BROOKING NO COMPETITION

Ankur Gupta, Managing Partner, Brookfield Asset Management and Head of Real Estate in India, is gung-ho about the investment in The Leela Palaces, Resorts and Hotels despite the downturn caused by the pandemic. He holds forth on what it would take to pivot the group, synonymous with Indian luxury, to the top of the hospitality game

- GURMEET SACHDEV

How do see the Indian hospitality industry evolve?

The Indian hospitality sector is at a very nascent stage. The big brands such as The Oberoi Hotels or IHCL originally catered to high-end business travellers or foreign travellers. Beyond that, the hospitality segment expressed itself in a very limited manner. The Leela was the only brand that has tried to package Indian heritage and present it to a world traveller and today it is recognized as the World’s Best Brand. The Leela Palaces, Hotels and Resorts has been voted the World's Best Hotel Brand by Travel + Leisure, USA World's Best Awards Survey, 2020.

In the last few years, we have seen Hyatt, Marriott and other global brands establish themselves. But beyond that, there are very few organised operators, which is why we invested in an owner-operator-manager business in the country.

There is a huge opportunity as we see growth in urban areas. Not many countries can boast of this kind of growth we are witnessing in India. Urban growth fuels real estate and hospitality segments, which go hand-in-hand. People need to travel for business. As they get upwardly mobile, the need to travel for leisure arises. The heritage destinations in India and the many palaces in Rajasthan can offer Europe a run for their money. We have a living culture that is practised even after 5000 years, the world traveller wants to experience.

Why, then, is India lagging when it comes to attracting global tourists?

If I put my investor’s hat on, you can't take a two-year vision. You have to adopt a 10-year vision.