Tata Realty and Infrastructure (TRIL), a wholly-owned subsidiary of Tata Sons, is foraying into retail and hospitality segments through a new subsidiary, TRIL Hospitality Services. The company, which has about Rs 6,000-crore projects at hand, would also commence work on two more projects, and this would add business of Rs 3,000 crore, said a senior TRIL Infopark executive.
Chicago-headquartered Hyatt Hotels Group is betting big on the upper-midscale segment in India. Its growth in India is going to be driven by three of its brands — Hyatt Place, Hyatt House and Hyatt Regency. It has already firmed up plans for the first Hyatt Place in the country, likely to be launched at Hampi in Karnataka in June.
ICS Realty India, the Mumbai-based retail asset management firm has announced to develop projects on its own. The company has hitherto raised and managed funds for other developers. It is also floating a joint venture firm for its hospitality foray in two week’s time.
The most popular way of planning a trip earlier was to visit a travel agency to get your itinerary made. Besides direct hotel reservations, the Central Reservation Systems (CRS) and Global Distribution Systems (GDS) thus served as the primary channels of sales for hotel room nights.
Since the hospitality sector was previously considered a part of Commercial Real Estate (CRE) and was subject to the same risk exposure, the cost of such debt was high. In September 2009, new guidelines on CRE released by the Reserve Bank of India, asserted that the hospitality sector would no longer be treated as a part of CRE and risk exposure would be based on the profile of the borrower and the nature of the project.
An emerging segment to attract the hotel industry of India has been the MICE (Meetings, Incentive, Conventions and Exhibitions) segment as it has the potential to change the face of several upcoming Indian cities. The overall international visitors are likely to grow many fold due to MICE as it allows for the sale of several hundreds or even several thousands of room nights as opposed to the transient travellers who utilise only a few room nights at a time.
The emergence of the secondary and tertiary cities led to an aggressive increase in hotel development and provided avenues for expansion of hotel brands, which were previously dependent on new opportunities in just the five main cities.
Amidst cut-throat the hospitality vertical of Indian real estate has done well with hotels across the budget segment witnessing upward movement. Track2Realty exp0lores the emerging trends and also addresses the game changers that has influenced in the past and promises to do so in the year ahead.
High real estate costs, lack of any tax incentive and bureaucratic hurdles are huge problems for the growth of the hospitality industry that is one of the country’s top job earners, a survey has revealed.
Hyatt Hotels Corporation has introduced its new Hyatt House extended-stay brand in India, with the signing of a management agreement by a Hyatt affiliate for a hotel in Mumbai.
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