Located in Lower Parel the heart of the residential and corporate hub of Mumbai, the Palladium Hotel is the tallest luxury hotel in the commercial capital of the country.
(TRAVPR.COM) INDIA - April 10th, 2014 - A division of Pallazzio Hotels and Leisure Ltd, the 5-star hotel has carved its own niche in the robust hospitality industry. In an exclusive interview with Luxury launches, Romil Ratra, Director of Palladium Hotel, highlights the importance of marketing strategies, F&B and the mushrooming trends in the MICE market that the hotel has taken into consideration to deliver the ultimate luxury experience.
Romil Ratra began his career as a management trainee with the group and soon scaled the success ladder before moving to start his own venture. Romil has conceptualized and introduced 18 restaurants over his two decades in the industry, including India’s first Spanish restaurant, bar and lounge in Mumbai ‘Caliente’ in 2002.
Here are the excerpts from the interview:
What kind of market penetration does the Palladium hotel have in the Mumbai hospitality market today?
Palladium Hotel as a standalone luxury hotel has a potent and viable market penetration. We have been able to use our location and facilities to our advantage and have soon become one of the most preferred venues in the island city of Mumbai for a quality residential experience, a superlative event destination and for a great evening out. Penetration for most hotels is purely about occupancy levels, while we prefer to look at what we have been able to achieve holistically with all our offerings in the market place against our competitive set. Rooms. Events. Dining and Entertainment options.
Who are your key source markets? What is the marketing strategy you have adopted to promote your property for new markets?
Our key source markets today are the South West Asian markets of Singapore, Hong Kong, Korea and further East Japan. We also get a lot a business from the Middle East and Germany. Lastly, the United States and a fair amount of domestic travel as well from key gateway cities within India comprise our key markets. Broadly though, I think at this stage most hotels would be seeing a similar trend due the global economies. Our strategies include working with alliance partners in these key source markets, the large consolidators, OTAs and of course making sure that we are included in key global RFPs. There are, as you can imagine, many more.
Tell us a little bit about the Palladium hotel. What distinguishes your property from others in the same bracket?
Palladium Hotel, the tallest luxury hotel in Mumbai, is located in the heart of the residential and corporate hub of Lower Parel. Nestled inside High Street Phoenix, an uber-luxury shopping destination, the premium location provides convenient access to shopping, entertainment and dining options. The upscale mall houses several international brands such as Gucci, Jimmy Choo, Paul Smith, Bottega Veneta and Ermenegildo Zegna among several others.
You are bound to experience a warm welcome as you enter the strikingly contemporary lobby accentuated by the old-world charm of Rajasthani tikri craftsmanship adorning the walls. Crafted with the finest ingredients of luxury, the Hotel’s piece de resistance are its spaciously elegant rooms, award-winning fine dine restaurants, the Penthouse floors brimming with bars and lounges, state-of-the-art wellness floor and the opulent banquet and conference facilities. We take great pride in offering the finest in tailor-made and anticipatory services that come together to deliver the ultimate luxury experience.
Given your location in the business hub of the city, what kind of demand do you receive from the MICE market and what are the challenges faced?
As the proverbial new kids on the block, we are just starting to see the demand for MICE pick up. That said, we are poised to be the most preferred location for MICE in the city without an inkling of doubt. We are perfectly located in the heart of the city, a 20 min drive from the airport due to our proximity to the Bandra Worli Sea Link and the same distance away from most of the tony neighbourhoods of South Mumbai as well as upmarket Bandra and the suburbs in the north. The Palladium Hotel offers upto 50000 sq. ft. of Banquets, Events & Meetings spaces spread over multiple levels. 23 opulent venues open up a world of possibilities for any type of event, from a large residential conference, the great big Indian wedding to intimate, private events. Our Event facilities include a one of its kind 6500 sq. ft pillar less ballroom with a clear 24 foot ceiling height, a 3500 sq. ft. pre-function lounge and an attached 12000 sq. feet. Terrace Gardens that overlook the manicured lawns of the Royal Western India Turf Club and Racecourse. Three more luxurious Ballrooms ranging from 4700 Sq feet to 2700 sq feet and a slew of smaller spaces including lounges, boardrooms and conference rooms.
A unique selection of ‘celebrations in the sky’ venues complete our offerings with independent lounges, Private Dining Rooms referred to as PDRs and a Private Party Suite at the Penthouse on level 37 and 38. Truly taking events to the next level!
We are in our growth phase and are already seeing this segment growing in leaps and bounds. The Hotel’s MICE facilities can cater to any size of event and has already become the hot favourite for many large and mid sized events. We are infact able to run 22 simultaneous events in the hotel on any given day. For the MICE segment, it’s not only the event facilities that are important; it’s the rooms, location and our bespoke services. We have over 300 rooms and suites, 6 dining and nightlife venues already open and 5 more opening up between June and November 2014, a superb wellness offering spread over 22000 sq feet on a dedicated floor and we are located in the same gated complex that is undoubtedly India’s most preferred retail and entertainment destination – High Street Phoenix which includes the High end Luxury Mall, myriad dining options and even a 5 screen multiplex.
As we go forward with the response that we have been receiving the constant flow of enquiries from the MICE segment – both social and corporate, we estimate that 1/3rd of consolidated revenues will come from this segment.
Standing beside several other international hotel companies, how challenging is it to sustain occupancies and Revpar in a competitive market like Mumbai?
Like in any other cosmopolitan marketplace, Mumbai is a tough one; however that said, we are not as mature a market as key gateway cities like New York or Singapore that see year round demand and consistent rates. Over the last year few years, there have been some additions to supply and while there has been a year on year growth in the overall inbound traffic into the city, the additional inventory has also made the market more competitive and therefore rate pressures have increased. Further Mumbai as a city has now moved from being a pure north and south play in terms of geographic markets to being one of the multiple micro markets, and in many of these micro markets rates are driven largely by the lowest denominator. For example : South Mumbai was one market which was traditionally
Cuffe Parade to Bandra – whereas today that same space is two micro markets – one the deep South which includes Cuffe Parade, Colaba and Nariman Point and the new micro market of the mid city – which is Worli / Lower Parel. As a standalone luxury hotel, it is a challenge to compete with the international brands from a global distribution and marketing perspective; however, the customer experience is also a critical element of ensuring robust occupancies and with the ever growing consumer generated feedback opportunities and a dynamic sales force on the ground, we have been able to hold our own against the competition.
What according to you is the role of F&B in getting business for a hotel? How much importance do you give to this department?
A great F & B offering is critical to ensuring that you get business, it’s a no brainer for a hotel. The simple fact of the matter is that the local city denizen will never experience your rooms and his / her perception of the hotel and its quality are based on his/her experience at the hotel’s dining and nightlife venues. It’s that gourmet meal, the delightful cocktail, the anticipative service, the value proposition and the bespoke banquet experience that drives the positioning of the hotel and each and every person who experiences our F & B is a potential brand ambassador for the hotel. Given the scale of F & B we’re developing at the hotel, our commitment to this is evident.
We have dedicated premium spaces to ensure the discerning F&B consumers of the city get to experience our luxury in their limited trysts with our Hotel; there’s something for everyone. Seven Kitchens is our world cuisine all-day restaurant with one of the largest spreads of gourmet delicacies and free-flowing Champagne Sunday Brunches. Mekong, on the other hand is our Asian cuisine restaurant perched on the 37th floor for an exquisite experience coupled with the city’s view from atop. Li Bai- our social bar and lounge and EXO- our decadent house club are our nightlife options for the party goers, both spread across Level 37 and 38 with the music, décor and experience at par with best names internationally. With the plethora of fine dining and nightlife options our property has to offer coupled with the experiences from the tallest Hotel in the city, I must say I wasn’t very surprised when 3 of our key properties were bestowed with the Times Food and Nightlife awards.
What is the most crucial issue to tackle in the Mumbai hospitality industry today?
F&B friendly administration and standardization of availability and quality of produce
How have (if in any way) your target markets changed? Is there a change in consumer behavior? (i.e. length of stay, method of booking etc.)
Presently, we are still too young to analyse our customer patterns and behaviors. However, at the outset it appears that we are at a vantage point considering the accepting and the discerning nature of the well traveled consumers in the city who have warmly received a Hotel that is brimming with F&B spaces unlike many luxury hotels.
How hands on are you with the daily operations of the property?
I would say I am ‘eyes on’ all the time not necessarily hands on. We have a great team at the Hotel and they do an excellent job. I’m in the loop for everything but divide my personal time to where it’s needed the most. To put this into numbers – hands on 50% mind on 100%!
What are the future plans and new initiatives you wish to undertake in your property?
We are at the beginning of a very exciting journey and if I were to share all that is in the pipeline, I’d be limited by time and space. All I can say is that more exciting times await us and the wait definitely looks sweeter.
What do you enjoy most about being at the helm of affairs at the hotel?
As an hotelier, you just either are or aren’t! I chose to be one and that’s that. Everyday is a new day. Every guest, a new guest. Every morning brings new challenges and every night a new compliment. And of course the guy who said there’s no such thing as a free lunch – was never an hotelier!
Personally, what does “luxury” mean to you?
Luxury to me is not about the material things. It’s about three critical elements – time, space and attention. My time. My space. The level of service and attention I receive ! and this translates into what we want each and every person who experience the Palladium to feel as well. Valued. In every sense.
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