Increase in travel and tourism sector affects hospitality industry in a positive manner. According to Mohit Makhija, Senior Director of Crissil Ratings, "Leisure travel had gained traction post the Delta wave last fiscal, while business travel has started picking up steadily after a much milder Omicron wave in January 2022." Augmentation in travel & tourism has boosted the demand in the MICE (Meetings, Incentives, Conventions and Events) segment of the hospitality industry.
According to Crissil Ratings Report there would be an improvement in international travel in the second half of this fiscal which, in turn, will strengthen hospitality industry's performance. According to Makhija, occupancy which was 68 per cent in 2020 would rise to 73 per cent this fiscal. The average room rate (ARR), due to the demand and supply equation, is expected to increase 8-10 per cent.
The report further adds that revenue will increase 23 per cent over the pre-pandemic level, riding on a strong recovery in business travel and continued traction in leisure travel.
Vishal Lonkar, General Manager- Business Development, Renest Hotels & Resort is of the opinion that the hotel industry would gain its sheen in 2023 and everything, from occupancy to ARR will improve mainly due to the domestic leisure travel. The international tourists business as well as leisure will also further rise.
According to India Brand Equity Foundation (IBEF), the Tourism and Hospitality Industry in India is growing at a robust rate. The travel market is projected to reach $125 billion by FY 2027 from an estimated $75 billion in 2020. The influx of international tourists in India is projected to reach 30.5 million by 2028. This is a reflection of the booming growth and potential of the hospitality sector in India, which is now rising, after the lull created by the pandemic.
Employment Potential
Esta historia es de la edición May - June 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.
Ya eres suscriptor ? Conectar
Esta historia es de la edición May - June 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.
Ya eres suscriptor? Conectar
“Embrace Your True Self and Infuse Your Passion into Everything You Do”
Anuj Chaudhry, Cluster General Manager, Grand Mercure Bangalore, Grand Mercure Mysore & Ibis Styles Mysore
Breathtaking Bed and Bath Linen
Founded in 1999, Pushkal Textiles has emerged as a major manufacturer and supplier of bed and bath linen for the hotel industry in India.
Exquisite Conference Tables
Stackwell is the leading name in the banquet furniture industry, known for exquisite contemporary designs with finest quality finishing & long lasting product.
Crafting Kitchens that Inspire, Innovate, and Perform
PHS is a premier manufacturer of customized commercial kitchen fabrication solutions designed to meet the diverse needs of hotels, restaurants, cafés, and food trucks.
Designing Wellness
Spa and wellness culture is mushrooming in the country. Over the last decade, the concept of spa has graduated from being a fashion to a passion for the upwardly mobile and the elite classes of India, and as is prevalent with most trends, this trend too is percolating to the middle class segment of our society, though slowly, but albeit surely.
Hotel Lobbies
Come of Age - Functionality Meets Design
Beachside Weddings
Big Revenue Spinner...
Green Hotels
Green Signal for Rise in Eco-Tourism
42nd Annual General Body Meeting (AGM) of HOTREMAI
The 42nd General Body Meeting of HOTREMAI was held on 27th September 2024 at Maple Room, India Habitat Centre, New Delhi. 40 representatives from 30 member companies were present at the AGM.
New IHCL Hotels Opens
Ginger Candolim Goa