Greenfield hotel investments returned to pre-pandemic levels in the first half of 2024, with hotel chains "expanding aggressively" in Tier-II, -III and -IV cities, according to HVS Anarock data.
"While brownfield developments became the preferred choice after the pandemic, driven by lower risk and faster completion timelines amid economic uncertainty, the focus is once again shifting back to greenfield projects," said Mandeep S. Lamba, president and CEO, HVS Anarock.
"This renewed interest is primarily driven by hotel chains expanding aggressively into Tier-II, -III and -IV cities, where both business and leisure travel are experiencing robust growth," he added.
In 2023, greenfield developments accounted for approximately 48 per cent of hotel brand signings by keys, climbing further to 53 per cent in the first half of 2024, marking a return to pre-pandemic levels seen in 2019, as per the data shared by HVS Anarock to Business Standard.
This story is from the September 27, 2024 edition of Business Standard.
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This story is from the September 27, 2024 edition of Business Standard.
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