WITH SATURATION IN tier 1 metro cities, top hospitality players in the country are increasingly looking at India's tier 2 and 3 cities. As per a 2022 report, 'The Evolving Face of Human Capital in the Hospitality Industry', which is a joint survey by JLL and The People Network, there has been a significant shift in hotel supply, with about 43% of planned pipeline falling in tier 2 and 3 markets.
"Going by the number of keys opened last year, 67% were in tier 2 and tier 3 cities," Jaideep Dang, managing director, of hotels & hospitality group, India, JLL, told FE."In terms of fresh projects signed in 2022, approximately 75% of keys will come up in tier 2 and 3 towns. It is important to note that some part of this inventory would be conversions of unbranded hotels into branded managed and franchised hotels," he added.
This story is from the March 26, 2023 edition of Financial Express Mumbai.
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This story is from the March 26, 2023 edition of Financial Express Mumbai.
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