OYO Rooms is facing tough times and the company recently announced that it would reduce its staff count in India and in other markets.

OYO has witnessed a strong growth over the last few years and the startup received major support from big investor SoftBank.

Hotel Leelaventure, one of the leading players in the Indian hospitality industry, has bought back nearly 50 million dollars foreign currency convertible bonds (FCCBs) at discount price from the international markets.

The company stated in a release, that till March 31, 2009, the company has bought back and cancelled FCCBs worth $33 million, constituting 33 per cent of its $100 million bonds due in April 2012.

Similarly, the company has also bought back FCCBs worth Euro 12.20 million (about $16.53 million), which constitutes 23.7 per cent of the Euro 51.40 million bonds due in September 2010.

Parsvnath Hotels Ltd. a subsidiary of Parsvnath Developers Limited (PDL), India's leading real estate and Infrastructure Company, has received 5 star category project approval from Ministry of Tourism, Government of India for its hotel project, situated at Hyderabad.

The project spread over an area of approximately 11063.68 sq. meters area would offer a judicious blend of Shopping Mall, Office Complexes and a Five Star category Hotel.

BSEL Infrastructure Realty Ltd has sold its stakes in BW Highway Star Hotel project at Balewadi, Pune. The firm had 17 percent stake in BW project and it has informed the Bombay Stock Exchange about sell out.

1,058,824 shares of face value Rs 10 each has been sold to Kamat Hotels (India) for Rs 79,411,800 while remaining 941,176 shares to Unity Realty and Developers
(subsidiary of Unity Infraprojects) for Rs 70,588,200.

Experts believe that ongoing global financial crisis is a major cause that prompted BSEL Infrastructure Realty Ltd to get out of the project.