It is South India’s second-largest chain-affiliated hotel owner
Marriott International and Brigade Hotel Ventures Ltd will open six hotels with 940 rooms in four Indian markets under five Marriott Bonvoy brands. From left are BHVL Directors Amar Mysore and Vineet Verma; Rajeev Menon, Marriott’s president for Asia Pacific excluding China; Jaishankar, executive chairman of Brigade Enterprises Ltd; Nirupa Shankar, BHVL managing director and Kiran Andicot, Marriott’s regional vice president for hotel development in South Asia.
Vishnu Rageev R is a journalist with more than 15 years of experience in business journalism. Before joining Asian Media Group in 2022, he worked with BW Businessworld, IMAGES Group, exchange4media Group, DC Books, and Dhanam Publications in India. His coverage includes industry analysis, market trends and corporate developments, focusing on retail, real estate and hospitality. As a senior journalist with Asian Hospitality, he covers the U.S. hospitality industry. He is from Kerala, a state in South India.
Marriott and BHVL plan six hotels with 940 rooms in four Indian markets.
Bengaluru-based BHVL is a subsidiary of Brigade Enterprises Ltd.
BHVL recently launched a $101.2 million IPO, including a $14.4 million pre-IPO placement.
MARRIOTT INTERNATIONAL AND Brigade Hotel Ventures Ltd will open six hotels totaling 940 rooms across four markets in India. The projects will be developed under five Marriott Bonvoy brands: The Ritz-Carlton, JW Marriott, Marriott Hotels & Resorts, Courtyard by Marriott and Fairfield by Marriott.
Bengaluru-based BHVL, a subsidiary of real estate firm Brigade Enterprises Ltd or BEL led by Executive Chairman M.R. Jaishankar, signed the agreement as part of its nearly 15-year partnership with Marriott, which has produced several large projects.
The six hotels, said Jaishankar, include the Courtyard by Marriott Chennai World Trade Center; Fairfield by Marriott Bengaluru International Airport; Fairfield by Marriott Bengaluru Brigade Valencia; The Ritz-Carlton Vaikom Island, Kerala; JW Marriott Chennai OMR; and Thiruvananthapuram Marriott Hotel World Trade Center.
“Each of these projects reflects our belief in the long-term potential of the Indian hospitality industry and our commitment to bringing thoughtfully designed hotels to both business and leisure travelers,” Jaishankar said. “With Marriott’s brands and global standards, we are confident these hotels will set benchmarks in their respective markets.”
BHVL is the second-largest owner of chain-affiliated hotels and rooms in South India among major private hotel asset owners as of March 31, according to the Economic Times. With the six upcoming hotels, along with the Sheraton Grand Bangalore at Brigade Gateway and Four Points by Sheraton Kochi Infopark, BHVL’s Marriott portfolio will total eight hotels with 1,388 keys.
“Our growth strategy focuses on being present where our guests want us to be, as we continue to meet the demand for luxury travel and hospitality services,” said Rajeev Menon, Marriott’s president, Asia Pacific excluding China. “Today’s agreement underscores our relationship with the Brigade Group and leveraging our brand portfolio, we are confident these developments will meet the needs of travellers for every trip purpose.”
Upcoming projects
Courtyard by Marriott Chennai World Trade Center, Chennai, Tamil Nadu – 45 rooms, opening fiscal year 2027.
Fairfield by Marriott Bengaluru International Airport, Bengaluru, Karnataka – 224 rooms, opening fiscal year 2028.
Fairfield by Marriott Bengaluru Brigade Valencia, Bengaluru, Karnataka – 151 rooms, opening fiscal year 2028.
The Ritz-Carlton Vaikom Island, Kerala – 70 villas, opening fiscal year 2029.
JW Marriott Chennai OMR, Chennai, Tamil Nadu – 250 rooms, opening fiscal year 2030.
Thiruvananthapuram Marriott Hotel World Trade Center, Thiruvananthapuram, Kerala – 200 rooms, opening fiscal year 2030.
BEL has a pipeline of about 16 million square feet of new launches in the residential and commercial segments and plans to add 1,700 keys to its hotel portfolio. BHVL operates nine hotels in Bengaluru, Karnataka; Chennai, Tamil Nadu; Kochi, Kerala; Mysuru, Karnataka and GIFT City, Gujarat, with 1,604 keys. The hotels are managed by Marriott, Accor S.A. and InterContinental Hotels Group. They are in the upper upscale, upscale, upper-midscale and midscale segments.
BHVL recently launched a $101.2 million initial public offering, including a $14.4 million pre-IPO placement, Business Standard reported. Hospitality revenue in the first quarter of fiscal year 2026 was $16.1 million, up 19 percent from the same period in fiscal year 2025, while EBITDA rose 34 percent to $5.5 million.
Separately, Bengaluru-based Prestige Hospitality Ventures recently secured Sebi approval for a $308 million initial public offering.
Airbnb contributed $1.45 billion to India’s GDP in 2024, according to Oxford Economics.
Top international sources were the U.S., UK, Canada and Australia.
Non-urban destinations accounted for 16 percent of gross booking value.
AIRBNB CONTRIBUTED $1.45 BILLION to India’s GDP in 2024, supported more than 111,000 jobs and generated $308 million in wages, according to Oxford Economics. North American guests made up nearly half of international Airbnb arrivals and 4 percent of all Airbnb guests in the country.
Oxford Economics’ report, “The Economic Impact of Airbnb in India,” found domestic travelers drove growth, making up 91 percent of Airbnb guests in 2024, up from 79 percent in 2019.
Top international sources were the U.S., UK, Canada and Australia.
Airbnb accounted for 0.5 percent of India’s travel and tourism GDP and 0.2 percent of tourism employment, about one in every 417 jobs, with guest spending of $1.45 billion, the report found. Non-urban destinations made up 16 percent of gross booking value, tripling since 2019, reflecting rising interest in rural and lesser-known locations.
Employment benefits included 38,000 jobs in transport and storage, 19,600 in food and beverage, 16,800 in wholesale and retail and 10,700 in manufacturing, it said.
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IHCL and Cemtac are developing a 64-key Gateway hotel in Pahalgam.
An April terror attack in Pahalgam killed 26 people, mostly tourists.
This will be IHCL’s seventh hotel in the state, including the one under development.
TATA’S INDIAN HOTELS Co. Ltd. and Cemtac Cements are developing a 64-key Gateway hotel in Pahalgam, Jammu and Kashmir. This is IHCL’s seventh hotel in statement, including the one under development.
The hotel will include a heated pool, health club and 2,000 square feet of banqueting facilities, the companies said in a statement.
“Pahalgam’s landscapes and cultural heritage make it a compelling destination across leisure, spiritual, adventure and eco-tourism segments,” said Suma Venkatesh, IHCL’s executive vice president for real estate and development. “This signing aligns with our strategy to invest in destinations with scenic appeal and a strong tourism ecosystem.”
A major terror attack in Pahalgam on April 22 killed 26 people, mostly tourists.
“We are thrilled to collaborate with IHCL to bring the Gateway brand to Pahalgam,” said Riaz Ahmad Panjra, Cemtac Cements’ managing director. “This partnership reflects our shared vision to enhance hospitality in the region while showcasing its natural and cultural richness.”
Cemtac Cements, founded in 2008, is a brand in Jammu and Kashmir. Beyond cement, Panjra owns multiple hotels in Srinagar and Pahalgam and has investments in agriculture, diversifying his business portfolio.
Trump’s 50 percent tariff on Indian goods took effect on Aug. 27.
Hospitality businesses in both countries could be hit.
U.S. treasury secretary calls the India-U.S. relationship “very complicated” but expects resolution.
PRESIDENT DONALD TRUMP’S 50 percent tariff on Indian goods took effect Wednesday, while Prime Minister Narendra Modi urged citizens to follow the “Vocal for Local” policy and Swadeshi mantra in his Aug. 15 Independence Day address. Beyond exports such as textiles, the U.S. measure is likely to affect travel, tourism and hospitality in both countries.
The Global Trade Research Initiative told the Financial Times that Indian exports to the U.S. could fall from $86.5 billion this year to about $50 billion in 2026. Textiles, gems, jewelry, shrimp and carpets are expected to be most affected, with exports in these sectors projected to drop 70 percent, “endangering hundreds of thousands of jobs.”
Meanwhile, India also began outreach programs in 40 markets, including the UK, Japan and South Korea, to increase textile exports, Economic Times reported. Officials said 40 select markets, including the UK, Japan, South Korea, Germany, France and Australia, “hold the real key to diversification.” These countries import more than $590 billion in textiles and apparel annually, while India’s current share is around 5 to 6 percent.
‘Trade embargo’
The duties, 16 percentage points higher than China, 31 points higher than most Southeast Asian countries and 35 points above South Korea, have raised U.S. tariffs on Indian goods to levels Nomura described as a “trade embargo,” the Guardian reported.
However, the U.S. hotel associations, including the AAHOA and the American Hotel & Lodging Association, have not commented, though the tariffs raise costs for imported furniture, textiles and kitchen supplies. Higher costs may also increase guest prices, delay renovations and reduce profitability.
The tariff increase may also affect U.S. companies operating in India, including Hilton Hotels & Resorts, Marriott International, Wyndham Hotels & Resorts and Choice Hotels International, all of which have announced expansion plans. Tesla recently opened an outlet in Mumbai.
‘Vocal for Local’
Prime Minister Narendra Modi urged traders and shopkeepers to follow the “Vocal for Local” mantra and buy Indian products, saying this will keep money within India, The Hindu reported.
“Have faith in Indian goods. If you are Indian, buy only goods made in India. Choose items made in India, by Indians,” he said at an event in Delhi. “I want to appeal to my fellow traders and shopkeepers: support me in following the mantra of ‘Vocal for Local’. This will benefit the country and the money spent on the goods you sell will stay within India.”
Modi also highlighted India’s progress in manufacturing, saying 11 years ago the country imported most phones.
“Today, the majority of Indians use Made in India phones,” he said. “Each year we produce 30–35 crore mobile phones and we are also exporting them.”
On Independence Day, Modi emphasised self-reliance under Atmanirbhar Bharat across defence and energy, with initiatives in solar, hydrogen and nuclear power. He announced a Reform Task Force to boost economic growth, reduce red tape, modernise governance and prepare India for a $10 trillion economy by 2047.
Howdy Modi backfires
Congress MP Manickam Tagore criticised Modi over the “Howdy Modi” event, saying India has suffered export losses after the U.S. imposed the double tariff.
“Modiji, remember your slogan ‘Abki Baar, Trump Sarkar’?” he wrote on X. “Today, that ‘friendship’ has cost India Rs 2.17 lakh crore in export losses as the U.S. imposes a 50 percent tariff. Your PR politics = India’s economic disaster.”
Tagore said farmers, MSMEs and exporters are bearing the brunt.
“Farmers, MSMEs and exporters are affected: textile exports from Tiruppur, Surat, and Noida face 5 lakh job losses; the gems and jewellery sector is losing 2 lakh jobs; 3 million livelihoods of Andhra Pradesh shrimp farmers are at risk,” he said. “All due to Modi’s failed diplomacy and slogans abroad.”
‘U.S.-India will unite’
U.S. Treasury Secretary Scott Bessent described the India-U.S. relationship as “very complicated” but expressed hope that “at the end of the day, we will come together.”
“President Trump and Prime Minister Modi have good relationships at that level,” he said in an interview with Fox Business. “And it’s not just over Russian oil. India is the world’s largest democracy, and the U.S. is the world’s largest economy. I think at the end of the day, we will come together.”
The former Marriott executive received the Bharat Gaurav award.
The appointment follows the Accor-InterGlobe joint venture formed earlier this year.
Ranju Alex is Accor Ltd.’s new CEO for South Asia, which includes India, Bangladesh, Pakistan and Sri Lanka. She will lead the company’s business and growth strategy in the subcontinent.
Alex, who joined Marriott International in 2010, served as regional vice president for South Asia, overseeing 170 hotels. The appointment follows the formation of the Accor-InterGlobe joint venture earlier this year, led by Chairman Gaurav Bhushan, to open 300 Accor hotels in India by 2030.
“We are pleased to welcome Ranju to the Accor and InterGlobe family,” said Bhushan. “She brings deep experience, skills, and relationships to our business, and we look forward to building a leading hospitality platform in the region under her leadership.”
Alex began her career with The Oberoi Group in 1993 and held leadership roles at Marriott for more than three decades. She received the Bharat Gaurav award for her contributions to the industry.
“I am delighted to be joining Accor, a company with a comprehensive portfolio of brands in the region,” she said. “It is an honor to take on this role and deliver the Group’s vision in South Asia.”
Accor operates more than 70 hotels in the region and has more than 30 in the pipeline.
Meanwhile, the Accor/Interglobe JV is the exclusive growth platform for the brand’s portfolio in India, focusing on expansion and services for Indian travelers. InterGlobe, parent of IndiGo, is led by Group Managing Director Rahul Bhatia.
OYO reportedly plans to file its DRHP in November for a $7-8 billion IPO.
The company recently delayed its third IPO attempt due to market volatility.
It added more than 150 hotels to its U.S. portfolio in the first half of 2025.
OYO IS REPORTEDLY planning to file its Draft Red Herring Prospectus in November for an IPO targeting a $7 to 8 billion valuation. The company will present the proposal to its board next week.
Discussions with banking partners have increased in recent weeks, with valuation guidance at $7 to 8 billion (about ₹70 per share), or 25 to 30 times EBITDA, Press Trust of India reported citing sources.
"While we cannot comment on any timelines related to OYO's DRHP or IPO plans, as these will be guided by OYO's board of directors and remain at their discretion, OYO continues to evaluate a range of strategic options to drive value for its stakeholders," a company spokesperson told PTI.
In May, OYO delayed its third IPO attempt due to opposition from its largest shareholder, SoftBank, and market volatility.
“Over the past few months, SoftBank has engaged with banks such as Axis, Citi, Goldman Sachs, ICICI, JM Financial and Jefferies in London to assess market sentiment. After assessing market feedback, they are now confident in their decision,” one person aware of the developments was quoted as saying. “The board will be approached next week as the company firms up the details and finalises key strategic elements."
SoftBank remains one of OYO's largest shareholders. Insiders indicate the filing will showcase OYO's first-quarter financial performance, the report said. The hospitality industry also saw double-digit growth this quarter.
OYO is planning a new parent brand identity to unify its portfolio. Earlier this year, OYO CEO Ritesh Agarwal asked for name suggestions for Oravel Stays Ltd on social media. The chosen name may become the group's new name. OYO is also exploring a separate app for its premium and mid-to-premium company-serviced hotels, as the segment has grown across India and global markets.
Agarwal also chairs G6 Hospitality, parent of Motel 6 and Studio 6. Agarwal and G6 CEO Sonal Sinha previously spoke with Asian Hospitality on leadership and performance.