100th Tapestry Collection by Hilton: With the reopening of The Yorktowne Hotel, Tapestry Collection by Hilton in York, PA, Tapestry Collection by Hilton has reached its 100th property milestone. The reopening of the 100-year-old hotel comes nearly a decade after Hilton launched its lifestyle category. GF Hotels & Resorts manages the hotel. The hotel is located in downtown York and has 123 rooms, 27 long-term stay suites, and more than 10,000 square feet of meeting space.
Fairfield by Marriott adds 7 in Japan: Fairfield by Marriott has announced seven openings in Japan through this year as part of the latest Fairfield by Marriott ‘Michi-no-Eki’ project, adding to the portfolio of 22 properties in the country. The new hotels will be situated along the roadside rest areas in the prefectures of Hyogo, Kagoshima, Okayama, Saga, Kumamoto, and Fukuoka in the southern region of Japan. The seven new anticipated openings are the 88-room Fairfield by Marriott Hyogo Tajima Yabu, 87-room Fairfield by Marriott Hyogo Awaji Higashiura, 95-room Fairfield by Marriott Kagoshima Tarumizu, 78-room Fairfield by Marriott Okayama Tsutama, 84-room Fairfield by Marriott Saga Ureshino Onsen, 51-room Fairfield by Marriott Fukuoka Ukiha and the 93-room Fairfield by Marriott Kumamoto Aso.
Nobu adds in U.A.E: Nobu Hospitality has agreed to manage the Nobu Hotel, Restaurant, and Residences on Al Marjan Island in Ras Al Khaimah, United Arab Emirates, with Enevoria Development FZ-LLC. Following the announcement of Abu Dhabi late last year, this is the second Nobu hotel and residence project in the UAE. The property will be located on Al Marjan Island and include a spa, fitness center, and Nobu beach club. In addition, the property will develop a lifestyle beach community with 300 branded Nobu residences.
IHCL reports Q3: Mumbai-based Indian Hotels Co. Ltd. reported an all-time high Q3 PAT of $47 million, up 403% YOY, surpassing any full-year PAT. The company posted its best-ever EBITDA of $80 million, up 90% YOY and recorded an EBITDA margin of 37.6%, up 719 basis points. IHCL’s performance was driven by robust demand in the third quarter, both leisure and business hotels in key domestic markets registered occupancy of more than 70% and a rate growth of 27% compared to pre-pandemic levels.
Oyo expects to be EBITDA positive: Oyo, the Indian hospitality and travel-tech firm has estimated it will be EBITDA positive for the first time in this financial year, as per reports. At an employee townhall last week, the company’s founder and group CEO Ritesh Agarwal said the company’s revenue in FY23 is likely to be $751 million, up 19% from $629 million in FY22. In the first half of the fiscal year, Oyo registered an adjusted EBITDA of $8.3 million and posted an adjusted EBITDA loss of $37 million in the same period of FY22.