India's Hotel Sector Grows in First Three Quarters
Skift Take
- Looking at India's hotel sector, JLL said contracts in mid-market and budget brands grew 74% between January and September 2022 as compared to the same period in 2019.
- Marriott International’s St. Regis Hotels and Resorts brand announced the opening of the St. Regis Goa Resort.
- Bengaluru-based real estate developer MS Ramaiah Developers and Builders plans to invest about Rs 1,100 crore over two years across real estate sectors in Karnataka, Goa, and Andhra Pradesh.
Looking at India's hotel sector, JLL said contracts in mid-market and budget brands grew 74% between January and September 2022 as compared to the same period in 2019. There management contracts are largely for smaller hotels with about 50 rooms on an average in tier 2 and 3 cities. International operator signings went up 36% from 36 hotels with 4,794 rooms in 2019 to 49 hotels with 5,106 rooms in 2022. India has about 150,000 branded hotel rooms. JLL said they are seeing a lot of conversions from privately-branded hotels to chain hotels in mid-market and budget hotel categories post-Covid. Owners are said to be picking Indian hotel brands to work with because Indian hotel operators are flexible with scale, product specifications, agreement terms and fees. International chains tend to avoid hotels in the 40-60 room range. Sarovar Hotels & Resorts confirmed this saying they have a pipeline of 45 hotels in the next five years
