India Leads Asia Pacific Hotel Growth
Skift Take
India is poised to lead Asia Pacific's hotel market in 2024, with record-breaking hotel investments and signings, particularly in Tier-2 cities.
JLL said India is set to lead Asia Pacific's hotel market, claiming 25% of hotel openings in 2024, maintaining the highest number of new openings through 2024. The JLL report showed hotel investments in India have surged, achieving a deal volume of $401 million in 2023, up fourfold from 2022. Greenfield project signings jumped by around 8,000 keys. High net-worth individuals and institutional capital accounted for 31% of these investments, followed by real estate developers at 27% and owner-operators at 11%. India has a record-breaking 25,176 hotel signings and 12,647 new openings in 2023 with Tier-2 cities hosting the majority of the developments. The fourth quarter alone registered 82 hotel signings, representing 8,741 keys.
Indian Hotels Company Ltd said they would expand their luxury portfolio with a new Taj hotel in Chikkamagaluru, Karnataka, in collaboration with Arnaytive Resorts. The Taj Chikkamagaluru is set on 25 ac
