Mumbai-based hospitality company The Pride Hotels will invest Rs 1,000 crore in the next five years to open ten new properties across India and expand existing ones. The company, which has around 1,000 rooms in its ten properties at present, will have total of around 3,000 rooms when its planned expansion is completed. It is expecting revenues from the hospitality business to touch Rs 300 crore in the next five years from the current Rs 100 crore.
Ibis Singapore on Bencoolen has been sold by French hotel chain Accor for an undisclosed fee that represents the highest single asset transaction recorded in the Asia Pacific this year in terms of dollars.
The Tata Group promoted Indian Hotels Company Limited (IHCL) is planning to list its two-star economy buget hotel chain Ginger Hotels (Roots Corporation Ltd) on stock exchanges as part of the company's expansion plans.
Indian Hotels Company Ltd, that owns the Taj luxury chain of hotels, has said it is looking to increase its room rates by September or October this year, its first hike after almost two years and looking to add close to 1,500 new rooms in FY'11 across 13 hotels in India and South Africa.
Top quick service restaurant (QSR) chains like Pizza Hut, McDonald's, Café Coffee Day (CCD) and KFC have stayed ahead of the double-digit inflation to record top line growth of 20 to 30 per cent in the first half of the year.
Indian Hotels Ltd., the nation's largest operator, reported it biggest drop in profit in almost eight years as costs rose and it kept part of the terrorist-hit Taj Mahal Hotel & Towers closed for renovation.
The proposed 77 storey five star hotel and business centre to be developed by Ackruti Group at Prabhadevi will come up on a plot earlier reserved for industrial use and recreational ground. The 5.3 acre prime real estate plot earlier housed Hindustan Spinning and Weaving Mills. It will now get a swank new sea facing hotel with 630 service apartments, 320 rooms and 84 business centres.
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Hilton Worldwide has signed management agreements with Saudi Arabia's King Saud University Endowment for the 241-room Hilton Riyadh King Saud University and the 155-room Hilton Riyadh King Saud University Residence, which are expected to open by 2012.
According to a PTI report, MakeMyTrip, the parent firm of India's largest online travel company MakeMyTrip India, has fixed the price of its initial public offer (IPO) at USD 14 per share. The company is offering 50 lakh shares in the US market and expects to mop-up USD 70 million.
StarCite, provider of web-based solutions, has tied up with InterContinental Hotels Group (IHG). It will provide promotional opportunities to the Holiday Inn, InterContinental and Crowne Plaza brands, besides providing the technology required for StarCite e-request for proposals, or e-RFPs, to populate directly into each hotel's lead distribution system which will aid in expediting the sales response back to StarCite corporate clients.