Starfish Travel Corporation Team

ICRA anticipates double-digit revenue growth for the Indian hotel sector in FY2024, driven by the continuation of domestic leisure travel, the demand from MICE (meetings, incentives, conferences, and exhibits) and business travel, as well as a rise in foreign visitor arrivals (FTAs). The ongoing ICC World Cup 2023 and the G20 conference have also benefited the sector. After rebounding to 68–70% in FY2023, ICRA projects pan-India premium hotel occupancy at roughly 70–72% in FY2024. The average room rates (ARRs) of premium hotels across India are projected to be between Rs. 6,000 and Rs. 6,200 in FY2024. Although occupancy is anticipated to reach decadal highs, the RevPAR is anticipated to be 20–25% below the peak of FY2008. The medium-term demand outlook is also positive, bolstered by a number of favorable factors such as favorable demographics, increased infrastructure and air connectivity, and the expected rise in large-scale MICE events following the opening of several new convention centers in recent years. Stronger ARRs would result from comparatively lower supply and healthy demand. Bigger players would also profit from hotel expansion-related revenues and profits through operating leases and management agreements. Demand is anticipated to stay strong across markets in FY2024 as consumer sentiments remain positive and corporate performance is solid, according to Vinutaa S, vice president and sector head of corporate ratings at ICRA Limited. However, demand for a particular hotel would rely on factors like location, competition, and other dynamics specific to the facility. Additionally, domestic travel would be the main factor, even though FTA activity is probably going to increase in H2 FY2024. As gateway cities, Mumbai and Delhi are expected to post occupancy levels above 75% in FY2024, thanks to MICE events, business travelers, and transient passengers. Even though Pune and Bengaluru may trail behind other markets, they should see notable improvements in FY2024 over FY2023, notwithstanding this. In FY2024, the ARRs would see a healthy YoY increase, although they would still lag below the FY2008 peak. Demand for mid-scale hotels was also impacted by the steep increase in the ARRs of premium hotels. The continuation of many of the cost-rationalization initiatives implemented during the Covid era, along with the advantages of operating leverage, has led to a notable increase in margins when compared to pre-Covid levels. The ratio of workers to rooms is still about 15–20% lower than it was before COVID-19. Businesses have been using more renewable energy, and their profit margins have also been supported by stringent cost management measures and cost pass-through. Larger hotel businesses have found that asset-light expansions increase their margins. Even if they are still far larger than pre-Covid levels, there may be some decrease in margins from the FY2023 levels as a result of hotels renovating and maintaining their facilities. Twelve sizable hotel enterprises that make up ICRA’s sample are anticipated to record operating margins of 25–28% for FY2024, compared to 20–22% prior to COVID and 28–30% for FY2023. Reducing the leverage on balance sheets has resulted in reduced interest expenses and can bolster net margins. “ICRA anticipates that the improvement in cash flows and earnings will sustain the capital structure in the future. If there are any asset monetisations, they will mostly concern non-revenue producing assets. In FY2024, hotels’ debt indicators should be better than they were prior to the COVID-19 pandemic. However, the degree of improvement in return on capital employed (RoCE) would rely on the expansion strategy and, in the event of an asset-heavy expansion, could be limited by the high capital cost of additional properties due to rising land and construction costs. Numerous organizations have seen improvements in their credit profiles as a result of the robust business accruals. As a result, in FY2023 and YTD FY2024, upgrades have outpaced downgrades. Currently, 94% of ICRA’s ratings have a stable outlook, says Vinutaa. In the last 12 to 15 months, there has been a solid increase in supply announcements and the start of delayed projects as a result of the boost in demand. On the other hand, supply would fall short of demand, growing at a CAGR of 3.5–4% over the medium term. Issues with land availability presently prevent supply expansion in upscale metropolises and larger cities’ micromarkets. Rebranding and property upgrades are the main reasons for the increase in the supply of premium hotels in these areas, and greenfield developments are mostly located in the suburbs. Significant supply announcements are observed at tier-II travel destinations for business, pleasure, and religion. In addition, compared to pre-Covid levels, the cost of building has increased by 20–25% per room due to cost inflation. Source- Travel daily Link- https://www.traveldailymedia.com/strong-demand-in-h2-fy2024-to-contribute-to-double-digit-revenue-growth-for-hotel-industry-in-fy2024-icra/

The Uttar Pradesh government’s historic decision to set aside INR 130 crore to build a tourism facilitation center in Ayodhya is expected to spark a remarkable economic revolution in the travel and tourism industry, especially in the eastern belt. According to a quick preliminary analysis conducted by myATITHI.global, a thriving community platform for Micro, Small, and Medium Enterprises (MSMEs) in the travel, tourism, and hospitality industry, this move is anticipated to create over a thousand direct employment and hundreds of crores in state revenue. “The Tourism Facilitation Centre transcends being a mere structure; it’s a gateway to brighter horizons, a beacon of dreams fulfilled, and a pledge of economic empowerment for the myriad small and individual enterprises that not only characterize Ayodhya but also reverberate across the vast canvas of the state of Uttar Pradesh,” passionately expressed Gautam Mehra, Founder and Director, myATITHI.global, in praising the visionary initiative of the Uttar Pradesh government. “Ayodhya is poised to ascend as India’s new religious tourism capital, the flag bearer of faith, heritage, and prosperity for our great nation,” Gautam continued. This is a transformative step Statewide Economic Windfall: According to preliminary estimates, the well-positioned Tourism Facilitation Centre is expected to become a major source of income for the state. The facility is expected to have the capacity to bring in hundreds of crores of dollars annually, significantly boosting Uttar Pradesh’s economy. Jobs Abound: This innovative project promises to create thousands of jobs in addition to the spectacular income projections. It is anticipated that there will be major benefits to both the official and informal sectors, with the potential development of jobs ranging from administrative functions to skilled craftspeople, hospitality personnel, and local vendors. Approximations suggest: Formal Jobs: Countless direct employment opportunities, encompassing management, administrative, and service capacities. The informal sector offers small companies, sellers, and artists in the area countless job prospects. Annual Economic Uplift: Based on preliminary projections, Ayodhya and the neighboring regions may experience a significant annual economic upturn. Giving Ayodhya Power: Given its distinct cultural and spiritual importance, Ayodhya is well-positioned to be the main beneficiary of this game-changing initiative. With its office space, craft center, food court, amphitheater, parking garage, dorms, and retail center, the Tourism Facilitation Center will be a vital economic hub for the city and its citizens. Contribution to the State Exchequer: The state’s revenue sources are anticipated to see a notable increase when the Tourism Facilitation Center takes shape. This economic boom will help local companies and the state coffers, allowing the government to spend on infrastructure and public services that are vital. The state of Uttar Pradesh is poised for greater prosperity, cultural enrichment, and economic empowerment. These historic events mark the beginning of a prosperous new era for the state and its citizens. Revenue Generation: In a well-known city like Ayodhya, a tourism facilitation centre has the potential to bring in a sizable sum of money each year. The precise amount, however, would depend on a number of variables, including the volume of visitors, their spending habits, and the facility’s level of success. It is plausible that, at most, it could increase the state’s revenue by tens of crores of rupees every year. Employment Creation: This size of project, involving support workers, administrative assistants, craftsmen, and service staff, may result in the creation of more than a thousand official jobs. Numerous thousand additional jobs could be created by unofficial tourism-related jobs like those held by vendors and small enterprises. The multiplier effect will encourage improvements in accessibility and infrastructure, which will boost the state’s tourism industry. Source- Travel daily

The “FROM PURPLE TO PURPOSE” Press Conference was held by Thai Airways International Public Company Limited (THAI) to introduce the new uniform for female cabin crew, which combines sustainable development with the nation’s identity and will go into effect on January 1, 2024. Attending this conference were THAI senior management, Piyasvasti Amranand, THAI Chairman of the Plan Administrators, Chansin Treenuchagron, THAI Plan Administrator, and Chai Eamsiri, THAI Chief Executive Officer. Over the past twenty years, THAI has made the environment a top priority in its operations. This is especially true of the initiatives to reduce greenhouse gas emissions, like the upcycling project and the reduction of in-office resources, which will improve the circular economy, sustainable development, and the goal of having net zero emissions by 2050. These initiatives were recently created in accordance with the Zero Waste Living philosophy, which is based on three pillars: FROM PURPLE TO PURPOSE, FROM WASTE TO WEALTH, and FROM PLANES TO PLANET. Thai silk and synthetic thread manufactured from recycled materials are now used to weave the Thai Ruean Ton, the national garment of Thailand that has been worn by THAI flight attendants for almost 60 years and is recognized worldwide for its grace. The new uniform satisfies both practical and aesthetic needs because it is safer, easier to maintain, and more flexible to wear. Beginning on January 1, 2024, female flight attendants will don the Thai Ruean Ton uniform made of this new material, which will be visible both onboard and off. To achieve the corporate sustainable development goals, THAI is working to develop its own strategic framework on sustainable development, which will include initiatives for non-aviation activities such as catering, technical, and ground services, as well as social contributions in the Thai agricultural sector, especially SMEs. This is in addition to the sustainable development initiatives already put into place, such as fuel efficient improvement, introducing new-generation aircraft and engines with less fuel consumption and lower carbon emission, and improving flight operations techniques like single engine taxi and takeoff weight optimization. Source- Travel daily Link- https://www.traveldailymedia.com/thai-unveils-new-cabin-crew-uniform/

On Tuesday, October 31, 2023, the five-star Hilton Molino Stucky Venice, a former flour mill on Giudecca island, will throw a ‘Spooky Stucky’ Halloween Party at its Skyline Rooftop Bar, the highest bar in Venice. The terrifying event promises to be a frightfully wonderful time for attendees. It will include scary cocktails made by Skyline’s skilled mixologists, ominous music played by a resident DJ, the ability to dress spookily, and intimidating décor all set against the backdrop of the Venetian night sky. The event, which takes place well after dark from 10 p.m. to 1 a.m., has a limited number of tickets available today. The skilled mixologists at Skyline will create a variety of tongue-tingling concoctions, such as: Toad Soup: This nonalcoholic beverage, which combines clarified yellow apple with kiwi cider and 0% beer, is reminiscent of the most alluring mystical potion, allegedly made by sorcerers to manipulate the weather. It is eerily refreshing. Croco: The story of Mercury, who killed his companion Croco by accident with a stray discus throw, is the basis for the Croco. The homonym flower, from which saffron is collected, emerged from Croco’s blood. This recipe uses saffron as its main ingredient and is concluded with a saffron Bombardino mousse and fresh saffron. It also includes saffron vodka, coffee, and vanilla liqueur. This cocktail is truly to die for, combining the intense flavor of a Black Russian with the creamy texture of a Bombardino in a fantastic way! Source- Travel daily

Aiming to be a sustainability showcase for airports worldwide, Farnborough Airport, the birthplace of British aviation and the top airport in Europe for high-end travel connections, recently announced the sale of its one millionth gallon of Sustainable Aviation Fuel (SAF). Farnborough Airport has grown to be one of the biggest single-site providers of SAF to the business aviation industry in the United Kingdom since it started providing SAF to all of its clients in 2021. In the run-up to the 2022 Farnborough International Airshow, it also made history by being the first airport globally to provide SAF at the same cost as its regular Jet A1 fuel. According to CEO Simon Geere, “At Farnborough Airport, we want to be a genuine catalyst for change and are always looking for new ways to supply and create sustainable energy sources.” Sustainable energy solutions are a major emphasis for the airport. Our goal is to convert to a SAF-only airport by the end of the decade, serving as an early adopter “of scale” and hastening the wider adoption of SAF in the aviation sector. We are proud of our accomplishment. World gasoline Services is the gasoline supplier to Farnborough Airport. Mark Atherton, Director of European General Aviation Sales at World Fuel Services, commends this sustainable leadership. “We are still totally dedicated to helping Farnborough Airport by supporting the acquisition of sustainable fuels.” This is the most recent development in the airport’s sustainability path, which included making history in 2018 by being the world’s first business aviation airport to attain carbon neutrality. The Airport Carbon Accreditation (ACA) initiative granted Farnborough Airport Level 4+, the highest level of carbon accreditation, earlier this year. Following the release of its Roadmap to Net Zero in 2022, which pledges to achieve Net Zero status for emissions under its direct control by 2030 or earlier, Farnborough Airport said last week that it will be starting one of the biggest solar arrays in the South East. The ground support facility building, the modern terminal building, the control tower, the award-winning 169-room hotel, the Aviator Hampshire, and the airport’s iconic curved hangar roofs will all have solar panels installed on them to help generate 25% of the airport’s electricity. Source- Travel daily Link- https://www.traveldailymedia.com/farnborough-airport-sells-its-millionth-litre-of-sustainable-aviation-fuel/

The Cathay Group of Hong Kong has declared its intention to acquire 32 more Airbus A320neo Family aircraft as part of its ongoing fleet modernization and expansion efforts. By virtue of the agreement, the Cathay Group has placed 64 orders for the A320neo Family, 13 of which have already been fulfilled. The A321neo and A320neo, which will join the fleets of HK Express and Cathay Pacific, will be among the 32 extra aircraft.Their primary destinations will be in the Chinese Mainland and other parts of Asia. “We are proud to be part of Cathay’s recovery and growth plan. It is one of the world’s leading airline groups,” stated Christian Scherer, Chief Commercial Officer and Head of International at Airbus. “With a highly efficient single aisle fleet and a positive passenger comfort differentiation, the A320neo family will enable the Cathay Group to expand its services across the region,” said the company, which is based in the center of Asia. The aircraft will also immediately support the sustainability aims of the Cathay Group due to its notable fuel efficiency. The A320neo Family is equipped with the newest technology available, including as aerodynamics, Sharklets, and new generation engines, which combined result in at least a 20% reduction in fuel consumption and CO2 emissions. The A320neo Family, which has over 9,700 orders from over 130 clients, is the most popular single aisle aircraft in the world. Source- Travel news Link- https://www.traveldailymedia.com/cathay-group-orders-32-a320neo-family-aircraft/

Because of the close proximity of some of the ship’s ports of call to Israel and the numerous restrictions in neighboring countries that would have negatively impacted the vacation experience for passengers, MSC Cruises has decided to cancel the entire winter program of MSC Orchestra in the Red Sea, which was scheduled to run from November 8, 2023, to April 17, 2024. The airline is also changing some of its other itineraries due to the current geopolitical climate and to ensure the safety of its personnel and customers. Additionally, MSC Cruises announced that several national governments have issued travel advisories and that local authorities in particular destinations have placed travel restrictions. The winter itinerary of MSC Sinfonia, which ran from November 12, 2023, to April 15, 2024, has also been canceled because Haifa, Israel, was the ship’s primary port of call. The grand voyage itineraries for MSC Virtuosa, MSC Opera, and MSC Splendida have undergone some minor modifications, and MSC Armonia will now be sailing two 11-night voyages. Those impacted by the changes have the option of requesting a complete refund or transferring their similar-length trip to a different ship and itinerary. The safety of its guests and employees is MSC Cruises’ first concern, the company said. In the event of an evolving crisis, it will continue to monitor the situation and, if necessary, adjust ship itineraries. Source- Travel dailyLink- https://www.traveldailymedia.com/msc-cruises-updates-northern-winter-2023-24-itineraries/

As part of the 2024 World Cruise, passengers on board Borealis will see spectacular locations like Hawaii, French Polynesia, Australia, Bali, and Oman. Three days on the Florida coast, seeing wildlife in Costa Rica’s rainforest, taking in the local customs and breathtaking views of Hawaii’s volcanoes, and discovering happiness in the picturesque islands of French Polynesia are all included in this amazing 101-night journey. From there, visitors will see a variety of New Zealand’s landscapes, renowned wineries, and picturesque waterways in addition to well-known landmarks and natural wonders like Ayers Rock. Highlights of the journey’s Asian leg include the seldom-visited Alotau in Papua New Guinea, the relaxed Bali, and Komodo Island, home to the largest lizard in the world. According to Martin Lister, Head of Itinerary Planning and Destination Experience at Fred. Olsen Cruise Lines, “We are absolutely thrilled to be returning to Australia for the first time in more than three years.” “During this incredible journey around the globe, our guests will have numerous chances to witness a variety of marine and wildlife species.” “This cruise has been scheduled to coincide with humpback whales’ yearly migration from Alaska’s summer feeding grounds.” “With our dependable partners, we have crafted some amazing once-in-a-lifetime experiences that allow guests to fully immerse themselves in the location they are visiting.” These include spending time with a Dabbawala delivering tiffin lunch boxes in Mumbai, exploring more about rural life in Papua New Guinea on a beach trip where native women demonstrate the age-old art of clay pot manufacturing, and witnessing Uluru at sunrise in Australia. The following are some of the more notable cruises offered on the Borealis: On January 7, 2024, Borealis’ 101-night “World Cruise” leaves Southampton. Take a cruise on Borealis across the world. Explore Sydney, Singapore, Mumbai, New Zealand, and a variety of other cities that provide natural and cultural attractions. The starting price per person is £9,999. As an alternative, visitors can take advantage of the grand voyage’s fly-cruise section. These consist of: The 53-night “Liverpool to Sydney” voyage by Borealis leaves Liverpool on January 5, 2024. Discover three volcanic Hawaiian Islands, travel the Florida coast and stop at Cape Canaveral, and discover the aquatic life in New Zealand’s Sounds. The starting price per person is £8,399,. On February 27, 2024, Borealis will set sail from Sydney on a 50-night trip exploring Australia, the Far East, and the Mediterranean. Take a trip through fascinating cultures and breathtaking natural features. Explore the contrasts of Asia, see Sydney’s famous sites, go to the “Lost City” of Petra, and traverse Egypt’s Suez Canal. The starting price per person is £6,999. The 27th of February, 2024 marks the departure of Borealis’ 28-night “Exploring Australia and the Far East” voyage from Sydney. See the world-famous attractions in Sydney, travel to numerous Australian towns and Asian locations, hunt for natural wonders, visit tribal Papua New Guinea, and discover Bali, Phuket, and Komodo Island. The starting price per person is £5,199. Source- Travel daily

The 31st edition of Arabian Travel Market (ATM) will be held at Dubai World Trade Centre (DWTC) in the United Arab Emirates from Monday, May 6 to Thursday, May 9, 2024. Attendees from all over the world will explore opportunities spanning the full spectrum of travel and tourism, including leisure, business, luxury, and meetings, incentives, conferences, and exhibitions (MICE). According to Statista’s study, the worldwide travel and tourism business is expected to generate $854.7 billion in revenue this year. The industry is predicted to expand at a compound annual growth rate (CAGR) of 4.42% from 2023 to 2027, surpassing the trillion-dollar threshold in the following four years. According to Allied Market Research, the market for business travel was estimated to be worth $689.7 billion globally in 2021 and was expected to reach $2.1 trillion by 2031. Meanwhile, research from Coherent Market Insights indicates that by the end of this decade, the worldwide luxury travel market is expected to surpass $440 billion. In GCC nations like the UAE, where DWTC’s most recent Economic Impact Assessment (EIA) Annual Report predicted that the venue’s total economic output – spanning 63 large-scale events – exceeded $3.5 billion in 2022, the MICE segment is still making significant contributions. The theme of ATM 2024 is “Transforming Travel Through Entrepreneurship,” and participants will discuss how the travel and hospitality industries—including leisure, business, luxury, and MICE—are fostering sustainable development and economic growth in destinations, aviation, and hospitality. This is opening up new business prospects for investors and entrepreneurs from the Middle East and beyond. “Holidaymakers represent a crucial focus for the Middle East’s travel community, but leisure is only one component of a much bigger picture,” stated Danielle Curtis, Exhibition Director, Arabian Travel Market. Statista projects that the global market for business, luxury, and MICE travel will reach a value of over $1 trillion by 2027, reflecting the substantial contributions these travel segments are making to sustainable development and economic progress. “Therefore, it should come as no surprise that the travel and tourism industry is offering never-before-seen chances for investors and entrepreneurs, thousands of whom will present their breakthroughs, share ideas, and establish new alliances at ATM 2024,” the speaker continued. The World Travel and Tourism Council (WTTC) has released estimates showing that the travel and tourism industry is expected to contribute $49.18 billion to the UAE GDP alone in 2023. By 2033, this amount is expected to rise to $64.12 billion, or a remarkable 10.2% of the country’s GDP. Millions of people from all over the world are anticipated to gain new jobs and income as the travel and tourism sector in the Middle East develops. For example, the UAE government projects that by 2027, the travel and tourism industry would sustain 770,000 jobs in the nation. Simultaneously, the industry is anticipated to yield consistently rising profits for local economies; Gulf visitors spend roughly 6.5 times more than visitors from other regions of the world, according to the UN World Tourism Organization (WTO). ATM 2024 will have a strong emphasis on sustainable development as it builds on the net-zero promises made during its historic 30th edition. As ATM’s destination partner, Dubai’s Department for Economy and Tourism (DET) will highlight its continuous initiatives to save the environment and ensure a more sustainable and green future for the emirate. In addition to the city’s hosting of COP28 later this year, innovative initiatives like Dubai Sustainable Tourism, Dubai Can, and Dubai Carbon Calculator will offer the perfect backdrop for ATM attendees looking to identify opportunities related to responsible tourism in the UAE and the wider Middle East. According to a research by InterNations, the Gulf Cooperation Council (GCC) countries made up five of the top ten global destinations where expatriates find it easiest to settle. These countries can be attributed to their business-friendly governance, tax-free salaries, and continuous visa changes. According to a Q1 2023 Magnitt analysis, the United Arab Emirates topped the count of exits, while Saudi Arabia lead the area in venture capital investment for startups. Therefore, the next ATM edition will provide the ideal setting for panelists, presenters, and audience members to discuss business and investment opportunities for entrepreneurs in the Middle East’s travel and tourism industry. Strategic partners of ATM 2024, which is being held in association with Dubai World Trade Center, include the Department of Economy and Tourism (DET), which is the destination partner; Emirates, which is the official airline partner; IHG Hotels & Resorts, which is the official hotel partner; and Al Rais Travel, which is the official DMC partner. Source- Travel daily Link- https://www.traveldailymedia.com/atm-2024-to-explore-the-full-spectrum-of-travel-and-tourism/