Estimated revenue losses for hotels are as follows:
Taj Mahal Hotel:
South Mumbai average room rate, or ARR, is at Rs 12,349
Suite rate at USD 600-800 per day
Occupancy rate is at 60%
Capacity: 292 rooms + 20 executive suites
Therefore, the minimum revenue loss is seen at Rs 85-90 crore over one-year
Oberoi Trident:
South Mumbai ARR at Rs 13,900
Suite rate at USD 900-1000 per day
Occupancy rate at 63%
Capacity: 333 rooms + 22 executive suites
Therefore, the minimum revenue loss seen at Rs 120-130 crore over one-year
Asset destruction is likely to be higher in Taj as the hotel was a heritage structure. Both the hotels are understood to have taken terrorism cover, fire insurance, and loss of profit as add-on policies. Taj is insured jointly by Tata AIG (65%), ICICI Lombard (30%), and Iffco Tokio (5%). While Trident is insured by United India.
Hotel outlook going forward:
The terror attacks are likely to have long-term implications. Occupancies already fell by 2% in Q2. Sources expect tariffs to fall by at least another 5-10% almost immediately. Capacity utilization will be high during winter. Post the terror attacks, the industry feels occupancy rates could fall to 70-80%. Mumbai and Delhi together offer about 30,000 rooms and nearly 60-65% hotels rooms are occupied by business travelers in Mumbai and Delhi.
Showing posts with label mumbai terror. Show all posts
Showing posts with label mumbai terror. Show all posts
Thursday, December 4, 2008
Saturday, November 29, 2008
Bombay terror attack: Obama calls up Rice again
United States President-elect Barack Obama called up Secretary of State Condoleezza Rice again on the morning of Thanksgiving Day, to get the latest update on the Mumbai terror attacks.
A spokesman for the President-elect said, "This morning, President-elect Obama spoke with Secretary Rice by phone to get an update on the situation in Mumbai."
On Wednesday, Obama had spoken with Rice, after his national security spokesperson had issued a statement strongly condemning the terrorist attacks.
The President-elect also called Indian Ambassador Ronen Sen to condole the loss of innocent lives and to convey his deepest sympathies for the families of the victims.
Obama's spokesman said that in addition to his call to Rice for an update on Thursday, Obama had also "received an intelligence briefing on the attacks."
"The President-elect is also receiving regular situational updates from the State Department Operations Centre and the National Counter Terrorism Centre," the spokesman said, and added: "He continues to monitor the situation closely and appreciates the cooperation and information shared by the Bush administration."
A spokesman for the President-elect said, "This morning, President-elect Obama spoke with Secretary Rice by phone to get an update on the situation in Mumbai."
On Wednesday, Obama had spoken with Rice, after his national security spokesperson had issued a statement strongly condemning the terrorist attacks.
The President-elect also called Indian Ambassador Ronen Sen to condole the loss of innocent lives and to convey his deepest sympathies for the families of the victims.
Obama's spokesman said that in addition to his call to Rice for an update on Thursday, Obama had also "received an intelligence briefing on the attacks."
"The President-elect is also receiving regular situational updates from the State Department Operations Centre and the National Counter Terrorism Centre," the spokesman said, and added: "He continues to monitor the situation closely and appreciates the cooperation and information shared by the Bush administration."
Bombay terrorist attacks: Troops launch operation to free hostages
Troops have surrounded the Trident Oberoi and the Taj Mahal Hotel where tourists are trapped after a series of co-ordinated terror attacks that left up to 100 people dead and around 250 wounded in the city, which is also known as Bombay.
So far a Japanese and Australian national have been confirmed among the dead. Seven Britons are among the injured.
The deputy chief minister of India's Maharashtra state, RR Patil, said that there could be between 100 and 200 guests and workers trapped in the Trident, with 10-12 militants also inside. He said the government was not negotiating with the gunmen.
Britons were among the hostages taken by gunmen in the attacks across Bombay, also known as Mumbai, on hotels, cafes and a train station. Police said six foreigners had been killed in the violence.
Troops are reported to be exchanging fire with the militants.
A militant holed up inside the Trident told India TV on that seven attackers were holding hostages inside the luxury establisment.
"We want all Mujahideens held in India released and only after that we will release the people," he said.
Westerners were rounded up by men armed with machine guns and grenades at seven locations popular with foreign visitors, including the hotels.
The five-star Taj Mahal was set on fire during the raids, with reports that around 40 guests were being held hostage.
Several people were seen being rescued from balconies.
Later in the morning, police loudspeakers declared a curfew around the Taj Mahal hotel, and black-clad commandos ran into the building as fresh gunshots rang out from the area, apparently the beginning of an assault on gunmen who had taken hostages in the hotel.
Ambulances were seen driving up to the entrance to the hotel and journalists were made to move even further back from the area.
Heavy gunfire and explosions were reported there and at the Trident, which around 100 elite police officers were understood to have entered last night.
Witnesses said the terrorists, thought to be linked to al-Qaeda, were specifically targeting British and American visitors.
Police said that more than 80 people had been killed and another 250 injured as blasts and gunfire were heard across Bombay, also known as Mumbai. Indian media put the death toll at 101.
There were also reports of an Israeli family being held hostage in a residential building in the city. A rabbi and his family are known to own the apartment.
An organisation calling itself the Deccan Mujahideen claimed it was behind the attacks. Security officials claimed no knowledge of the group that takes its name from the Deccan plateau that stretches from Bombay to southern India.
Bipin Shrimali, home secretary of the state of Maharashtra, of which Bombay is the capital, said that four suspects had been killed in two incidents when they tried to flee in cars. Mr Patil said that nine more had been arrested. At least three top Indian police officers, including the chief of the anti-terror squad, were among those killed.
In Washington, George W Bush condemned the attacks, while Gordon Brown called them "outrageous." David Miliband, the Foreign Secretary, said last night: "Today's attacks in Mumbai, which have claimed many innocent victims, remind us, yet again, of the threat we face from violent extremists,"
Terrorists had asked guests in the restaurant of the Trident for their nationality as they were herded upstairs from the restaurant.
"They told everybody to stop and put their hands up and asked if there were any British or Americans," said Alex Chamberlain, a British businessman. "My friend said to me, 'Don't be a hero, don't say you are British'. I am sure that is what this is all about. They were talking about British and Americans specifically."
In the early hours of the morning, the army remained deployed at the Oberoi hotel but little else was known of the situation inside.
So far a Japanese and Australian national have been confirmed among the dead. Seven Britons are among the injured.
The deputy chief minister of India's Maharashtra state, RR Patil, said that there could be between 100 and 200 guests and workers trapped in the Trident, with 10-12 militants also inside. He said the government was not negotiating with the gunmen.
Britons were among the hostages taken by gunmen in the attacks across Bombay, also known as Mumbai, on hotels, cafes and a train station. Police said six foreigners had been killed in the violence.
Troops are reported to be exchanging fire with the militants.
A militant holed up inside the Trident told India TV on that seven attackers were holding hostages inside the luxury establisment.
"We want all Mujahideens held in India released and only after that we will release the people," he said.
Westerners were rounded up by men armed with machine guns and grenades at seven locations popular with foreign visitors, including the hotels.
The five-star Taj Mahal was set on fire during the raids, with reports that around 40 guests were being held hostage.
Several people were seen being rescued from balconies.
Later in the morning, police loudspeakers declared a curfew around the Taj Mahal hotel, and black-clad commandos ran into the building as fresh gunshots rang out from the area, apparently the beginning of an assault on gunmen who had taken hostages in the hotel.
Ambulances were seen driving up to the entrance to the hotel and journalists were made to move even further back from the area.
Heavy gunfire and explosions were reported there and at the Trident, which around 100 elite police officers were understood to have entered last night.
Witnesses said the terrorists, thought to be linked to al-Qaeda, were specifically targeting British and American visitors.
Police said that more than 80 people had been killed and another 250 injured as blasts and gunfire were heard across Bombay, also known as Mumbai. Indian media put the death toll at 101.
There were also reports of an Israeli family being held hostage in a residential building in the city. A rabbi and his family are known to own the apartment.
An organisation calling itself the Deccan Mujahideen claimed it was behind the attacks. Security officials claimed no knowledge of the group that takes its name from the Deccan plateau that stretches from Bombay to southern India.
Bipin Shrimali, home secretary of the state of Maharashtra, of which Bombay is the capital, said that four suspects had been killed in two incidents when they tried to flee in cars. Mr Patil said that nine more had been arrested. At least three top Indian police officers, including the chief of the anti-terror squad, were among those killed.
In Washington, George W Bush condemned the attacks, while Gordon Brown called them "outrageous." David Miliband, the Foreign Secretary, said last night: "Today's attacks in Mumbai, which have claimed many innocent victims, remind us, yet again, of the threat we face from violent extremists,"
Terrorists had asked guests in the restaurant of the Trident for their nationality as they were herded upstairs from the restaurant.
"They told everybody to stop and put their hands up and asked if there were any British or Americans," said Alex Chamberlain, a British businessman. "My friend said to me, 'Don't be a hero, don't say you are British'. I am sure that is what this is all about. They were talking about British and Americans specifically."
In the early hours of the morning, the army remained deployed at the Oberoi hotel but little else was known of the situation inside.
Friday, November 28, 2008
Indian troops clash with gunmen: Mumbai Terror Attack
Britons were among dozens of hostages taken by gunmen in the attacks on hotels, cafes and a train station. Police said six foreigners had been killed in the violence.
Troops have now surrounded the luxury Taj Mahal Hotel and the Oberoi Trident and are reported to be exchanging fire with the terrorists.
Westerners were rounded up by men armed with machine guns and grenades at seven locations popular with foreign visitors, including the hotels.
The five-star Taj Mahal was on fire last night, with reports that around 40 guests were being held hostage.
Several people were seen being rescued from balconies.
Later in the morning, police loudspeakers declared a curfew around the Taj Mahal hotel, and black-clad commandos ran into the building as fresh gunshots rang out from the area, apparently the beginning of an assault on gunmen who had taken hostages in the hotel.
Ambulances were seen driving up to the entrance to the hotel and journalists were made to move even further back from the area.
Heavy gunfire and explosions were reported there and at the Oberoi hotel, which around 100 elite police officers were understood to have entered last night.
A militant holed up inside the Oberoi told India TV on that seven attackers were holding hostages inside the luxury establisment.
"We want all Mujahideens held in India released and only after that we will release the people," he said.
Witnesses said the terrorists, thought to be linked to al-Qaeda, were specifically targeting British and American visitors.
Police said that more than 80 people had been killed and another 250 injured as blasts and gunfire were heard across Bombay, also known as Mumbai. Indian media put the death toll at 101.
Source: Telegraph
Troops have now surrounded the luxury Taj Mahal Hotel and the Oberoi Trident and are reported to be exchanging fire with the terrorists.
Westerners were rounded up by men armed with machine guns and grenades at seven locations popular with foreign visitors, including the hotels.
The five-star Taj Mahal was on fire last night, with reports that around 40 guests were being held hostage.
Several people were seen being rescued from balconies.
Later in the morning, police loudspeakers declared a curfew around the Taj Mahal hotel, and black-clad commandos ran into the building as fresh gunshots rang out from the area, apparently the beginning of an assault on gunmen who had taken hostages in the hotel.
Ambulances were seen driving up to the entrance to the hotel and journalists were made to move even further back from the area.
Heavy gunfire and explosions were reported there and at the Oberoi hotel, which around 100 elite police officers were understood to have entered last night.
A militant holed up inside the Oberoi told India TV on that seven attackers were holding hostages inside the luxury establisment.
"We want all Mujahideens held in India released and only after that we will release the people," he said.
Witnesses said the terrorists, thought to be linked to al-Qaeda, were specifically targeting British and American visitors.
Police said that more than 80 people had been killed and another 250 injured as blasts and gunfire were heard across Bombay, also known as Mumbai. Indian media put the death toll at 101.
Source: Telegraph
Thursday, November 27, 2008
Why the Taj Mahal Hotel was chosen:Bombay Terror Att
With the possible exception of the "floating" Lake Palace Hotel in Udaipur which was made famous by the James Bond film Octopussy, the Taj Mahal Palace and Tower Hotel in Bombay is India's best-known and best-loved hotel.
For any serious foreign investor, businessman or wealthy tourist visiting India's commercial capital, "The Taj", as it is universally known by the cognoscenti, is always the first choice.
With best rooms in the superior old wing costing more than £250 per night - more than 250 millions Indians can expect to earn in a year - the hotel offers a world of secluded luxury, away from the grinding poverty and infrastructural decay of Mumbai.
Legend has it that its creator, a Parsi industrialist called Jamsetji Nusserwanji Tata, commissioned the building after being refused entry to the now-defunct Apollo Hotel, which had a strict Europeans-only policy.
However with its colonnades of shops stuffed with the world's most expensive brands, what Bombay's rich set consider the ultimate in cosmopolitan luxury, would equally be perceived by Islamist ideologues as a symbol of Western decadence.
Over the years guests have included The Queen, the former Egyptian president Gamal Abdul Nasser and the Beatle John Lennon, to name but a few of the notable personalities to have checked in to the magnificent old wing.
More recently the hotel hosted the guests for Bombay leg of Liz Hurley's two-week extravaganza of a wedding, with guests dashing straight from the front door to waiting motor launches to take them to the privacy of waiting super-yachts in the harbour beyond.
To have pictures of burning Taj Hotel broadcast around the world will have a deeper impact than even perhaps the terrorists intended, striking a blow against a symbol of Indian wealth and progress and sending shivers down the spine of some of the richest and most powerful people on the planet.
Source: Telegraph
For any serious foreign investor, businessman or wealthy tourist visiting India's commercial capital, "The Taj", as it is universally known by the cognoscenti, is always the first choice.
With best rooms in the superior old wing costing more than £250 per night - more than 250 millions Indians can expect to earn in a year - the hotel offers a world of secluded luxury, away from the grinding poverty and infrastructural decay of Mumbai.
Legend has it that its creator, a Parsi industrialist called Jamsetji Nusserwanji Tata, commissioned the building after being refused entry to the now-defunct Apollo Hotel, which had a strict Europeans-only policy.
However with its colonnades of shops stuffed with the world's most expensive brands, what Bombay's rich set consider the ultimate in cosmopolitan luxury, would equally be perceived by Islamist ideologues as a symbol of Western decadence.
Over the years guests have included The Queen, the former Egyptian president Gamal Abdul Nasser and the Beatle John Lennon, to name but a few of the notable personalities to have checked in to the magnificent old wing.
More recently the hotel hosted the guests for Bombay leg of Liz Hurley's two-week extravaganza of a wedding, with guests dashing straight from the front door to waiting motor launches to take them to the privacy of waiting super-yachts in the harbour beyond.
To have pictures of burning Taj Hotel broadcast around the world will have a deeper impact than even perhaps the terrorists intended, striking a blow against a symbol of Indian wealth and progress and sending shivers down the spine of some of the richest and most powerful people on the planet.
Source: Telegraph
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