Dynamic Pricing for Restaurants: Unpacking Growth in F&B Revenue Management

In recent years, the restaurant industry has witnessed a significant shift towards embracing technology-driven solutions to enhance operations and increase revenue. One such key strategy that has garnered attention is dynamic pricing, a practice commonly used in industries like airlines and hotels but has now made its way into the realm of food and beverage (F&B) establishments. Dynamic pricing refers to the practice of adjusting menu prices based on various factors such as demand, time of day, day of the week, and even weather conditions, with the aim of optimizing revenue and maximizing profitability.

Understanding Dynamic Pricing

Traditional pricing models in restaurants have typically been static, with menu prices remaining the same regardless of external factors. However, dynamic pricing introduces a more flexible approach, allowing restaurants to adapt their pricing in real-time to capitalize on changing market conditions. By leveraging data analytics and technology tools, restaurants can set prices dynamically to match supply and demand, ultimately driving increased sales and profitability.

Benefits of Dynamic Pricing for Restaurants

1. Maximizing Revenue:

Dynamic pricing enables restaurants to adjust prices based on demand fluctuations, ensuring that they are capturing the maximum revenue potential at any given time. For example, during peak hours or busy seasons, prices can be increased to capitalize on higher demand, while special promotions or discounts can be offered during off-peak times to attract more customers.

2. Enhancing Customer Loyalty:

By offering personalized promotions and discounts through dynamic pricing, restaurants can build stronger relationships with their customers. Customized pricing strategies can make customers feel valued and incentivize them to return, thereby increasing customer retention and loyalty.

3. Optimizing Inventory Management:

Dynamic pricing can also help restaurants better manage their inventory by aligning pricing with product availability. By adjusting prices based on inventory levels, restaurants can prevent overstocking or stockouts, leading to reduced waste and improved operational efficiency.

4. Competitive Advantage:

Restaurants that implement dynamic pricing gain a competitive edge in the market by being able to react quickly to changing market dynamics. By staying agile and responsive to pricing trends, restaurants can outperform competitors and secure a larger share of the market.

Challenges and Considerations

While dynamic pricing offers significant benefits to restaurants, there are also challenges and considerations to keep in mind when implementing this strategy:

1. Customer Perception:

One of the key concerns with dynamic pricing is how customers perceive frequent price changes. Restaurants need to communicate transparently about their pricing strategy to avoid any negative reactions from customers who may feel prices are arbitrarily being increased.

2. Data Accuracy:

For dynamic pricing to be effective, restaurants need access to accurate and real-time data on factors influencing pricing decisions. Maintaining data integrity and using robust analytics tools are critical to the success of dynamic pricing initiatives.

3. Regulatory Compliance:

Restaurants must ensure that their dynamic pricing practices comply with legal regulations and do not infringe on consumer protection laws. Pricing transparency and fairness are essential to building trust with customers and avoiding legal issues.

The Future of Dynamic Pricing in F&B

As the restaurant industry continues to evolve, dynamic pricing is expected to play an increasingly significant role in F&B revenue management. With advancements in technology, including AI-driven pricing algorithms and predictive analytics, restaurants can harness the power of data to make smarter pricing decisions and drive growth.

In conclusion, dynamic pricing offers restaurants a powerful tool to optimize revenue, enhance customer loyalty, and stay competitive in a rapidly changing market. By carefully considering the benefits, challenges, and best practices associated with dynamic pricing, F&B establishments can unlock new opportunities for growth and profitability in the years to come.

IHCL ANNOUNCES A 350 KEY TAJ HOTEL IN INDORE, MADHYA PRADESH

Indian Hotels Company (IHCL), India’s largest hospitality company, today announced the signing of a Taj hotel in Indore, Madhya Pradesh. The hotel is a Greenfield project and will be one of the largest convention facilities in Central India.

Commenting on the signing, Suma Venkatesh, Executive Vice President - Real Estate & Development, IHCL said, “This signing is in line with IHCL's strategic vision to expand its footprint across India's key business and leisure destinations. Indore, recognized as the commercial and financial capital of central India, is an ideal location for this expansion. With this new venture, we are proud to introduce our entire brand portfolio to the city. We are delighted to collaborate with Manikaran Commercials Private Limited for this hotel.”

The 350 keys hotel is situated along the new Super Corridor, a stone’s throw from important IT campuses and at comfortable driving distance from all major industrial hubs as well as leisure spots.   Guests can enjoy a variety of cuisines at the all-day dining restaurant, a specialty restaurant, a bar, and a lobby lounge. The property is set to offer an extensive range of leisure and recreational activities, including a swimming pool, a spa, a fitness center, as well as various sports and entertainment options. Additionally, the hotel is poised to become a leading convention center in Central India, offering approximately 50,000 square feet of versatile, cutting-edge banqueting and event spaces.          

Mr. Gurjeet Singh Chhabra (Pintu), Director and Mr. Rajesh Mehta, Director, Manikaran Commercials Private Limited said, “We are delighted to collaborate with IHCL, the foremost name in India's hospitality sector. This partnership will bring a Taj hotel to Indore, crowned as India's Strongest Brand in 2023, setting a new standard for luxury in the city.”

Hyatt Announces Robust Pipeline in India and Southwest Asia for 2024

Growth in brand footprint to over 55 hotels across leisure and business destinations in the region as brand portfolio expands with JdV by Hyatt as the ninth Hyatt brand in India.

Hyatt Hotels Corporation (NYSE: H) announced plans for the aggressive expansion of Hyatt’s brand portfolio in India and Southwest Asia region, with a robust pipeline of eight new hotels that are expected to open across various leisure and city destinations in 2024. This growth is timed to coincide with the expected rebound of leisure and business travel in the country and the sub-continent.

In 2024, Hyatt’s brand expansion in India and Southwest Asia will continue with its Hyatt Regency, Hyatt Place and Hyatt Centric brands. With an aim to expand the presence of its luxury and lifestyle brands in India, Hyatt also marked the strategic entry of the JdV by Hyatt brand in India with the official opening of Ronil Goa recently. The JdV by Hyatt brand is the ninth Hyatt brand to be introduced in the country reinstating Hyatt’s commitment to growing its footprint in India.

The Hyatt Regency brand, which is a key growth driver for Hyatt in the region, will enter a new destination with the slated openings of Hyatt Regency Kasauli and Hyatt Regency Ghaziabad. The Hyatt Place brand is expected to enter three new locations in the region with Hyatt Place Aurangabad, Hyatt Place Haridwar and in a new country with Hyatt Place Dhaka Uttara (Bangladesh). The Hyatt Centric brand will expand its portfolio with the expected openings of Hyatt Centric Hebbal Bengaluru and Hyatt Centric Ballygunge Kolkata.

“Southwest Asia continues to demonstrate high growth potential and is among the top global growth markets for Hyatt. We have strong expansion plans for 2024 across our portfolio encompassing our legacy brands like Hyatt Regency, Hyatt Place and Hyatt Centric across destinations that will strengthen our brand presence in key markets. This expansion represents our strong commitment and confidence in the Southwest Asia region,” said Sunjae Sharma, managing director, India & Southwest Asia, Hyatt. “Complementing our current portfolio of Hyatt brands in the country, the introduction of the JdV by Hyatt lifestyle brand in India signifies a strategic milestone in Hyatt's thoughtful expansion within the leisure and business segments. We are excited for our guests travelling to Goa to embrace this lifestyle experience. Ronil Goa aligns seamlessly with the brand that encourages living in the moment, making it a perfect addition. We look forward to further enhancing our distinctive brand footprint throughout the sub-continent,” Sharma added.

In 2023, Hyatt’s brand footprint expanded in India with the openings of Hyatt Place Bodh Gaya, Hyatt Place Vijaywada, Hyatt Place Goa Candolim and Hyatt Centric Rajpur Road Dehradun. The expansion across leisure, corporate and spiritual tourism segments has strengthened Hyatt’s brand presence in India and the Southwest Asian region, offering travelers and World of Hyatt members more opportunities to stay at Hyatt hotels.

With these introductions, Hyatt’s India and Southwest Asia portfolio will have nine distinct brands, including Andaz, Alila, Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Centric, Hyatt Place, and JdV by Hyatt. Moreover, Hyatt’s growing brand footprint in India will offer a balanced portfolio designed to provide unique and engaging guest experiences, coupled with Hyatt’s deep understanding of the local and global hospitality standards for which it is known.

Recent and upcoming introductions include:

• Ronil Goa, which is part of the JdV by Hyatt brand, offers a collection of vibrant, independent hotels that are true reflections of urban neighborhoods. Ronil Goa embraces the charm of Indo-Portuguese architecture, evoking the cozy ambiance of a boutique lifestyle property with 12 guest houses comprising 135 guestrooms, including four suites. Ronil Goa is the perfect space for today’s modern lifestyle traveler seeking experiences and adventures in the serene city of Goa. Inspired by Hyatt’s commitment to care, the hotel supports sustainable practices like wooden sustainable key cards, VRV systems, sensor lights, a sewage treatment plant and a water treatment plant, among other practices.

• Hyatt Regency Kasauli is in close proximity to Kasauli, a favoured hill station and retreat in north India, popular for holidays, weekend getaways and retreats. Located at an elevation of 5900 feet, the hotel will offer sweeping views of the destination with 89 rooms and suites. Varied food and beverage offerings include an all-day dining outlet, a signature outdoor bar and pizzeria, and a lobby café and lounge. Additionally, the property will offer approximately 3,000 square feet of function space, an outdoor swimming pool, a spa, and a well-equipped fitness center.

• Hyatt Regency Ghaziabad, the opening of Hyatt Regency Ghaziabad will be an important addition to our portfolio in the Delhi NCR region. The hotel is located in close proximity to the industrial and commercial establishments as well as the affluent residential area. The hotel will feature 120 keys and approximately 19,000 square feet of event space that will make this hotel an ideal place to host social events and business meetings.

• Hyatt Place Aurangabad will be the first Hyatt hotel in Aurangabad, blending modern comforts with Aurangabad’s rich cultural heritage. The hotel will offer 150 rooms, including six suites. The hotel’s food and beverage offerings will include an all-day restaurant, rooftop bar and a grab-and-go outlet. For recreation and fitness, the hotel will feature an outdoor swimming pool and a fitness center.

• Hyatt Place Dhaka Uttara will be the first Hyatt hotel in Bangladesh. The hotel will feature 85 spacious guestrooms including nine suites that offer views of the runway and city. The hotel will offer a fitness center and a temperature-controlled infinity edge rooftop swimming pool. Intimate yet stylish, the hotel will also offer 1,500 square feet of meeting and event space.

• Hyatt Place Haridwar will be the third Hyatt branded property in Uttarakhand and the first international hotel in the land of Ganges. Featuring 110 thoughtfully appointed guestrooms with space to work or relax, the hotel will be conveniently located near popular local attractions and tourist destinations like the beautiful ghats, the historic temples and sprawling gardens of Haridwar. Guests can even revel in the adventure of wildlife expeditions at Rajaji National Park. The hotel will offer a range of amenities such as a well-equipped fitness center, an outdoor pool, convenient dining options including all day dining, complimentary breakfast, a bar, and a meeting room.

• Hyatt Centric Ballygunge Kolkata will be the first Hyatt Centric hotel in the city of joy. Embracing the vibrant essence of Kolkata, the hotel is set to redefine hospitality by seamlessly merging contemporary elegance with an adventurous touch. The hotel pays homage to the city's rich cultural tapestry, unveiling 93 carefully designed guestrooms, including seven suites. The culinary experience at the hotel will offer sensory delight, featuring three thoughtfully conceptualized restaurants. For relaxation and fitness, the hotel will offer an outdoor pool and a well-equipped fitness center. Additionally, it will provide versatile event spaces spanning approximately 4,200 square feet, ideal for both corporate gatherings and social events.

• Hyatt Centric Hebbal Bengaluru will be the second Hyatt Centric hotel in Bengaluru. Located at Hebbal, a fast-growing business hub in the city with close proximity to multiple business parks, this lifestyle hotel will offer 152 rooms, suites and long-stay rooms. Dynamic food and beverage offerings will include an all-day dining outlet, a signature rooftop bar, and a lobby café and lounge. Additionally, the property will feature approximately 10,000 square feet of event space, an outdoor swimming pool, a spa, and a well-equipped fitness center.

Indian Hotel Industry - Revenue & Expansion Pattern Analysis & Forecast By Saurabh Pande

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Deepika Padukone as Hilton’s new global brand ambassador!

Marriott International Announces Record Year of Global Signings and Strong Net Rooms Growth

At the Americas Lodging Investment Summit (ALIS), Marriott International, Inc. (Nasdaq: MAR) announced the company’s record year of global signings with 52 percent more organic rooms signed in 2023 than in 2022, as it continues to expand offerings for owners, franchisees, and guests. The company also announced that it achieved strong net rooms growth of 4.7 percent in 2023.

During 2023, the company signed a record number of organic management and franchise agreements—an average of nearly 2.5 deals a day—representing approximately 164,000 rooms globally.

In the United States & Canada, Marriott’s largest region, the company signed a record 91,000 rooms, 37,000 of which were the result of the company’s strategic licensing agreement with MGM Resorts International. The company also saw robust signings growth outside of the U.S. & Canada with a record of nearly 73,000 organic rooms signed across 74 countries and territories, with particularly strong signings in China, Vietnam, Japan, United Arab Emirates, Mexico, Turkey, Saudi Arabia, and India. At year-end 2023, Marriott’s global development pipeline totaled nearly 3,400 hotels and roughly 573,000 rooms, an increase of over 15 percent over a year ago.

At the end of 2023, Marriott’s industry-leading worldwide system consisted of nearly 8,800 properties and more than 1,597,000 rooms in 139 countries and territories. Marriott added over 400 properties and nearly 64,000 organic gross rooms in 2023. The company also completed its acquisition of the City Express brand portfolio, bringing an additional 150 properties and approximately 17,500 rooms into Marriott’s system during the year.

As Marriott continues to expand its offerings, the company notably increased the breadth of its portfolio, providing more opportunities for owners, franchisees, and guests. Marriott expanded its lead in luxury, announced its entry into the affordable midscale segment globally, increased its portfolio of branded residences, announced the planned launch of the MGM Collection with Marriott Bonvoy, and continued to grow its share in the all-inclusive segment.

“Marriott remains focused on offering more best-in-class brands and experiences to meet the strong consumer demand for travel,” said Marriott International President and CEO Anthony Capuano. “As we continue to expand our global brand portfolio, grow our Marriott Bonvoy loyalty platform, and provide innovative offerings to our owner and franchise community, we continue to meet the needs of guests across all stay purposes around the world. I am excited about our momentum as we strive to connect people through the power of travel.”

Growing Marriott’s Global Leadership in Luxury
With 623 open properties spanning 70 countries and territories, Marriott’s luxury portfolio remains unmatched. In 2023, the company signed a record 58 deals for luxury hotels and resorts, bringing Marriott’s luxury portfolio in the global development pipeline to 245 hotels, including more than 20 hotels expected to open in 2024.

This past year also reflected W Hotels’ ambitious new chapter, as it continued its brand refresh and global expansion into new destinations, including the debut of W Budapest, the brand’s first hotel in Hungary, and W Edinburgh, the second W hotel in the United Kingdom.

Other highlights from the year include the opening of Rissai Valley, a Ritz-Carlton Reserve, marking the company’s 500th hotel in Greater China. The Ritz-Carlton brand debuted in the U.S. Pacific Northwest with The Ritz-Carlton Portland, the St. Regis brand debuted in the U.S. Midwest with The St. Regis Chicago, and three luxury hotels were signed in Vietnam (JW Marriott Trang An Resort & Spa, The Luxury Collection Resort, Hon Thom Island, and The Ritz-Carlton Reserve, Hon Thom Island).

Offering New Possibilities for Guests and Owners in Affordable Midscale
Marriott entered the high-growth affordable midscale segment in 2023 with the acquisition of the City Express brand portfolio in the Company’s Caribbean and Latin America (CALA) region. With approximately 17,500 rooms across Mexico, Costa Rica, Colombia, and Chile, the deal increased Marriott’s footprint in the CALA region by approximately 45 percent. In 2024, the City Express by Marriott brand is expected to expand to additional countries across CALA.

Marriott is continuing its expansion in the affordable midscale segment with the announcement of StudioRes, a brand aimed at providing reasonably priced, modern comfort for guests seeking longer stay accommodations in the U.S. & Canada. On January 17, 2024, Marriott celebrated the first groundbreaking for the brand in Fort Myers, Florida, with approximately 300 other potential deals under discussion in 150 markets.

In September 2023, Marriott announced the launch of Four Points Express by Sheraton, a conversion-focused midscale brand designed in response to growing consumer demand for reliable and affordable accommodations in Marriott’s Europe, Middle East and Africa (EMEA) region. Through year end 2023, the company signed six Four Points Express by Sheraton deals in the United Kingdom and Turkey.

Accelerating Momentum in Conversions and All-Inclusive
Conversions once again helped drive growth, with 25 percent of Marriott’s room openings coming from conversions. In 2023, the company signed a record 184 conversion properties, representing nearly 65,000 rooms, including MGM. Marriott’s collection brands including Autograph Collection Hotels, The Luxury Collection, and Tribute Portfolio, represented 29 percent of global conversion rooms signed. Conversions to our collection brands offer a unique value proposition for owners and franchisees as they leverage well-established brands, an award-winning loyalty program, competitive affiliation costs, and the company’s powerful revenue generation engines.

Meeting rising consumer demand for stress-free and multi-generational travel, Marriott also grew its all-inclusive resort portfolio, providing not only new opportunities for travelers, but also for owners interested in entering this growing segment. Marriott continues to see global interest in all-inclusive, signing three deals in its EMEA region in 2023, bringing its portfolio to 49 open and pipeline properties located across 12 markets and 10 brands, with another six anticipated openings in 2024.

Strengthening Branded Residences Portfolio
In 2023, customer demand fueled Marriott’s expansion of its branded residences portfolio to exciting and growing markets around the world. With 134 open locations and 115 pipeline residential projects across 49 countries and territories and 16 brands, Marriott International is the industry leader in the branded residential segment. In the past five years, the company has added 48 residential locations across 14 brands and continues to see growth in the segment. Recent highlights include the openings of The St. Regis Residences, Cairo, Egypt, The Residences at Sheraton Cebu Mactan Resort, Philippines, The Ritz-Carlton Residences, Portland, and The Ritz-Carlton Residences Mexico City.

Growing Apartments by Marriott Bonvoy
Launched in 2022, Apartments by Marriott Bonvoy provides developers a unique option to convert an existing residential building, pursue a new build, or integrate as part of a mixed-use property, with a dedicated welcome lounge, outdoor space, and other amenities. The company opened the first Apartments by Marriott Bonvoy property in Casa Costera, Isla Verde Beach, San Juan, Puerto Rico, in December 2023 and expects to continue growing its global presence, with additional signed agreements in the United States, Italy, and Saudi Arabia.

Launching MGM Collection with Marriott Bonvoy
In July 2023, Marriott announced the signing of an exclusive long-term strategic licensing agreement with MGM Resorts International and the creation of the MGM Collection with Marriott Bonvoy, which is expected to launch in early 2024. The agreement encompasses 17 of MGM’s unrivaled resorts, representing more than 40,000 rooms in Las Vegas and other cities across the U.S.

The deal is expected to increase Marriott’s global rooms distribution by 2.3 percent and position the company to provide even more options for group travel needs, while offering incredible entertainment, sports, and culinary experiences through Marriott Bonvoy Moments.

Mahindra Holidays to invest Rs. 800 crores in Tamil Nadu

~The company will build 3 greenfield resorts at unexplored locations ~

~The projects will create employment for over 1500 people~

Mahindra Holidays & Resorts India Limited (MHRIL) India’s leading vacation ownership and leisure hospitality company has signed an MOU with the Government of Tamil Nadu solidifying a strategic partnership aimed at boosting tourism and employment opportunities in the region.

Under the MoU, MHRIL will make a substantial investment of Rs. 800 crores to build 3 greenfield resorts over the next five to six years. Additionally, MHRIL will actively contribute to the state’s tourism sector, collaborating with the Government of Tamil Nadu to foster its growth and enhancement. This partnership is not only a testament to MHRIL's commitment to Tamil Nadu’s economic development but also signifies its pivotal role in directly generating employment opportunities for over 1500 people, thereby contributing to the overall economy of the state.

This would be the second-largest investment by MHRIL, following the Rs. 1000 crore investment amount in Uttarakhand last year, and is part of the company’s robust expansion plans, to increase the room inventory from 5000 to 10,000 by 2030. With this significant investment, MHRIL will double its footprint in Tamil Nadu, with Club Mahindra already operating resorts in Ooty and Kodaikanal.

Club Mahindra offers magical holidays at more than 125 incredible resorts across India and abroad to its strong member base of 2,90,000 happy families. These resorts offer 2000+ unique experiences that are specially curated to meet the holiday needs of multiple generations within a family. The company in the past has established holiday destinations in various locations including Binsar in Uttarakhand, Coorg and Madikeri in Karnataka, Kumbhalgarh in Rajasthan, Munnar, Ashtamudi, and Cherai in Kerala. Additionally, the company operates resorts in various other distinctive locations like Kanha in Madhya Pradesh, Naldehra and Kandaghat in Himachal, Gangtok in Sikkim, Udaipur, Jaipur, and Jaisalmer in Rajasthan, Mahabaleshwar and Tungi in Maharashtra.

This investment is a testament to the homeland of one of humanity’s living classical civilizations that offers a wide range of tourist attractions- be it the ancient temples of Meenakshi Amman, Brihadeesvara, and Rameswaram or the scenic beaches of Mahabalipuram, Covelong, and Marina or the majestic hill stations of Ooty and Kodaikanal or the wildlife sanctuaries of Mudumalai and Valparai or the UNESCO declared world heritage sites. These locations showcase a blend of cultural, architectural, and natural beauty of the state of Tamil Nadu.

As part of MHRIL’s commitment to sustainability and aim to achieve carbon neutrality by 2040, all the new resorts developed in Tamil Nadu will target to be champions of Net Zero Energy, Water & Waste, and in the process become role models for sustainable tourism in the state.

Indian Achievers Forum Award for Quality Excellence 23 Awarded To Karthik Paramasivam

In the dynamic realm of real estate development in India, Karthik Paramasivam stands out as a revolutionary leader with an impressive track record. As a seasoned Senior Manager at Bagmane Developers Pvt. Ltd., he brings over 17 years of progressive experience in the hospitality and facility management industry. Holding esteemed certifications such as Certified Hospitality Housekeeping Executive (CHHE) and Certified Housekeeping Manager (CHM) from the American Hotel & Lodging Association, Karthik is recognized as a stalwart in the field.

Currently overseeing the soft service operations of two IT tech parks, Karthik ensures unwavering commitment to high standards of quality, safety, and customer satisfaction. His leadership extends to training and developing staff, empowering them with the skills needed to excel in their roles. His prior role as the Regional Head of Operations for Karnataka at T C F M showcased his ability to handle a diverse portfolio of services and clients, managing a team of 3500 employees across 60+ sites.

Karthik’s international career spans across India, the United Arab Emirates, Kuwait, Bahrain, and the Kingdom of Saudi Arabia. Notably, during his tenure in the Middle East, he successfully opened two hotels with 1200 keys each and led the seamless transition of two others. His core competencies include organizational leadership, risk management, conflict resolution, and expertise in pre-opening and transition phases.

His exceptional achievements include receiving the Six Sigma Yellow Belt certification from the Lean Six Sigma Institute and publishing an article on the Certified Housekeeping Manager title in Prlog USA. Karthik’s commitment to sustainability is evident through initiatives like the “Go Green Project,” as highlighted in various publications.

Hyatt Continues Strategic Brand Expansion in Europe, Africa and the Middle East Marked by Lifestyle & All-Inclusive Hotel Openings

AluaSoul Costa Adeje and Palace de Muro, a Destination by Hyatt property, slated to open in Spain this year, further strengthen Hyatt’s rapidly growing lifestyle brand presence in region.

Hyatt Hotels Corporation (NYSE: H) highlighted Hyatt’s expected growth trajectory for 2024 and beyond, across Europe, Africa and the Middle East (EAME), underscored by a record year of deal signings in 2023. Hyatt’s commitment to be the preferred brand for guests, customers and owners has resulted in a record pipeline of 127,000 rooms worldwide as of year-end 2023, with key markets including Spain, the United Kingdom, Italy, Portugal, and Greece. This record pipeline represents nearly 40% of existing rooms in the Hyatt portfolio.

Hyatt’s strategic brands growth includes plans for AluaSoul Costa Adeje, which will be an Inclusive Collection resort located in Tenerife, the largest of Spain’s Canary Islands, and Palace de Muro, which will be a Destination by Hyatt property in the historic town of Alcúdia, Mallorca by the end of 2024. These latest planned projects in Spain, under Stoneweg’s ownership, build on another record year of brand growth for Hyatt in the region.

“We are incredibly pleased with the scaled growth we have been able to achieve for our brands throughout Europe, Africa and the Middle East in 2023,” said Javier Águila, group president EAME, Hyatt. “Guided by our purpose of care, we believe our most exciting chapter is ahead of us, and we are committed to reinforcing our position as the preferred hospitality brand amongst guests, customers and owners.

AluaSoul Costa Adeje, a 226-room resort, is slated to open in the last quarter of the year following an extensive renovation. The Inclusive Collection property is located on the beaches of the Adeje coast, in the South of Tenerife, and is ideal for guests seeking a fun-filled getaway. Palace de Muro, which will be a Destination by Hyatt property set to open in 2024, offers an oasis of calm for those looking to relax on beaches of crystal-clear water and white sand near the Albufera natural park. The 184-room resort is located on Muro Beach, Alcudia Bay, where guests are offered the ultimate indulgence, tailored to their every need. Both properties are in the process of being rebranded following a multi-property collaboration with Stoneweg.

Miguel Casas, Managing Director of Stoneweg Hospitality, says: “We are very excited to announce these exciting projects with Hyatt in Spain. The upcoming openings of AluaSoul Costa Adeje and Palace de Muro, are milestones that reflect our dedication to growth and excellence in hotel experiences. These Stoneweg properties not only strengthen Hyatt's brand presence in the region, but also represent the realization of exceptional visions for our guests. We are excited for what's to come and committed to delivering unforgettable experiences.”

“The all-inclusive segment continues to increase in popularity among our key stakeholders and generate opportunities for strategic growth across EAME,” said Javier Coll, global head Hyatt Inclusive Collection growth, Hyatt. “The Inclusive Collection, the largest portfolio of luxury all-inclusive resorts in the world, is the leader in the all-inclusive space with unique brands for varying needs and occasions. Our anticipated 2024 openings in existing markets like Spain and Greece, as well as new markets like Portugal, underscores our commitment to grow our brands with intent in markets that matter most to guests, customers, and owners.”

Further strengthening Hyatt’s growth in 2024 and beyond is an EAME pipeline of more than 70 properties spanning Hyatt's distinct brand collections.

Timeless Collection properties deliver the comforts of a home away from home with a consistently elevated experience. 2024 is marked by significant expansion, particularly with the addition of two properties to the Park Hyatt brand, further reinforcing our brand presence in key primary markets. This expansion follows the notable opening of Park Hyatt Marrakech in December 2023. Additionally, select service brands Hyatt House and Hyatt Place continue to foster Hyatt’s entry into secondary markets. 2024 openings include:

• Hyatt House Leeds and Hyatt Place Leeds

• Park Hyatt Johannesburg

• Park Hyatt London River Thames

Boundless Collection hotels deliver best-in-class offerings and compelling experiences designed to excite and inspire, including most notably, four Thompson Hotels properties, including the recently opened Thompson Madrid:

• Thompson Rome

• Thompson Seville

• Thompson Vienna

Inclusive Collection luxury all-inclusive resorts deliver immersive and elevated experiences. The collection is expected to expand with notable entries into key resort destinations including:

• Dreams Madeira Resort, Spa & Marina

• Zoëtry Halkidiki Resort & Spa

Elevating Celebrations: Unveiling Opulent Wedding Trends and Exclusive Offerings with Mr. Namit Vijh, Cluster General Manager for Rajasthan & Agra

In anticipation of the forthcoming wedding season, Mr. Namit Vijh, the esteemed Cluster General Manager for Rajasthan & Agra with Radisson Hotel Group and General Manager of Radisson Gurugram, Udyog Vihar, unveils exciting developments and trends in the world of luxury weddings.

As the Indian economy demonstrates robust recovery post-pandemic, discerning couples are poised to elevate their special day into an unparalleled, unforgettable experience, reflecting an upswing in spending capacity. Reflecting contemporary preferences, weddings are witnessing a shift towards personalised arrangements, where couples endeavour to infuse their unique personalities into every facet of their celebration.

The hospitality sector anticipates a substantial surge in wedding bookings, projecting a growth rate of 20 - 30 percent for the upcoming season. Hotels, ranging from affordable to luxury establishments, strategically position themselves to cater to the flourishing wedding industry. Banqueting services emerge as a significant revenue stream, drawing keen interest from investors for its promising potential.

Gurugram is swiftly emerging as the preferred destination for opulent weddings. The city’s unique fusion of modern amenities, accessibility, and cultural richness positions it as an ideal choice for couples seeking an extravagant celebration.

As a flagship property within the Radisson Hotel Group, Radisson Gurugram, Udyog Vihar, The property features a sprawling 35,000 sq ft event space, making it an ideal choice for hosting social and corporate events of any scale. With 5 outstanding venues for weddings - Lawn, Poolside, Lotus, Jasmine, and Rose, along with a restaurant, a bar, and 200 inventory rooms, it offers the perfect blend of traditional and contemporary hospitality. The commitment to providing diverse and exceptional experiences extends further with the inclusion of a unique Smash Gaming Zone and an exclusive Tattva Spa, ensuring that guests can enjoy not only luxurious accommodations but also immersive entertainment and relaxation during their stay. Radisson Gurugram, Udyog Vihar, stands as a benchmark for unparalleled service and sophistication in the hospitality landscape.

Radisson Gurugram, Udyog Vihar has meticulously revamped its banqueting facilities, ensuring they align with the evolving needs of modern weddings. Our updated and modernized banquet halls provide the ideal canvas for crafting memorable moments. Acknowledging the significance of a delightful culinary experience during weddings,

Radisson Gurugram, Udyog Vihar is committed to curating a gastronomical journey that seamlessly complements the overall theme of the celebration. Our offerings span from traditional Indian cuisine to international delicacies.

In a bid to elevate the dining experience, Radisson Gurugram, Udyog Vihar has invested in cutting-edge technology. Guests can indulge in live food counters, interactive food displays, and digital menu cards, ensuring a seamless and delightful culinary journey.

Mr. Namit Vijh and the distinguished team at Radisson Gurugram, Udyog Vihar are dedicated to crafting unique and unforgettable weddings. Whether an intimate gathering or a grand celebration, our team of experts collaborates closely with couples to bring their distinctive vision to life.

Radisson Gurugram, Udyog Vihar extends a gracious invitation to those seeking the perfect venue to host their wedding. With an unwavering commitment to providing an unparalleled experience, we invite couples to explore our offerings and transform their wedding into an exquisite and magical affair.

In the dynamic landscape of Indian weddings, Mr. Namit Vijh and Radisson Gurugram, Udyog Vihar, stand prepared to orchestrate an extraordinary and memorable wedding experience.

CHALET HOTELS LIMITED REPORTS THE BEST QUARTER EVER Q3FY24 RESULTS

HIGHEST HOSPITALITY REVENUE at INR 3.4 bn, up 29% YoY 

RevPAR up 18% YoY to INR 7,838

HOSPITALITY EBITDA Margin up by 5pp, to 46.3%

CONSOLIDATED REVENUE at INR 3.8 billion, up 18% YoY

Chalet Hotels Limited announces results for the third quarter ending December 31, 2023.

Key Highlights for Q3FY24:

• Total Income at INR 3.8 bn, up 18% as compared to Q3FY23 

• EBITDA at INR 1.7 bn, up 18% as compared to Q3FY23, Margin at 45%

• Consolidated PAT at INR 706 million

• Hospitality Segment Performance:

• Revenue at INR 3.4 bn, up by 29% from Q3FY23 

• ARR at INR 10,974, up by 8% over Q3FY23

• Same store ARR at INR 11,253, up by 11% over Q3FY23

• Occupancy was at 71%, expansion of 6 percentage points over Q3FY23 

• RevPAR improved by 18% YOY to INR 7,838

• EBITDA was at INR 1.6 billion, up by 46% from Q3FY23

The board also approved raising of funds up to INR 20 Bn through issue of equity shares or any other convertible instruments, subject to shareholders approval. The proceeds of the issue are intended to be utilized inter alia towards paring down of debt, organic & inorganic growth, general corporate purposes and redemption of preference shares. 

ESG Highlights:

• The Westin Hyderabad HITEC City has received USGBC LEED GOLD in December 2023 under LEED V4 Building Design and Construction Hospitality.

Development Pipeline – On Schedule: 

• Hotel inventory expansion at Marriott Bengaluru (~130 rooms) and The Dukes Retreat, Lonavala (~70 rooms)

• New hotel projects at The Taj, New Delhi Airport (~390 rooms) and Hyatt Regency, Airoli, Mumbai (~280 rooms)

• CIGNUS Bengaluru Tower II is nearing completion.

• Handover at CIGNUS POWAI® Tower I, Westin Complex in Powai to begin from Q4FY24.

Speaking on the above, Mr. Sanjay Sethi, MD & CEO, Chalet Hotels Limited, said, “We are pleased to record another strong quarter with highest-ever revenue and EBIDTA. With a strong pipeline for expansion, healthy operating performances and a team that continues to excel, we remain excited about the foreseeable future for our company.”

Wellness Tourism: A Growing Segment in the Hospitality Market, by Vinesh Gupta, General Manager of The Den Bengaluru

There is no denying the fact that the past few years have taken a toll on our health. From long hours working from home to taxed immune systems combating COVID-19, the pandemic has left many individuals and businesses drained, including the hospitality sector. However, with the new normal, many trends and segments have come to the fore, and wellness tourism is no exception. In recent times, the demand for wellness tourism has grown dramatically and is expected to develop further. Here, to highlight the fact, according to Mordor Intelligence, the India wellness tourism market is poised to grow to $24.94 billion by 2028, at a CAGR of 6.45% during the forecast period (2023–2028).

Wellness Tourism: A growing trend

Wellness tourism has been quite a popular word in the hospitality industry for the past few years, thanks to the pandemic, taxing life routines, and work commitments. But what is wellness tourism? To give the answer, it is the powerful interaction of two growing billion-dollar industries: tourism and wellness. In fact, wellness tourism refers to travel focused on wellness activities and services, allowing the individual to revitalize their physical, mental, and emotional well-being. Whether it is indulging in spa treatments, attending yoga retreats, or experiencing nature, wellness tourism provides a getaway from the mundane routine while encouraging general health and peace.

Today, millions and millions of travelers are expecting hotels to be more conscious of and receptive to this trend by offering a range of wellness amenities and services. From state-of-the-art fitness centers to healthy dining options and mindfulness programs, hotels are adapting to cater to the growing demand for wellness-focused experiences. Therefore, by embracing this trend, modern hotels not only attract a new segment of travelers but also contribute to the overall growth of the wellness tourism industry.

Furthermore, as more hotels adopt wellness tourism, a ripple effect occurs in the industry, pushing other businesses to follow suit and eventually contributing to a more health-conscious and attentive society. So, let’s delve into the key factors fueling the expansion of wellness tourism, a rising part of the hospitality industry.

Key factors: Driving the growth of the sectors

Desire for personal development and self-discovery: Many travelers are looking for experiences that promote personal growth and self-discovery. They are looking for activities, such as yoga retreats, meditation workshops, and wellness seminars, that will help them acquire a sense of inner calm and self- improvement. As a result, today, to meet the demands of these individuals, new-age hotels are not only providing comfortable lodgings but also offering a variety of wellness-focused services.

Health-conscious consumers: The increased awareness of the necessity of living a healthy lifestyle is a fundamental driver of the wellness tourism boom. As more individuals prioritize their health, hotels are capitalizing on this demand by providing customized wellness programs and services that cater to the needs of health-conscious consumers. As a result, to accommodate this expanding demand, hotels are incorporating wellness components into their services.

Stressful modern lifestyles: Without a doubt, today, the modern lifestyle has led to an increase in stress-related health issues such as anxiety and burnout. As more people acknowledge the negative effects of stress on their health, they are on the hunt for ways to relax and revitalize. This is where hotels are offering wellness services and programs for those wishing to get away from the stresses of everyday life, contributing to the expansion of wellness tourism in the hospitality industry.

All things considered!

In a nutshell, offering guests a varied choice of cultural activities, such as traditional spa treatments and wellness routines, can considerably improve their overall hotel experience. And hotels that incorporate real, immersive experiences into their offerings not only help guests connect with local cultures and traditions but also improve their well-being and relaxation while they are there. In fact, as the need for distinctive and engaging travel experiences grows, embracing the new-age trend will set the brand apart and provide guests with lasting memories. As a result, now is the time to embrace the trend and adapt to changing guest demands to not only improve visitor’s overall experience but to the long-term prosperity of the hospitality sector.

Vinesh Gupta, General Manager of The Den Bengaluru

Hyatt is on Track to Double its Brand Footprint in Canada by 2026

Hyatt Hotels Corporation (“Hyatt”) (NYSE: H) is positioned to double Hyatt’s brand footprint in Canada by the end of 2026, with more than 20 executed managed and franchised agreements across its distinct brands. As Hyatt continues to build industry-leading net rooms growth globally, this strategic and intentional growth in Canada reflects Hyatt’s focus on listening and developing in destinations that matter most to guests, World of Hyatt members and owners.  

With nearly 20 hotels currently open in Canada, Hyatt expects to have an additional 23 hotels open and operating by the end of 2026, doubling Hyatt’s Canadian brand footprint, and further expanding compelling guest and member experiences for World of Hyatt, one of the industry’s fastest growing loyalty programs. This significant expansion includes newly announced deals for luxury and lifestyle hotels including the second hotel in Canada within The Unbound Collection by Hyatt brand. The hotel will be located in Ontario wine country and will join Spirit Ridge located in the beautiful Okanagan Valley wine country. Other upcoming properties include:

• Hyatt Centric Winnipeg Downtown (2025) is expected to be the second Hyatt Centric hotel in Canada and will be in the heart of downtown Winnipeg, home to a vibrant arts and music scene, world-class museums, and stunning outdoor attractions. The lifestyle hotel will offer 140 modern guestrooms and suites, approximately 1,200 square feet of meeting space, a signature restaurant and bar and an open concept lobby that will capture the local spirit and inspire guests to get out and explore. The property is owned and will be operated by The Kothari Group.

• Hyatt Centric Victoria – Old Town (2026), will be the first Hyatt branded hotel in Victoria, British Columbia and will join Hyatt’s growing Boundless Collection portfolio in Canada. Centrally located in Old Town Victoria, home to Canada’s oldest Chinatown and known for its historic brick buildings and walkable streets, the hotel will offer 135 rooms and suites, and dynamic food and beverage options including a restaurant, bar, lounge, and coffee shop. The property is owned by Chard Development Ltd.

“Hyatt is focused on accelerating brand growth and momentum in meaningful ways with several planned openings to meet every stay occasion in sought-after destinations coast-to-coast across Canada,” said Scott Richer, vice president of development and owner relations for Canada, Hyatt. “In 2022, Hyatt established a cross-functional corporate team dedicated to Canada, which enables us to continue growing Hyatt's brand presence across the country with new and existing owners, to bring these — and more — exciting projects to life." 

Portfolio Growth Includes Several New Leisure & Tertiary Markets for Hyatt

Hyatt’s commitment to growing its brands in Canada will offer guests a portfolio of hotels designed to provide memorable and engaging guest experiences. By the end of 2026, Hyatt expects to have an established brand presence in several sought-after leisure markets that currently do not have a Hyatt hotel including:

• Hyatt House Port Elgin (2026) will be located in close proximity to some of the most idyllic sandy beaches on Lake Huron.

• Hyatt Place Whitehorse (2025) will provide the ideal home base for adventurers looking to explore the vast and breathtaking Yukon wilderness.

New Airport Locations Planned Coast-to-Coast

Hyatt is expanding its brand footprint at some of Canada’s busiest airports with elevated experiences including free breakfast for guests and 24/7 conveniences that are attractive to both leisure and business travelers:

• Hyatt Place Montreal - Trudeau International Airport (2025)

• Hyatt Place Toronto International Airport (2025)

• Hyatt House Toronto International Airport (2026)

• Hyatt Place Mississauga – Airport Corporate Centre (2024)

• Hyatt House Mississauga – Airport Corporate Centre (2024)

• Hyatt Place Vancouver International Airport (2026)

• Hyatt House Vancouver International Airport (2026)

Recently Opened Hyatt Hotels in Canada

Hyatt's impressive Canadian pipeline will join several hotels that opened in Canada over the past years, across Hyatt’s diverse brand portfolio including:

• Hyatt Centric Montreal opened in March 2023

• Hyatt Place Toronto/Brampton opened in August 2022

• Hyatt Place Montreal Downtown opened in June 2022

• The Walper Hotel, part of the JdV by Hyatt brand, located in Kitchener, Ontario, opened in May 2022

• The Anndore House, part of the JdV by Hyatt brand, located in Toronto, opened in April 2021

Boosting Staff Retention by Master Trainer & Facilitator, Saurabh Pande

In the dynamic landscape of India's hotel industry, businesses face intensifying competition that demands the retention of skilled employees. The ever-growing challenge lies in addressing the high attrition rates prevalent in the hospitality sector globally. Deloitte's report points towards a staggering 72.9% turnover in 2019, underscoring the need for robust retention strategies to maintain a competitive edge.

As a Hotelier with two decades of experience under my belt, I have come to understand the vital role employee retention plays in driving success and cultivating top talent within organizations. In light of this, let us embark on an exploration of various tactics that companies can implement to strengthen their employee retention efforts and secure long- term growth.

Competitive compensation and benefits

Among the crucial strategies for staff retention in India's hotel industry is offering competitive remuneration and benefit packages. Successful businesses should prioritize rewarding employees with comprehensive incentives such as health insurance, holiday leaves, and overtime pay. A suitable compensation package not only attracts proficient workers but also helps retain them in a highly competitive sector like hospitality.

Opportunities for professional growth

Providing chances for professional advancement has been proven effective in retaining staff within India's hotel industry. Young professionals are especially eager to forge lucrative career paths and tend to stay committed to companies offering growth opportunities. Employers who present their workers with pathways to enhance their skill sets and progress in their careers foster a sense of value and job involvement. Consequently, employees will feel more satisfied and loyal to the organization.

Establishing a supportive work setting

Besides presenting competitive salaries and development prospects, creating a healthy a work environment is crucial in retaining employees within the Indian hotel sector. Research shows that stable, positive work environments—which comprise empathetic leadership, powerful team bonds, and a balanced work-life integration—are essential for maintaining staff loyalty and promoting overall well-being.

Encouraging respect and inclusivity

Organizations must endeavour to nurture a culture of respect, transparency, and inclusiveness to foster a positive work environment. By implementing open communication practices and embracing diversity, employers can retain exceptional employees while building a dedicated and engaged workforce.

Acknowledgment and rewards

Valuing employees’ accomplishments and recognizing their hard work is vital for instilling motivation and nurturing optimism in the workplace. Implementation of reward schemes, employee of the month awards, and regular performance appraisals can encourage workers to give their best. A Gallup study reveals that employees who consistently receive recognition are more likely to remain with an organization, which results in companies having 31% lower voluntary turnover rates when effective recognition programs are in place.

In summary, India's hotel industry confronts challenges in retaining competent employees due to high attrition rates. By employing tactics such as competitive remuneration and benefits, career advancement opportunities, promoting work-life balance initiatives, and employee acknowledgment, hotels can solidify their retention rates. Prioritizing employee satisfaction leads to a dedicated and loyal workforce. Per Deloitte's findings, the global hospitality industry experienced a 72.9% turnover in 2019. Offering enticing salaries and benefits packages, developing training and mentorship programs, advocating work-life equilibrium, and lauding employee achievements are integral to mitigating this issue. Gallup research confirms that companies with efficient recognition initiatives have 31% lower voluntary attrition rates. Therefore, securing talented staff is exceedingly important for sustainable growth within India's hotel industry. By investing in employee satisfaction and engagement, hotels can curate a remarkable work culture that attracts and retains the best talent.

About The Author

Saurabh Pande

Hotelier

Master Trainer & Facilitator

Certified Learning & Development Manager

Saurabh Pande, hailing from the charming city of Lucknow, is a passionate hotelier boasting an impressive 20+ years of experience under his belt. With a decade each spent mastering the art of F&B Service and Learning & Development, he has emerged as a dynamic Master Trainer and Facilitator. As a Certified Learning & Development Manager, Saurabh's diverse interests include reading, writing, and singing. Forever fuelled by curiosity, he loves exploring new avenues and delving into the hidden depths of his interests.

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IHM Ranchi organizes interactive session themed “Coffee with GMs” at the institute premises

The Institute of Hotel Management (IHM), Ranchi organized an interactive session with the industry leaders on the theme “Coffee with GMs” for the final year students of the institute. The event witnessed the presence of Mr. Hemant Mehta, General Manager, Hotel Radisson Blu, Ranchi, Mr. Amit Kaushik, General Manager, Hotel Royal Retreat, Mr. Asit Kundu, General Manager, Capital Residency, Mr. Kallol Sengupta, General Manager, Hotel Green Horizon and Mr. Brajesh Gupta, General Manager Hotel Le Lac Sarovar Ranchi.

The program was set-up through a casual interaction among the General Managers and the students focusing on the career development tips, success stories and fun- filled memories from their academic and professional journey. Decades of experience and the struggle and success stories of General Managers included focus on the personal development, self-confidence, self-presentation changing industry trends and best practices, hard work and dedication, effective management styles, conflict management, budgeting and financial management in the various roles during the long spanning career in the hospitality industry. The students were enthusiastic and energetic throughout the session and they asked various questions and queries related to personal and professional life and the secret behind their success and management styles to which all the General Managers were humble to address the gathering.

The event was moderated by Dr. Bhupesh Kumar, Principal, IHM Ranchi and all the teachers were also present during this occasion. Coffee with GM is a unique initiative by IHM Ranchi where the industry experts and budding hoteliers come together on the same platform eliminating the hesitations and boundaries of interaction through heart. The program concluded with a hi- tea wherein delicious burgers, pizza and coffee all made by the students were served to the students and guests present on this occasion.

Domino’s Will Deliver, Without An Address

• Domino’s Pizza is rolling out a new technology nationwide that allows customers to receive a delivery almost anywhere, ranging from parks and baseball fields to beaches.

• The Pinpoint Delivery rollout will make the feature available for the first time in U.S. markets.

• Domino’s said a soft launch for Pinpoint Delivery received positive feedback from customers and delivery drivers.

“No address? No problem,” said Christopher Thomas-Moore, Domino’s senior vice president and chief digital officer. “Domino’s is proud to be the first quick-service restaurant brand in the U.S. to deliver food to customers with the drop of a pin.”

The company said a soft launch for Pinpoint Delivery last week across all Domino’s stores nationwide received positive feedback from customers and delivery drivers.

“A pop-up window on the app lets customers know they have four minutes to meet their driver and retrieve their order at the designated pickup spot” near where they placed the order, Domino’s spokesperson Danielle Bulger told CNBC.

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Hyatt to Further Strengthen Position in Luxury with Plans to Acquire Mr & Mrs Smith

Hyatt Hotels Corporation and Mr & Mrs Smith today announced an agreement for a Hyatt affiliate to acquire London-based Mr & Mrs Smith, a platform offering direct booking access to a carefully curated and growing collection of over 1,500 boutique and luxury properties in some of the world’s most desirable locations. Hyatt will acquire 100 percent of the asset-light Mr & Mrs Smith platform for an enterprise value of £53.0 million in cash consideration.