MAM
Marriott International reported growth in the Asia Pacific excluding China
Mumbai: Following the recent announcement by Marriott International, Inc of its strong global net rooms growth and record year of organic signings in 2023, the company highlighted the remarkable surge in hotel and residences openings and signings in the Asia Pacific excluding China (APEC) region, particularly in key travel markets such as Japan, India, and Vietnam.
At the close of 2023, Marriott set a milestone in APEC with over 60 properties added to its portfolio during the year, bringing the company’s presence in the APEC region to more than 560 operating hotels and residences, and exceeding 10 percent net room growth compared to 2022. The company also sealed a record of over 80 deals signed across 13 markets, representing approximately 18,000 rooms.
As tourism recovers in APEC and the travel landscape evolves, Marriott has continued to focus on strategically providing the best-in-class offerings to owners, franchisees, and guests. At the end of 2023, Marriott’s APEC development pipeline stood at over 320 hotels with over 69,000 rooms, showcasing the company’s dedication to providing world renowned brands and diverse experiences, aligning with the evolving preferences of travelers across the region.
Luxury continues to play a pivotal role in the growth of Marriott, and 25 per cent of Marriott’s global luxury rooms pipeline is represented in APEC. In 2023, 15 per cent of the deals signed in APEC were in the luxury segment. A record nine luxury hotels were opened in the region in 2023 including The Ritz-Carlton, Melbourne— Marriott’s 1,000 hotel in the Asia Pacific region. The JW Marriott Goa debuted the brand in Goa and was the company’s 150 hotel to open in South Asia, and added The Singapore edition is the first edition in Southeast Asia.
Marriott International APEC president Rajeev Menon said, “With our record year of growth at Marriott International in APEC, we remain committed to meeting the demands of modern travelers underscored by our diverse portfolio of brands and strategic presence in new destinations,”.
“2023 has positioned us as a thriving and desirable region in the global landscape. I am excited about our momentum as we focus on being where our customers want us to be and connecting people through the power of travel.” he added.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
