This is the most happening time for Indian hotel industry as large hotel projects seem to be in the pipeline. A recent report by HVS noted that the current hotel inventory which stands at 122, 298 in 2013/2014 is likely to touch 184, 745 mark in 2019/2020 with a CAGR of 8.6%.
When we review the status of the Indian hotel industry, one area that draws our attention is the emergence of mid-market and budget hotel segment. Both seem to be on a growth trajectory even as the industry as a whole is looking for an upturn. According to the Federation of Hotel & Restaurant Associations of India (FHRAI), in order to achieve the 12th Plan target of 1452 million Domestic Tourist Visits (DTVs) by 2017, India needs to add 1, 20, 000 rooms in the budget and mid-market category.
Industry experts and business heads of several leading hotel chains are also looking to capitalize on the growing mid-market and budget hotel segment. Read more
Published in: ArticlesXpert
By: Myra Allen