Skip to content

Search

Latest Stories

India's Prestige to add 2,500+ keys across seven cities

The company filed with SEBI to raise $316 million through an IPO

Prestige Hospitality India IPO

Prestige Hospitality Ventures plans to add 2,509 keys across seven Indian cities, according to the Economic Times. Pictured is Prestige's Sheraton Grand Bengaluru Whitefield Hotel & Convention Center.

Photo credit: Marriott International

How Many New Hotel Rooms Is Prestige Hospitality Adding?

PRESTIGE HOSPITALITY VENTURES Ltd. is adding 2,509 rooms to its inventory through ongoing and upcoming projects, according to an Economic Times report. The pipeline includes three ongoing projects with 951 keys and nine upcoming projects with 1,558 keys across seven Indian cities.

PVHL, a wholly owned subsidiary of Bengaluru-based Prestige Estate Projects Ltd. that operates luxury, upper upscale, upscale and upper midscale hospitality assets for business and leisure travellers, recently filed a draft red herring prospectus with SEBI to raise Rs 2,700 crore or about $316 million through an IPO.


This makes PVHL one of the largest private hotel asset owners and developers in South India by total key count, the report said. With this expansion, PVHL will have a presence in Bengaluru, Delhi, Goa, Hyderabad, Sakaleshpura, Chennai and Mumbai—markets that account for a large share of India’s hotel room supply and air traffic.

As of Dec. 31, PVHL’s portfolio includes seven operating assets with 1,445 keys, including one under renovation. The assets are Sheraton Grand with 360 keys, JW Marriott Golfshire with 301 keys, Conrad with 285 keys, Techcloud – Moxy with 128 keys, Tribute-Mulberry with 102 keys and Angsana Oasis Spa and Resort with 79 keys, all in Bengaluru. Marriott Executive Apartments, UB City, Bengaluru is under renovation with 190 keys.

The company’s projects are concentrated in India’s top 10 hospitality markets, where demand is driven by business activity, tourism and connectivity. Mumbai, Delhi-NCR, Bengaluru, Goa, Chennai and Hyderabad together accounted for 59 percent of India’s air traffic and 46 percent of hotel key supply in fiscal year 2024. Its location strategy focuses on identifying micro-markets near airports, business districts, industrial areas and tourism zones.

The portfolio includes convention centre hotels, business hotels, extended stay service residences and golf resorts. The company has operating arrangements with brands owned by Marriott International, including St. Regis, Edition Hotels, Resorts & Suites, W Hotels, JW Marriott Hotels & Suites, Marriott Marquis Hotels, Marriott Hotels, Sheraton Hotels & Resorts, Autograph Collection Hotels, Tribute Portfolio Hotels & Resorts, Moxy Hotels, Aloft Hotels and Marriott Executive Apartments. It also partners with global brands such as Conrad by Hilton Worldwide and Angsana Resorts & Spa by Banyan Group.

As of Dec. 31, Prestige has the highest number of keys among operating and pipeline hospitality assets in the Marriott managed portfolio, accounting for 9 percent of the total, the report said.

Rating agency ICRA said India’s hospitality sector is expected to grow 6 to 8 percent this financial year.


More for you

Tata Sons announces $58M memorial trust to support victims of June 12 Air India crash and aid reconstruction efforts
Photo credit: Vishma Ahanthem/AFP

Tata sets up $58M trust for Air India crash victims

Summary:

  • Tata Sons and Tata Trusts formed a $58 million welfare trust for victims of the June 12 Air India crash, contributing $29 million each.
  • Tata Sons, established in 1917 and registered in Mumbai, is the Tata Group’s holding company; Tata Trusts collectively own 66 percent of it.
  • Tata Sons reacquired 100 percent of Air India in January 2022 through its subsidiary Talace Pvt Ltd.

TATA SONS ESTABLISHED a $58 million, or Rs 500 crore, welfare trust for victims of the June 12 Air India crash. The AI-171 Memorial and Welfare Trust is registered in Mumbai.

Keep ReadingShow less
Air India Boeing 787 at JFK Airport during flight restoration

AI resuming some international flights Aug. 1

Summary:

  • Air India to partially restore international wide-body schedule from Aug. 1 after 15 percent cut following June 12 AI 171 crash.
  • Delhi–New York (JFK) and Mumbai–New York (JFK) cut to six weekly; Delhi–Newark to four.
  • Revised schedule takes effect in August; full restoration expected from October.

AIR INDIA WILL partially restore its international wide-body schedule from Aug. 1, following a 15 per cent reduction after the June 12 crash of flight AI 171 on the Ahmedabad to London Gatwick route, operated by a Boeing 787. Delhi to New York’s JFK International Airport and Mumbai to New York (JFK) will operate six weekly flights each, down from seven, while Delhi to Newark, New Jersey, will drop to four from five.

Keep ReadingShow less
OYO and Yatra partner to expand hotel offerings for business travelers across India

OYO using Yatra to grow business travel segment

Summary:

  • OYO is working with travel platform Yatra to expand in the business travel segment in Delhi-NCR, Mumbai and Bengaluru, with more than 500 hotels already added.
  • Hotels under OYO brands—Sunday, Palette, Clubhouse, Townhouse, Townhouse Oak and Collection O—are now available on Yatra for business travellers across India.
  • OYO plans to add 1,000 more serviced hotels by September, expanding Yatra’s inventory in emerging metros with growing business travel demand.
OYO IS WORKING with travel agent platform Yatra to expand in the business travel segment, focusing on Delhi-NCR, Mumbai and Bengaluru. More than 500 OYO-operated hotels have reportedly been added to Yatra's platform as part of the alliance.

OYO CEO Ritesh Agarwal also chairs G6 Hospitality, parent of Motel 6 and Studio 6, while Yatra is led by cofounder and CEO Dhruv Shringi.

Keep ReadingShow less
Radisson Hotel Group Scales Up Youth Training in India

RHG scales up youth training in India

Summary:

  • Radisson Hotel Group is expanding youth training in India to mark World Youth Skills Day on July 15, training more than 300 individuals in hospitality roles.
  • The initiative includes 70 participants from Jammu & Kashmir, with 34 per cent women.
  • About 70 per cent of RHG’s General Manager roles are filled internally, supported by Radisson Academy Online and Typsy, which have delivered over 92,000 training hours and 111,000 certificates.

RADISSON HOTEL GROUP expanded its youth training and employment programs in India to mark World Youth Skills Day on July 15. The company is working with the Tourism & Hospitality Skill Council and The Job Plus to train more than 308 individuals in hospitality skills across India.

Keep ReadingShow less
AAIB: Fuel Cutoff Triggered Air India Crash—Preliminary
Photo by Basit Zargar/AFP.

AAIB report: Fuel cutoff triggered Air India crash

Summary:

  • A preliminary report on the June 12 Air India crash in Ahmedabad found fuel to the airplane’s engines was cut off.
  • One pilot asked the other why he cut off fuel, the other denied it.
  • Air India will cut international widebody service by 15 percent through mid-July after the crash.

INDIA’S AIRCRAFT ACCIDENT Investigation Bureau’s preliminary report found that fuel to the Boeing 787-8’s engines was cut off, indicating pilot action may have caused the crash. No actions are recommended for Boeing 787-8 or GEnx-1B operators at this stage.

Keep ReadingShow less