Category — Tourism & Hospitality

Marigold Capital Set to Acquire The Leela in Chennai

Mumbai-based private equity fund Marigold Capital and Investments is set to acquire the Leela Group’s 326-room hotel in Chennai, India, for approximately $109 million. The fund specializes in buying debt-ridden hotels and commercial real estate properties and turning them around.

Mumbai-based JM Financial, an investment bank that is the advisor to the sale said, “The deal with Marigold is in the documentation stage where the final agreement will be drafted.”
The Economic Times reports that last year, the JM Asset Reconstruction Company sold the Leela Group’s hotel in Goa to a Malaysian conglomerate MetTube SD BHD for about $113 million.
The Leela Chennai

June 12, 2017   No Comments

What’s the Favorite Destination for India’s Tourists?

Google India said that the top travel searches conducted by Indians between the months of February to April this year were on U.S.A. – the most-preferred summer destination for Indian travelers – followed by the United Arab Emirates, and Thailand.

Travel signboard

Other pieces of the Google search data reported by the Economic Times:
  • Interest in Nepal, Indonesia, and Bhutan witnessed high year-on-year growth.
  • Travel-related queries such as planning, transport, accommodation, vacation packages and travel documentation witnessed a 53% year-on-year growth during the same period.
  •  A 70% Y-o-Y growth in travel queries from non-metro cities over the past year, with 40.80% of all travel related queries emerging from cities and towns beyond Delhi NCR, Mumbai, Bangalore, Chennai, Pune, Hyderabad, Kolkata, and Ahmedabad.
  • Within India, Goa continues to be the most preferred destination; hill stations such as Manali, Shimla and Ooty feature in the top 10 destinations list.
  •  Andaman and Nicobar Islands have witnessed a boom in popularity with 39.8% Y-o-Y growth.
  • Search queries for rail services were nearly twice as high as the combined searches for all other modes of travel: air, bus, taxi, and car rentals.

June 12, 2017   No Comments

Hilton Poised for Major Expansion in India

With 15 operating hotels in India currently, McLean Virginia-based Hilton is planning to add 18 more across India by 2021 as it considers the country to be one of its key growth drivers.

In an interview with the Economic Times, Christopher J. Nassetta, president and CEO of Hilton Worldwide said that with a population of 1.3 billion, a rising middle class, and a growing economy, India represents “a huge opportunity for Hilton and the hospitality industry as a whole” and that the hotel market in India is “hugely underserved from a branded perspective and that’s where the opportunity lies.”
Hilton Expansion in India Group

Hilton Expansion in India Group

 Nassetta went on to explain that Hilton had a presence in 11 key cities of India across five of the company’s brands: the flagship Hilton brand as well as Conrad, Doubletree, Hampton and Hilton Garden Inn. “The energy here is incredible and we we have major expansion plans for India from both a domestic and outbound perspective, and look forward to eventually introducing more of our brands in the country,” he added.

May 2, 2017   No Comments

Visitors from India are Top 7 Spenders in America

D.C.-based Brand USA, a destination marketing organization, says that according to travel data for 2015 (which is the latest), India stood at 11th place in terms of source market for tourists to the U.S. and ranked 7th in terms of spend.

The Economic Times reports that of the 77 million  international visitors U.S. had in 2015,  1.1 million  were from India who collectively spent $12 billion. “In 2015, visitors from India on an average spent $10,700 — almost four times more than $2,600 by those from the U.K.,” said Chris Thompson, president and CEO of Brand USA.

Torch of Statue of Liberty

2015 saw 17% rise in visitors from India to the U.S. and an 8% increase in spend by them; Indians also tend to stay longer with the average traveler spending 35 days there on a trip the same year.

“The U.S. Department of Commerce projects that Indian visitors will rise  by 9-10% over the next five years. India is one of our most important source markets in terms of economic impact. We see India as a major contributor to tourism,” Thompson added.

 

 

April 14, 2017   No Comments

Bell Delivers its 407GXP Helicopter in India

Fort Worth, Texas-based Bell Helicopter Textron Inc., delivered the first Bell 407GXP in India to Premair, an air charter management company, and a New Delhi-based unit of Afimac Associates Pvt. Ltd.

The aircraft is outfitted for corporate and VIP transport. “We are pleased with the prompt customer support from Bell Helicopter in getting us our Bell 407GXP,” said wing commander H.S. Waraich, director of operations at Premair.  “We often fly at high altitudes in the Himalayas, so having the Bell 407GXP with its smooth, quiet performance is the perfect fit for our helicopter charters for tourists and business travelers. We also take great pride being the first in India to operate the aircraft.”

Bell 407GXP Helicopter

The Bell 407GXP has an additional 50 lbs of payload capability, coupled with the new M250 Rolls-Royce engine that improves performance and fuel efficiency, reports ASDNews.

November 16, 2016   No Comments