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Business Standard
02-06-2025
- Business
- Business Standard
Indian hospitality chains chart global routes; target UK, West Asia markets
Indian hospitality companies are spreading their wings far beyond the country's borders, charting expansion plans in the UK, West Asian countries and even in the African continent, even as Indian tourists flock to international destinations. On Thursday, the country's largest hospitality chain, Tata group-owned Indian Hotels Company Limited (IHCL) announced its debut in South Africa's Kruger National Park with three luxury lodges. 'As the demand for purpose-led travel continues to grow, Taj with its differentiated offerings brings exceptional safari experiences. Our foray into Kruger National Park builds on this legacy, offering travellers an authentic connection with nature,' said Puneet Chhatwal, managing director and chief executive officer at IHCL. The company, which expects to achieve double-digit growth in the financial year 2025-26 (FY26), plans to open 30 hotels in the year, which will also include a 126-key Taj property in Frankfurt by the fourth quarter. The company's international expansion will be through the capital-light model. Internationally, ten new properties are in the pipeline, which will include two offerings in Bahrain in three years and two in Saudi Arabia in the next three-four years. It currently has 28 properties, including in New York, the United Kingdom, and the Maldives, which contributed to nearly 20 per cent of the company's consolidated revenues in FY25. Since the start of the year, Chhatwal said the San Francisco property has started to see a growth comeback and occupancies have also gone up. 'We do believe that San Francisco will be a big positive surprise this year. April was extraordinarily good for San Francisco, but that changes in that city based on the big events that they get. In New York, too, our efforts are beginning to pay off. And for the first time, P&L was Ebitda positive, and we think this journey will continue in a positive way also this year,' he said. For the coming financial years, the share of international growth will continue to rise alongside domestic growth, with the overall pie increasing. Indian luxury giant Oberoi Hotels, too, has mapped out an extensive international expansion, including the much awaited 21-key Oberoi-branded property set to open in Mayfair in central London in 2028. With 497 international keys under the Oberoi brand, the company is looking at adding 290 keys to this portfolio by 2028, including two floating boat hotels of seven keys each, a Nile cruiser of 25 keys. The London property will be owned by Oberoi parent East India Hotels, while the rest will be run through management contracts. Another industry major, Bengaluru-headquartered Royal Orchid Hotels, is exploring locations in The Maldives and some of the South East Asian countries for international growth, even as it looks to expand its existing overseas presence in Sri Lanka and Nepal. 'We are expanding where we are existing. But of course we are open to other nearby locations. We'll definitely look at Maldives and the Middle East. Southeast Asia, we'll definitely look at,' Chander K Baljee, chairman and managing director of Royal Orchid Hotels, told Business Standard. The group is pushing its Regenta brand of hotels and resorts overseas, on similar lines as the Regenta resort and spa in Chitwan, near the Chitwan National Park, and Regenta Place in Sabrina. Sarovar Hotels, founded in India in 1994, plans to further expand its international network. 'In Africa, the upcoming openings include a Sarovar Portico Kampala in Uganda with 85 rooms and Sarovar Premiere Hargesia in Somaliland with 121 Keys,' Ajay Bakaya, chairman, Sarovar Hotels and director, Louvre Hotels India, told Business Standard. The company will develop these projects through management contracts to drive efficiency. In Nepal, it is set to open Royal Tulip Kathmandu, with 304 keys and a 22,000 sq. ft. convention centre this year, along with Royal Tulip Chitwan near the Chitwan National Park, and the Golden Tulip Bhairahawa, which will serve pilgrims visiting the nearby sacred city of Lumbini. It has already launched Sarovar Portico in Birgunj. 'Nepal offers proximity to India, cultural and tourism synergy, and growing demand in both leisure and religious travel segments,' said Bakaya. Meanwhile, increased economic activity in Africa is a good driver of growth for the chain. Sarovar has already launched The Heron Sarovar Portico in Nairobi with 108 keys. 'Cities like Nairobi, Kampala, and Hargeisa are experiencing increased business activity and urban development but continue to face a shortage of dependable mid-scale hotel options. Sarovar sees an opportunity to bridge this gap with its well-established, value-driven hospitality brands,' Bakaya added. ITC Hotels, which operates six brands spanning various segments, including luxury, boutique premium, upscale and midscale, expanded operations to Sri Lanka in April last year. ITC Ratnadipa, a mixed-use property with 352 keys, a retail space and residences, turned Ebitda positive from the December quarter. The hospitality arm of the ITC group opened a 66-key Fortune branded resort and wellness spa in Nepal, also last year.
Zawya
17-02-2025
- Business
- Zawya
Saudi: Diriyah's major infrastructure set for 2027 completion, says Inzerillo
RIYADH — Jerry Inzerillo, Group CEO of Diriyah Gate Development Authority, said that Diriyah's major infrastructure will be completed by 2027. "The major infrastructure will include 60,000 underground parking spaces, pedestrian-friendly zones, and state-of-the-art facilities that seamlessly integrate with the city's historical heritage." Speaking at the PIF Private Sector Forum in Riyadh, Inzerillo emphasized Diriyah Square stands as a defining feature of the city's transformation. "The commercial and cultural district, currently under construction, features 83 tower cranes operating at full capacity. Once complete, it will include a 1.9-kilometer boulevard, our own version of the Champs-Élysées, housing Saudi Arabia's contemporary art museum, a 20,000-seat arena, an exhibition center, an opera house, and the largest Apple store in the world." "Diriyah, the birthplace of the Kingdom of Saudi Arabia, is undergoing an unprecedented $64 billion transformation, positioning itself as a global destination and a model for sustainable, walkable urban development," he added. "Currently, 40,000 workers are on-site daily, driving forward the development of Diriyah, including major infrastructural enhancements and hospitality expansions," Inzerillo stated. "The UNESCO World Heritage Site in Diriyah has already welcomed three million visitors, with projections set to reach 27 million by 2030." "Despite still being in development, Diriyah is already generating revenue, with operating income expected to surpass projections for 2025," he revealed. "Early residential sales have reached between SR13 billion and SR14 billion in advanced deposits. Luxury properties, including Ritz-Carlton, Raffles, and Oberoi-branded residences, have sold out, while five of the 37 Aman Villas were purchased within three days of their release." "These are not hypothetical sales; these are deposited sales," Inzerillo emphasized. "We are also seeing growing confidence from international investors, including Italian and Colombian developers, as well as rising interest from Qatari and Emirati buyers." "Diriyah is a flagship Vision 2030 project, with its rapid progress aligning with Saudi Arabia's broader economic transformation," he continued. "The Kingdom is experiencing an influx of multinational corporations establishing headquarters, a shift driven by growing confidence in the country and its evolving business-friendly environment." "Saudi Arabia achieved G20 status faster than any other nation," Inzerillo noted, highlighting the Kingdom's strategic position in the global economy. "Diriyah's rise as a cultural and investment hub aligns with Saudi Arabia's growing portfolio of international events, including Expo 2030, the 2027 Asian Football Games, and the 2034 FIFA World Cup." "As Riyadh's population is set to reach 12 million, Diriyah is emerging as the city's pedestrian-friendly, high-quality lifestyle hub," he said. "Spanning 14.2 million square meters—equivalent to Beverly Hills, California—it will feature 40 luxury hotels, 30,000 residences, and an extensive range of retail and dining options. Adjacent to Diriyah, Wadi Safar will host high-end resorts from Aman, Six Senses, and Chetty, along with a 27-hole Greg Norman-designed golf course." Inzerillo suggested that Diriyah could be publicly listed in the future, following the trend of other PIF-backed giga-projects. "With strong return on investment (ROI) and increasing interest from both local and international investors, Diriyah is well-positioned for long-term financial sustainability," he said. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Saudi Gazette
15-02-2025
- Business
- Saudi Gazette
Diriyah's major infrastructure set for 2027 completion, says Inzerillo
Saudi Gazette report RIYADH — Jerry Inzerillo, Group CEO of Diriyah Gate Development Authority, said that Diriyah's major infrastructure will be completed by 2027. "The major infrastructure will include 60,000 underground parking spaces, pedestrian-friendly zones, and state-of-the-art facilities that seamlessly integrate with the city's historical heritage."Speaking at the PIF Private Sector Forum in Riyadh, Inzerillo emphasized Diriyah Square stands as a defining feature of the city's transformation."The commercial and cultural district, currently under construction, features 83 tower cranes operating at full capacity. Once complete, it will include a 1.9-kilometer boulevard, our own version of the Champs-Élysées, housing Saudi Arabia's contemporary art museum, a 20,000-seat arena, an exhibition center, an opera house, and the largest Apple store in the world.""Diriyah, the birthplace of the Kingdom of Saudi Arabia, is undergoing an unprecedented $64 billion transformation, positioning itself as a global destination and a model for sustainable, walkable urban development," he added."Currently, 40,000 workers are on-site daily, driving forward the development of Diriyah, including major infrastructural enhancements and hospitality expansions," Inzerillo stated."The UNESCO World Heritage Site in Diriyah has already welcomed three million visitors, with projections set to reach 27 million by 2030.""Despite still being in development, Diriyah is already generating revenue, with operating income expected to surpass projections for 2025," he revealed. "Early residential sales have reached between SR13 billion and SR14 billion in advanced deposits. Luxury properties, including Ritz-Carlton, Raffles, and Oberoi-branded residences, have sold out, while five of the 37 Aman Villas were purchased within three days of their release.""These are not hypothetical sales; these are deposited sales," Inzerillo emphasized. "We are also seeing growing confidence from international investors, including Italian and Colombian developers, as well as rising interest from Qatari and Emirati buyers.""Diriyah is a flagship Vision 2030 project, with its rapid progress aligning with Saudi Arabia's broader economic transformation," he continued."The Kingdom is experiencing an influx of multinational corporations establishing headquarters, a shift driven by growing confidence in the country and its evolving business-friendly environment.""Saudi Arabia achieved G20 status faster than any other nation," Inzerillo noted, highlighting the Kingdom's strategic position in the global economy."Diriyah's rise as a cultural and investment hub aligns with Saudi Arabia's growing portfolio of international events, including Expo 2030, the 2027 Asian Football Games, and the 2034 FIFA World Cup.""As Riyadh's population is set to reach 12 million, Diriyah is emerging as the city's pedestrian-friendly, high-quality lifestyle hub," he said."Spanning 14.2 million square meters—equivalent to Beverly Hills, California—it will feature 40 luxury hotels, 30,000 residences, and an extensive range of retail and dining options. Adjacent to Diriyah, Wadi Safar will host high-end resorts from Aman, Six Senses, and Chetty, along with a 27-hole Greg Norman-designed golf course." Inzerillo suggested that Diriyah could be publicly listed in the future, following the trend of other PIF-backed giga-projects. "With strong return on investment (ROI) and increasing interest from both local and international investors, Diriyah is well-positioned for long-term financial sustainability," he said.
