The palace, currently run by JLR, will be offered to bidders on a long-term management contract.
Indian Hotels Company Ltd board okayed sale of companys Taj Blue Diamond Hotel, Pune and Taj Residency Hotel Lucknow to PIEM Hotels Ltd for Rs 600 million and Rs 400 million respectively.
'I think some of us, like Mukesh Ambani, myself and those of us who head industrial units, ought to really focus on what we can really do to make the world a safer place, maybe 50 or 100 years from now.' 'For instance, how can we deal with climate change and global warming, right now?' 'The effects of it may not be felt now; in fact, we may pay a price for it today, but it will help the generations to follow.'
On Tata's retirement in December, 2012, Mistry will take the charge of IHCL.
The Indian Hotels Company Ltd on Wednesday said the group has adequate insurance cover to repair and restore the damage caused to its property, The Taj Mahal Palaces and Towers in Mumbai, during the last week's terrorist siege.
"Let's work it out. There has to be some parity," the high court said.
Hospitality players want the government to accord infrastructure status to hotels to make investments on new properties more attractive rather than categorising them as luxury or even 'sin goods' in the upcoming Union Budget considering the sector's potential to play a key role in India's growth. They also want the government to consider incentives in the form of tax breaks or subsidies for adopting sustainable and eco-friendly practices, while asserting that the upcoming budget must accelerate the tourism agenda saying it is an opportunity to make Indian hospitality the emerging engine for GDP growth and employment generation.
In a bid to expand its presence in the US market, Indian Hotels Co, operator of Taj hotels, resorts and palaces on Tuesday said it will acquire US-based Hotel Campton Place for around Rs 264 crore ($ 60 million).
The Indian Hotels Company Ltd, operating the Taj brand of hotels, on Wednesday said it expects revenue from its International operations to be one third of the total revenue in the next five years
In a second attempt to take control of Orient Express, Indian Hotels on Thursday made $1.86 billion offer to acquire the international luxury hotels operator.
When Indian Hotels Chairman Ratan Tata told shareholders at the annual general meeting earlier this week that the hotel chain, which operates the Taj group, continues to be impacted by the slowdown, he was merely echoing what P R S Oberoi, his counterpart at the East India Hotels (EIH), had said recently.
'With its gorgeous marine life, beautiful beaches, Lakshadweep is the perfect getaway spot and surely a must-visit for me for my next holiday #ExploreIncredibleIndia'.
The Indian Hotels Company has got four brands to cater to different markets.
Tata Consultancy Services' (TCS') contribution to the overall market capitalisation (mcap) of listed Tata group companies has slipped below 50 per cent for the first time in over a decade. This has happened amid a rally in other Tata stocks, led by smaller companies, even as TCS, the group's largest company by mcap, has lagged. In recent quarters, Tata's listed firms have emerged as leading performers on the bourses, with the group's combined mcap crossing Rs 30 trillion early last week - a first for a private sector conglomerate.
Mumbai's Taj Mahal hotel and Jaipur's Oberoi Raj Vilas have made it to the world's best hotels' list compiled by Conde Naste Traveller.
Taj Dubai will be the first international property to house 'Chambers' and offer facilities and privileges.
In a departure from the past, when IHCL adopted the organic route for entering markets like London and New York, this time around the expansion will be acquisition-led.
The revenue growth of early birds or companies that have declared their Q4FY24 (March quarter) numbers is the highest in the last four quarters. The 178 companies (excluding their listed subsidiaries) that declared their results have reported a sales growth rate of 13.2 per cent year-on-year (Y-o-Y), taking aggregate revenue to Rs 9.1 trillion. Including other income, growth is at 16 per cent, the highest in the last four quarters.
This acquisition may be a precursor to an association with Orient-Express, which owns or part-owns and manages 35 hotels in 25 countries.
The hotel chain intends to have a worldwide presence and reduce its dependence on the home market.
The sudden resignation and almost-immediate announcement of a successor came as a surprise to many.
Shares of the company opened firm on Thursday at Rs 147.70, up 1.58 per cent from Wednesday's close, then rallied ahead to witness an intra-day high of Rs 153 and as much as 1.05 lakh shares changed hands on the Bombay Stock Exchange. On the National Stock Exchange, the company opened at Rs 145.10, touched a high of Rs 148.50, up 2.10 per cent over its previous close and over 3.02 lakh shares got traded.
The company will raise Rs 844 crore through a rights offer for equity shareholders, while it will mop up Rs 900-1,080 crore through a similar offer for unsecured convertible debenture-holders.
The hospitality industry has seen plenty of interest since the catastrophic impact of the pandemic, which led to losses in FY21. The hotel industry market cap has more than tripled since 2019 on the combination of a strong earnings rebound and positive surprises, as well as three recent listings. The industry has good tailwinds. The anticipation is, demand for rooms will outrun supply for a few years despite capacity expansions.
FSSAI is looking to tap the Airport Health Organisation to ensure that such incidents aren't reported in the future.
Indian Hotels Company Ltd has raised $150 million through foreign currency convertible bonds issue, which was oversubscribed by more than 20 times, to fund acquisitions, expansion and modernisation in the country and abroad.
Hotel companies, which have experienced substantial share price gains in the past six months, are not only expected to post robust revenue growth in the seasonally weak July-September quarter (second quarter, or Q2) of 2023-24 (FY24), with the trend continuing in the second half (H2) of FY24, but according to some analysts, they will also benefit from a structural uptrend in progress. To begin with, larger players in the listed hotel sector are expected to report strong growth in Q2 compared to the year-ago quarter. Led by higher demand from the business segment, the sector is expected to achieve a growth rate of 15-30 per cent.
Tata Group firm Indian Hotels and auto major Mahindra & Mahindra are the only Indian brands to figure in the list of 27 top 'Great Brands of Tomorrow' compiled by Credit Suisse.
The move to demerge the hotel business into a separate entity by ITC has brought back focus on hotel stocks, which have already seen a good run thus far in fiscal 2023-24 (FY24). Analysts believe there could be more gains in store over the next one year for the stocks in this sector, but suggest investors put in money on a correction only from a long-term perspective. Hotel stocks, according to A K Prabhakar, head of research at IDBI Capital, have seen a good run as travel picked up post Covid in India. Not only have the room rents increased, the occupancy, too, has surged.
Operating profit margin for the quarter grew to 21.3 per cent in the current quarter compared to 12.40 per cent in the previous corresponding period.
Consumption-related stocks, such as hotels, and quick service restaurants (QSRs), have been hitting the ball out of the park ahead. On the other hand, the Miss World Pageant scheduled for later this year in New Delhi, too, could provide some tailwind to these stocks, especially hotels and aviation. However, analysts suggest investors put their best foot forward and buy these counters only on a decline given the recent rally and economic headwinds.
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