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— Bulbul Dhawan
India's largest bank, State Bank of India (SBI), has launched its first-ever travel-specific credit card. “SBI Card MILES” has been launched in three variations to cater to different types of travelers, from beginners to frequent travelers.
Abhijit Chakravorty, CEO, SBI Cards, said, “Indian travelers spend a lot of money globally, and with more and more powerful itineraries, consumers are They want carefully selected benefits that enhance their experience.”
Rise of travel credit cards in India: Travel credit cards are becoming increasingly popular in India. Card services company Visa, in a report published in December 2023, said that 95% of Indian travelers choose credit cards for international travel due to features such as travel miles, cashback, rewards, and high spending limits. He said that Travel credit cards were the fastest growing category in 2023, with demand increasing by 27% year-on-year, according to a report by fintech platform ZET.
Several brands are developing travel credit cards. Last year, Marriott partnered with HDFC Bank to launch India's first partner hotel credit card. SBI also has seven affiliated travel credit cards of his, including those with railway company IRCTC, Air India and online travel platform Yatra. IndiGo has partnered with Kotak and HDFC Bank to offer co-branded credit cards, while online travel company EaseMyTrip has a co-branded card with Standard Chartered.
Mahindra Holidays records best-ever annual performance in 2023-24
Mahindra Holidays and Resorts posted its best-ever annual performance in financial year 2023-24. Total revenue rose 12% year-on-year to 14.2 billion rupees ($171 million). During the year, the company added about 400 keys to its inventory, with resorts in places such as Sikkim, Assam, Turkey, Thailand and Georgia.
The group added more than 20,000 members in the 2023-24 fiscal year, bringing its membership to nearly 300,000.
Mahindra Holidays and Resorts has set a target of doubling its inventory from over 5,000 rooms currently to 10,000 rooms by 2030. For this, it plans to invest up to 45 billion rupees ($539 million) over the next three to four years.
IHG Hotels to double presence in India in five years
IHG Hotels and Resorts plans to double its portfolio of hotels in India to 100 properties over the next five years. In 2023, IHG launched the voco brand in India and signed deals with hotels across luxury, premium, midscale and upper midscale segments. The company said in a statement that it is targeting high-growth secondary markets such as Amritsar, Lucknow, Kasauli and Katra.
Haitham Matar, Managing Director, India, Middle East & Africa, IHG, said: “India's hospitality industry is dynamic due to a combination of factors including rising disposable income, a growing middle class who prefer to travel, and the development of new tourists.'' “We are experiencing a major transformation.” Destination. ”
The company has also signed a deal to debut InterContinental in the southern state of Telangana. The 300-key InterContinental Hyderabad Neopolis is scheduled to open in 2029.
ITC Hotels expands overseas with ITC Ratnadippa in Colombo
ITC Hotels has entered the international market with the opening of its first property outside India. Located in Colombo, Sri Lanka, ITC Ratnadipa is Sri Lanka's largest hotel with 352 keys. This is also the largest investment made by an Indian company in the island nation.
ITC Limited Chairman Sanjiv Puri said the hospitality company is considering opening more international hotels. To diversify its hotel portfolio, ITC Hotels is considering neighboring countries and the Middle East region as its main target markets. However, the company aims to continue its expansion momentum in India and add 70 hotels in the domestic market over the next five years.
Schengen countries see 100% increase in elderly Indian travelers
According to insurance company Policy Bazaar, senior Indian travelers to Schengen countries have increased by 100% this year. The company noted that there was a slight increase in users booking travel insurance for more than 45 days in April this year. This trend is expected to increase further given the latest Schengen visa standards.
There has been a 15% increase in travelers reporting pre-existing conditions while traveling to Europe, and travelers are also opting for travel insurance add-ons. These add-ons include lost baggage, trip cancellation, adventure sports coverage, and pre-existing condition coverage.
The European Commission has introduced a new visa regime for Indian nationals, granting long-term, multiple-entry Schengen visas based on the applicant's travel history. With this visa, you will be able to enter 29 European countries with the same travel rights as visa-free citizens.
Radisson Hotel Group signs deal with Svelte Delhi
Radisson Hotel Group has signed an agreement with Svelte Deli as a member of the Radisson Individual brand. This 108-key hotel joins his portfolio of over 24 hotels in the Delhi National Capital Region. The hotel he plans to start operating by the third quarter of 2024.
The company is expanding its presence in India, debuting its luxury lifestyle brand Radisson Collection in the country earlier this month. Executive Vice President Elie Younes said in an interview with Skift that multiple hotels will open under the brand over the next five years.
Photo Credit: 95% of Indian travelers choose credit cards for international travel.
