Tata Steel and Indian Hotels on Wednesday said they have always made all relevant disclosures and have no further comments to offer following comments made by ousted Tata Group chairman Cyrus Mistry that Tata group firms could face a potential USD 18 billion writedown.
Jhunjhunwala holds a stake in more than 30 listed firms.
In 2020, after the outbreak of the Covid-19 pandemic, several five-star hotel chains commenced home delivery of food as a lot of people preferred to stay indoors. A year later, as the Covid situation worsens, such hotels are going the extra mile to cater for the gastronomical needs of their customers. With health, nutrition, and immunity occupying the mind spaces, these hotels are crafting menus that are not only high on health quotient, but also have food capable of improving the mood. The move, they hope, would help them get more customers as prices are also competitive.
Indian Hotels rolls back its multi-brand strategy to focus solely on luxury, looks to paint all its properties with the Tajness brush.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
'The option to re-open restaurants comes as a big relief to restaurateurs. Although, it is a good development, not all restaurants are geared up to re-open immediately. 'We expect only around 30 per cent of the restaurants to open starting Monday and the rest will re-open gradually through the month,' Hotel and Restaurant Association of Western India (HRAWI) senior vice-president Pradeep Shetty said in a statement.
Paul White is now the advisor to Indian Hotels in its second attempt to take over the Bermuda-based chain.
Mukesh Ambani-owned RIL's JioMart is set to launch a slew of new products including financial services, electronics to airline tickets to take on the competition from upcoming rivals like the Tata Super app and other established players including PayTM, Amazon and Flipkart. This comes at a time when RIL's e-commerce revenues are set to grow by 35 per cent to $15 billion within four years and its core retail revenue is expected to grow at the same pace to $44 billion, as per a forecast by Goldman Sachs. "The Tata vs JioMart war will be the next big corporate battle to watch. "While Tata has an upper hand like in-house products and brands, RIL has the backing of global biggies like Google, Facebook and Microsoft," said head of a rating firm asking not to be quoted.
"Twelve years after India's worst terror attack on Mumbai, two Taj hotels -- Colaba and Bandra have received a terror threat from Karachi. "I have had detailed discussions on beefing up security arrangements with both Maharashtra DGP and Mumbai Commissioner of Police," Deshmukh said.
Markets
A battle royale, fought over 15 long years, comes to an end as a prince and a princess -- grandchildren of the legendary Rajmata Gayatri Devi -- get back the Jai Mahal Palace Hotel from their step-uncles.
Since home-delivered meals from five-stars are cheaper by 15 to 20 per cent as compared to eating at the destination outside, food delivery has emerged as an important part of every restaurant's service portfolio.
Given the hotel's prime location, it is obvious that there will be some serious bidders trying their luck when an auction is held in the second half of this calendar year.
The iconic Taj Mahal Palace and Tower hotel of the company in south Mumbai does not have any guests at present and only minimal staff are present to ensure upkeep of the property.
There was virtually no incremental equity investment by Tata Sons during Mistry's first two years
Indian Hotels' ambitious bid to acquire Orient-Express Hotels (OEH) has disappointed the Street. However, this might be a knee-jerk reaction.
The duo bought additional shares in pharmaceutical companies Lupin and Jubilant Life Sciences, along with Agro Tech Foods and NCC during Q2FY21
Among the lot, Rallis India, Escorts, Jubilant Life Sciences, and Crisil added half of the total gains made in the ace stock-picker's portfolio.
Hotel companies said the conditions are not investor friendly and making money on the property could be tough in the initial years.
OYO Rooms offers rooms for Rs 1,200-5,500 in all major cities.
Days after the disbanding of Group Executive Council set up by Tata Sons ousted chairman Cyrus Mistry, N S Rajan and Nirmalya Kumar have resigned from their respective board positions at Indian Hotels Company and Tata Chemicals.
Burdened by debt from their rapid expansion in the last few years and the shrinking economy, many hotel chains are now casting around for buyers to sell their assets.
The future of travel is increasingly shifting to focus on experiences that positively impact one's overall wellness.
While study was done before the current boardroom battle began, the findings indicate Tata is no longer viewed as aspirational brand by working professionals.
Hotels are also relying on couples who had earlier planned destination weddings but are now considering options within the country.
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