Goa is not ready to lose out on the destination wedding business, especially this close to the upcoming wedding season. The state has rolled back its decision to increase the fees to hold private events, including weddings.
21.09.2024 - 19:51 / skift.com / Peden Doma Bhutia
Schloss Bangalore, the luxury hospitality group behind India’s The Leela Palaces, has filed for a massive $599 million (INR 50 billion) IPO, the largest ever in India’s hotel industry. The company seeks to capitalize on the growing demand for high-end accommodations in India while also paying down debt.
Schloss Bangalore’s Draft Red Herring Prospectus was submitted Friday and outlines ambitious plans. The company aims to raise $359 million (INR 30 billion) through fresh share issuance, while Project Ballet Bangalore Holdings, an affiliate of Brookfield Asset Management, will sell shares worth $240 million (INR 20 billion). Brookfield’s stake stems from its 2019 acquisition of Leela’s assets in bankruptcy.
With 3,382 keys across 12 operating hotels in 10 Indian cities, The Leela is already a prominent name in India’s luxury hospitality sector. The company owns five hotels in cities like Bengaluru, Chennai, New Delhi, and Udaipur, and manages six other properties, including The Leela Kovalam and The Leela Bhartiya City Bengaluru. The company owns one franchised hotel — The Leela Mumbai.
The prospectus reveals plans to expand by adding eight more hotels with 833 keys by 2028. The growth pipeline includes ventures into new segments, such as wildlife and heritage tourism, with properties planned near Ranthambore and Bandhavgarh National Parks.
This diversification is in line with broader trends in luxury travel, where experiential tourism is gaining popularity.
The Leela intends to further expand its footprint, by acquiring and developing five new hotels that it will directly own and manage — in Agra, Srinagar, Ayodhya, Ranthambore National Park, and Bandhavgarh National Park.
The Leela has also recently entered into hotel management agreements for two new hotels in Hyderabad and Sikkim, as well as luxury serviced apartments in Mumbai international airport district.
The IPO positions The Leela alongside other prominent Indian hotel groups, including Indian Hotels Company (parent of Taj Hotels), Oberoi Hotels, and Lemon Tree Hotels. Park Hotels, which went public earlier this year, adds further competition to an already crowded market. And ITC Hotels has received shareholder approval to spin off and list its hotel division.
As more hospitality companies go public, the battle for investor attention is fierce.
The Indian hospitality industry witnessed investments to the tune of $401 million in 2023, real estate company JLL revealed in a new report. This was nearly four times the transaction volume recorded in 2022.
The IPO marks a remarkable turnaround for Leela, which faced severe financial distress just five years ago. Brookfield’s 2019 acquisition of key Leela assets was a lifeline. With new ownership
Goa is not ready to lose out on the destination wedding business, especially this close to the upcoming wedding season. The state has rolled back its decision to increase the fees to hold private events, including weddings.
Taylor Swift's "The Eras Tour" returns to the U.S. next month, and while I'm no Swiftie, I have a 9-year-old daughter who's a massive fan. I may not be able to belt out the lyrics to many of her songs, but I do have a ton of experience leveraging my travel credit cards and knowledge of points and miles to make memories with my family.
To encourage travelers to Japan to get off the beaten path, delve deeper into the country’s cultural heritage, and venture beyond the popular tourist destinations, Japan Airlines is offering complimentary domestic flights all across the archipelago.
The Catskills does Autumn very well. A getaway in the fall provides a consolation for the end of summer. It feels like a homely embrace, offering comfort, warmth, and a sweep of color that will bring cheer to even the most die-hard warm-season devotees. As fall begins to drape across New York State, it’s the perfect time to book a getaway — after all, we deserve to celebrate this time of year in a place where the season is in its brightest incarnation. The Catskills’ Hamptonsification, however, means that a weekend in the mountains can quickly get expensive. There are some ways to do a getaway on the dime. One is to set a reminder for October 3, noon ET. On a first-served basis, Urban Cowboy Lodge, arguably the best cabin hotel in the area, is offering a stay on the Big Indian Wilderness for $24 per night.
Coldplay is coming to Mumbai in January, and the hotels are ready to make money off of it. The band’s three-show event has caused hotel prices near the DY Patil Stadium to surge to INR 640,000 ($7,600) for three nights, according to prices listed on Booking.com.
Saudi Arabia has launched its first-ever marketing campaign targeted exclusively at Indian tourists: “Shaandaar (Spectacular) Saudi.”
In this episode of the Skift India Travel Podcast, Asia Editor Peden Doma Bhutia and India Reporter Bulbul Dhawan dive into the top travel stories from India this month. They explore Leela Hotels’ move toward an IPO, South Africa’s new visa reforms, and Oyo’s acquisition of Motel 6. The discussion also covers key trends in Indian aviation and how Indian millennials are driving a surge in travel spending.
$2.8 billion: That was the international spending by Indians in July 2024. It was the highest amount in 10 months and led by growth in travel spending: Data from the latest bulletin from India’s central bank showed that Indians spent $1.7 billion for travel. Last year, Indians spent $1.4 billion.
In a move to expand its international reach, India-based hospitality company Oyo announced the acquisition of Motel 6 and Studio 6, two economy lodging brands, from Blackstone for $525 million. This all-cash deal positions Oyo to significantly boost its presence in the U.S., adding nearly 1,500 properties to its portfolio.
Elivaas, a tech-driven luxury villa and apartment management Indian startup, has secured $5 million in a funding round led by Bengaluru-based 3one4 Capital, with participation from Peak XV’s Surge and other angel investors.
Oyo, the India-based hotel giant, has agreed to acquire the Motel 6 and Studio 6 hotel brands from Blackstone for $525 million in an all-cash deal, Blackstone said in a press release.
My husband and I went on a 10-day luxury African safari trip for our big summer vacation.