Official sources claim that the number of foreign tourists who arrived in India this year during January-June is 43.80 lakh which is 106 percent higher than the figure (21.24 lakh) for the corresponding period in 2022. According to these sources the domestic tourism grew from 677 million in 2021 to 1,731 million in 2022. This has led to a rapid growth in the hotel industry. The occupancy rate and the average room rent have been increasing rapidly. As per the latest Motilal Oswal (Investment services) report, Indian Hotels (IH) reported the highest ever consolidated revenue/EBITDA in 3QFY23 (up 23% / 40% v/s 3QFY20). All this indicates that now is the time to invest in hotels. Ashok Malkani examines various aspects of why it is advisable to invest in hotel industry and issues that one must take into consideration while investing in the industry.
The Indian hotel market, on the whole, has immense growth opportunities. According to a report by Hotel Association of India, it is poised to contribute $ 1,504 billion to the country's overall growth by 2047 from $ 65 billion in 2022.
A report by market research company, Mordor Intelligence, states that the hospitality Industry in India is estimated to be worth $23.50 billion in 2023, and is expected to reach $ 29.61 billion by 2028, growing at a CAGR of 4.73% during the forecast period (2023-2028).
India's hospitality sector is being driven by the increase in the number of hotel projects. India's hotel industry ended in the current year with occupancy in the 59-61 percent range, up 15-17 percentage points (pp) from the previous year. Driven by a strong recovery in demand, hotel companies accelerated their growth plans. The report states that 166 new hotels with 14,885 rooms were signed during the year, while 90 hotels with 5,702 rooms were rebranded.
Esta historia es de la edición September-October 2023 de Hotel Business Review.
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Esta historia es de la edición September-October 2023 de Hotel Business Review.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
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"Leadership is not a License to do Less, it is a Responsibility to do More"
Amit Kumar Sharma is a seasoned hotelier with a career spanning 23 years. A graduate from IHM Lucknow, he began his career with Grand Hyatt, Delhi as a pre-opening team member from where he developed deep interest into the fast-paced career of Food & Beverage operations & management.
Fortunes Hotels Opens New Properties
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Small Luxury Hotels Partner with The MRS Group Of Hotels
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IHE 2024
Concludes With Setting Higher Goals
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The work of the housekeeping department of any hotel or motel is the most unseen, but the most needed in many ways.
Redefining The Art Of Luxury Hospitality
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Success of a hotel depends on the manpower. Staff, from the receptionist, who is the first step of the guest towards his hospitality during the stay, to the attendant who handles his luggage during his departure, help in the guest being attracted by the property and compelling him to stay at the same hotel on his future trips to the destination. The employees, it may be said, are the backbone or the mainstay for a hotel's success.
Weddings: Increasing Hotel Revenue
The trend of wedding ceremonies and receptions being conducted in hotels has been increasing over the years. The eat, drink and be married” now has a tag attached to it, which is in hotels”. The result is that not only destination weddings but wedding, in general, are contributing to the hotel’s revenue in a great measure. The saying Marriages are made in heaven” now has an attached segment But expenses are borne onearth”. Hotels and resorts have been proving an attractive venue as compared to the other sites, like halls, for people of all categories. Ashok Malkani takes a look at the facilities and other plus points offered by hotels.
Heritage Hotels Heirlooms of Indian Tourism
A trip to the past in the modern world has a timeless appeal for travellers who are keen to immerse themselves in the cultural history of the destination by staying at a historic hotel itself.
A Tranquil Paradise! Radisson Hotel Jass Khajuraho
Sprawling in six acres in the midst of the vast open countryside with gentle undulating landscape and clean, fresh unpolluted air, Radisson Hotel Jass Khajuraho is a perfect union of classic design with subtle elegance.
