India’s sports tourism market is expected to grow at an annual rate of 17% and reach $53 billion by 2033. A new report by KPMG – ‘Harnessing India’s Sports Tourism Potential’ – looks at the challenges India faces in capturing this potential.
14.10.2024 - 20:55 / skift.com / Bulbul Dhawan
Bengaluru’s hospitality market is buzzing as two hotel acquisition deals were finalized in the city over the past few days. The two deals amounted to INR 4.85 billion ($57.8 million).
SAMHI Hotels acquired Innmar Tourism and Hotels for an enterprise value of INR 2.05 billion ($24.4 million) on Friday. As part of this deal, SAMHI also acquired the 142-room Trinity Hotel in the Whitefield area of Bengaluru. The complex has the opportunity to add a second hotel with 200-220 rooms. The deal was facilitated by real estate services company JLL.
On Monday, Juniper Hotels said in an exchange filing that it entered into a loan agreement with ICICI Bank for INR 2.8 billion ($33.3 million). The loan is meant to acquire a 220-key hotel asset situated near the Bengaluru airport from Twenty Fourteen Hotels. The property, spread across 6.5 acres of land, is designed to be a five-star hotel.
The Driving Factors: JLL India managing director for hotels and hospitality group Jaideep Dang told Skift that the acquisition comes on the back of increasing demand for office spaces. A lot of companies are placed in Bengaluru and are further populating the city. Because of that, there is a growing demand for hotel rooms, he said.
“The main reason driving the hotel sector in Bengaluru is the business demand. It maintained the number one position in the July to September quarter in terms of office leasing activity. These leases are generally for 9 years, indicating that more people are going to work in this city for the next 9 years. This is a clear indicator that as a business city, Bengaluru has strong demand,” he said.
Bengaluru also has a strong market for food and beverages, as well as events. This adds to hotel industry’s revenue sources. The addition of new flights to Bengaluru is also a factor, he said.
“The important thing to understand is that both of these transactions took place at a high valuation, and were not distress sales. The players genuinely believe that there is a potential and demand for high return on investment.”
Investor Interest in Indian Hotels: Hotel transactions in India are expected to amount to a total of $413 million by the end of the year, according to estimates of JLL. It expects Tier-1 markets to dominate hotel transaction activity in the second half of 2024, accounting for 78% of the expected transaction volume.
The surge in investor interest is driven by favorable macroeconomic factors, expanding commercial markets, and improved air connectivity, said Dang.
The domestic air passenger traffic in September 2024 is estimated at 13.2 million, up by 15.2% as compared to pre-Covid levels, according to credit ratings agency ICRA. This figure was also 8% higher than the domestic traffic in
India’s sports tourism market is expected to grow at an annual rate of 17% and reach $53 billion by 2033. A new report by KPMG – ‘Harnessing India’s Sports Tourism Potential’ – looks at the challenges India faces in capturing this potential.
Good morning from Skift. It’s Tuesday, October 15, 2024, and here’s what you need to know about the business of travel today.
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