While the rest of the world continues to recover from decreased tourism, international hotel chains are bullish to the Asia Pacific region where the travel market is on the rise and struggling to keep up with the demand.
Parsvnath Developers presented gloomy second quarter results on Monday, November 7. Its net profit dipped 41.5 per cent in the quarter ended September to Rs.29.08 crore from Rs.49.97 crore in the corresponding period last year.
Mukesh Ambani’s wife Nita Ambani and his associate Manoj Modi joined the Board of Directors of EIH, the parent of the Oberoi Hotels chain that includes Calcutta’s Grand Hotel, on Monday, Oct 31.
The south Indian hospitality market would see an addition of 14,500 new rooms in 178 star hotels across southern states by the end of year 2012.
The world’s largest casino entertainment company, Caesars Entertainment Corporation is in talks with leading Indian developers and hospitality players to expand its presence in the country.
Lebua Hotels & Resorts, an international luxury hotel chain with properties in Bangkok and New Zealand is all set to enter the Indian market.
UK-based hospitality firm Whitbread today said it will invest 75 million pounds (over Rs 535 crore) in India by 2020 to fund its hotels business in the country.
Appu Hotels, owner of Le Meridian Hotels in Chennai and Coimbatore, is planning to open three more hotels in the next two years with an investment of Rs.500-600 crore.
Asia Pacific’s luxury hotel group, Shangri-La Hotels and resorts, is all set to launch its second property in India after Shangri-La Eros in New Delhi.
Movenpick Hotels & Resorts is set to launch its first property in India, the Movenpick Hotel & Spa Bangalore, which will have soft opening on June 1, 2011.