Hotels Sector

NDMC to seek Solicitor General’s opinion on Hotel Taj Mansingh’s lease issue

NDMC to seek Solicitor General’s opinion on Hotel Taj Mansingh’s lease issue

The New Delhi Municipal Council (NDMC), which owns the Taj Mansingh Hotel, on Thursday decided to seek the Solicitor General's opinion on how to advance with respect to the hotel's lease after the Ministry of Home Affairs told the council not to give the first right to refusal to Indian Hotels Company (IHCL).

Situated at the Mansingh Road in New Delhi, the Taj Mahal Hotel is operated by Tatas' IHCL but the building is owned by the NDMC.

Taj Palace Lease Sees Renewal for Next 25 Years

Taj Palace Lease Sees Renewal for Next 25 Years

Taj Palace Hotel, Dhaula Kuan, New Delhi, has seen renewal of its lease in the city for the coming 25 years, starting from April 1 this year.

The announcement related to the same was made today by Tata group hospitality major Indian Hotels Company (IHCL). The Taj Group or the Indian Hotels Company Limited felt pleased to confirm the consent received by it from the Delhi Development Authority (DDA).

The announcement, as per the report, has been made when New Delhi Municipal Corporation is preparing for inviting bids for the first Taj Mansingh-managed group's auction in New Delhi.

The Park Hotels to Come up with 4 New Hotels in India

The Park Hotels to Come up with 4 New Hotels in India

It seems that The Park Hotels owned by the Apeejay Surrendra Group are on expansion spree. It has been revealed that the hospitality chain has been planning to open four new hotels in India.

Addition of four new hotels will take the total number of The Park Hotels in India to 16. The hotels will be constructed in the country in next four to five years with an investment of Rs. 1, 200 crore, said Priya Paul, who is the chairperson of Apeejay Surrendra Park Hotels.

IHG reports 57% increase in net profits

IHG reports 57% increase in net profits

InterContinental Hotels Group (IHG), the owner of Holiday Inn brand that has been named as the official hotel provider for the Olympic Games, has reported strong increase in full-year profit for 2011.

The UK-based IHG, which operates as many as 4,500 hotels around the globe, generated net profit of $460 million in 2011, 57 per cent up from $293 million generated in 2010.

Revenues at the world's largest hotel operator jumped 9 per cent to settle at $1.77 billion.

US operations are eating home profits: IHCL

Overseas operations remain concern for the Tata group hospitality company, The Indian Hotels Co Ltd (IHCL), because they are eating up profits generated in the home country. Company is operating well in its home country but its US operations are affecting the pockets, said by Anil P Goel, executive director - finance, IHCL.

There are three hotels in the US under IHCL, one is Taj Campton Place in San Francisco , second is Taj Boston in Boston and third one is The Pierre in New York. Out of these three Taj Campton and Taj Boston are owned by IHCL while The Pierre is on long lease.

Sahara Group buys hotel in London

One of the very respected and huge business groups of India, Sahara group owned by Subroto Roy has now entered the hotel business to add to the various ventures in India.

The group is the sponsor of almost all the sports in India and has major real estate projects across the nation, with Aamby Valley being the most famous; it also owns TV channels under the Sahara network.

The Sahara group made a major purchase in London as it acquired the Grosvenor House in London’s Mayfair district which has 420 rooms and 74 suites and will mark Sahara’s entry in the overseas hotel business.

Rs. 1,021 Crore worth Deal: RIL Purchases 14.12% Stake in EIH Ltd.

Rs. 1,021 Crore worth Deal: RIL Purchases 14.12% Stake in EIH Ltd.

Now, even the hospitality sector will witness Reliance Industries in its vicinity. With Rs. 1,021 crore, the Mukesh Ambani-led Reliance Industries has taken hold of 14.12% stake in EIH. EIH manages the Oberoi brand of hotels and resorts, and the deal has been done with the help of RIL's entirely owned subsidiary Reliance Industries Investment and Holding Private Limited.

These stakes have been bought from Oberoi Hotels Private Limited, as said by RIL, and a few other promoters of EIH Limited.

Smoking ban set to kick in

Smoking ban set to kick in

The Fourth of July was the last day to smoke in Wisconsin workplaces - including bars and restaurants. The statewide ban has will be enforced from midnight.

Customers at Lois's Derby that is located in West Allis have been smoking and drinking in the corner bar since prohibition ended. But as of Monday, that's all changed.

Mike McHugh, Owner Lois's Derby said that "Definitely going to hurt, there isn't a doubt in my mind."

Joint Venture for EIH Ltd signed for $45 million

Joint Venture for EIH Ltd signed for $45 million

As well upcoming assets aboard EIH Ltd have decided to buy out its venture partner for the global businesses for $45 million to exercise complete control over all major operational. On Wednesday, the company said in a communication to the stock exchanges regarding the buy out plan. EIH Holdings British Virgin Islands currently holds a 54.15 percent share in the JV through its subsidiary and pursuant to the deal.

Oberoi Hotel Struck by 26/11 Reopens after Renovation

Oberoi Hotel Struck by 26/11 Reopens after Renovation

Today, one of the most luxurious Oberoi hotels, which had been attacked by militants on the night of 26/11, has reopened.

Oberoi incurred a lot damages at the time of the attack and lost around 35 people, counting 10 of its employees, it has now gone through substantial re-establishment and restructuring.

In order to provide the best high class services the hotel has been completely transformed.

"Around Rs. 180 crore has been spent on restoration and renovation," said Liam Lambert, President of the hotel.