Industry News

EIH Ltd, the company that runs hotels under the Oberoi and Trident brands, has embarked on the most expensive renovation drive in its history to create what the management believes will be one of India's most profitable properties. The makeover of its iconic hotel overlooking the Delhi Golf Course--The Oberoi New Delhi--is estimated to cost Rs.500 crore, chairman P.R.S. Oberoi told shareholders on Tuesday."/>
The Oberoi makeover to cost EIH Rs500 crore [Mint, New Delhi]
New Delhi Television Ltd on Friday said consolidated loss widened to Rs.38 crore in the quarter to June from a a loss of Rs.24 crore in the year-ago period. The company, which runs NDTV 24 X7, NDTV Profit, NDTV India and NDTV Good Times channels, reported a drop in revenue to Rs.115 crore in the quarter from Rs.125 crore a year ago. The company's television news business generated a revenue of Rs.101 crore, down from Rs.108 crore in the same period last year."/>
BRIEF: NDTV consolidated loss widens to Rs.38 crore in June quarter [Mint, New Delhi]
HT Media Ltd, publisher of the Hindustan Times and Mint newspapers, on Friday reported a 2.3% increase in fiscal first-quarter profit on higher advertising and circulation revenue. Consolidated net profit rose to Rs.39.3 crore in the three months ended 30 June from Rs.38.4 crore a year earlier. Revenue rose 7.5% to Rs.662.4 crore from Rs.616.1crore, the company, which also operates the Fever 104 FM radio business, said in a statement."/>
HT Media Q1 profit increases 2.3% to Rs39.3 crore [Mint, New Delhi]
MakeMyTrip Ltd has awarded its digital advertising mandate to Isobar India, a full-service digital agency from the Dentsu Aegis Network. As a part of the mandate, the agency will handle the company's overall digital brand engagement and social media management duties. The account, estimated at Rs.25 to Rs.30 crore, will be handled out of the agency's Delhi office."/>
MakeMyTrip awards its digital mandate to Isobar [Mint, New Delhi]
Indian Hotels Company Ltd, which runs the Taj group of hotels, unveiled a new concept called Tajness in Mumbai on Friday. The brand promise behind Tajness is sincere care, according to the company. "The idea of Tajness stems from who we are."/>
Taj Group unveils Tajness to build upon brand equity [Mint, New Delhi]
Restoration Hardware, has been in retail for more than 30 years. But he said he's never had customers want to live in one of his stores-- until now. Restoration Hardware introduced its massive, multilevel "next-generation design galleries" in 2014, and it currently has only five locations-- Atlanta, Chicago, Denver, Tampa, Fla., and a new one that opened Friday in Leawood's Town Center Plaza."/>
Restoration Hardware opens 'next-generation design gallery' in Leawood, one of only five in the country [The Kansas City Star]
Comcast is waiving early termination fees and has stopped billing residential and business customers whose service was affected by the flood that washed through Ellicott City last Saturday night. The announcement and an apology to customers came after one business, Park Ridge Trading Co., took to Facebook on Thursday to lash out against a $600 termination fee it said Comcast was charging to disconnect service that had been wiped out in the flood. "We're really sorry we..."/>
Comcast waives termination fees, stops billing for customers affected by Ellicott City flood [The Baltimore Sun]
Big Lots on East Leffel Lane. Traci Smoot and her husband Tyrone Smoot will open their new rental hall, Dos Palomas, in a roughly 10,400- square-foot building at 195 E. Leffel Lane. Earlier this week contractors were working on some finishing touches needed to have the business open by this weekend."/>
New banquet hall, rental business to open in Springfield [Springfield News-Sun, Ohio]
Apple. The deal was worth about $200 million, according to Bloomberg News, citing two people familiar with the situation. Geekwire reported news of the acquisition earlier."/>
Apple buys Seattle machine-learning startup [The Seattle Times]
Wingstop chain in West Seattle. His communication on the subject has been concise. Spotted at another Wingstop in May 2015, he offered this premonitory tweet:."/>
Eat a Seahawk's wings: Richard Sherman opens Wingstop in West Seattle [The Seattle Times]
Everyone gets a sales tax break [Sarasota Herald-Tribune, Fla.]
Century Casinos Inc. plans to convert and expand the historic and long vacant Palace Hotel in Cripple Creek into a 30- room boutique hotel in a bid to solve a shortage of rooms in the mountain gambling mecca. The Colorado Springs-based gaming company plans to spend $5 million to renovate and expand the 120- year-old building by more than fivefold to add 30 rooms to the 21 that Century already operates as part of its casino complex on Bennett Avenue, said Eric Rose, general..."/>
Century Casinos unveils plan to restore historic Palace Hotel in Cripple Creek [The Gazette (Colorado Springs, Colo.)]
Fairholme Fund owns 14 percent of Fannie Mae and Freddie Mac preferred stock-- is among a group of investors suing the U.S. government over the two government-backed mortgage insurance giants. Treasury Department illegally confiscated the companies' earnings after their bailout, gutting the firms when it was supposed to rehabilitate them and setting a dangerous..."/>
Without Freddie and Fannie, could 30-year mortgage be a thing of the past? [The Miami Herald]
CrossAmerica Partners LP turned in a second-straight profitable quarter despite lower revenues hampered by reduced profit margin on wholesale and retail fuel sales. The Allentown company, which leases, operates and supplies service station and convenience store properties, on Friday reported second-quarter net income of $3.6 million, or 8 cents per share, compared with $28 million, or a loss of 1 cent per share for the same quarter in 2015.."/>
Allentown's CrossAmerica Partners sees $3.6 million second-quarter profit [The Morning Call (Allentown, Pa.)]

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