Karanvir Vasudeva's Storii Moira in Goa has 78% occupancies with average room tariffs of Rs 16,500. Goa sees a rise in branded hotel openings and signings. IHCL and Marriott International are in discussions for the Moxy brand. Hyatt recently launched JdV by Hyatt brand. Newer restaurant concepts are emerging in the luxury segment.
Many mid-size and upscale hotel companies are firming up investments and capacity expansion plans to the tune of Rs 3,500 crore in key holy towns in the next two years, according to data collated by Noesis Capital Advisors, a hotel investing and consulting firm. This translates into over 5,000 new rooms and about 25,000 jobs.
Typically, a hotel from construction stage to getting operational takes 3-4 years, said Nandivardhan Jain, CEO of Noesis Capital Advisors. However, in the case of Ayodhya, various permissions could be fast-tracked and, so, the demand for manpower is expected to pour in within 18 to 24 months, he added.
Typically, a hotel from construction stage to getting operational takes 3-4 years, said Nandivardhan Jain, CEO of Noesis Capital Advisors. However, in the case of Ayodhya, various permissions could be fast-tracked and, so, the demand for manpower is expected to pour in within 18 to 24 months, he added.
Hotel industry sees good times spilling over from 2023 financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
Hotels of various categories are coming up in and around Navi Mumbai, Panvel, and Khopoli driven by transformative infrastructure projects such as the Mumbai Trans Harbour Link (MTHL) and the forthcoming international airport. Leading hospitality brands are stepping up their presence in the region, with American hotel operator Radisson Hotel Group signing up for hotels in Khopoli and Navi Mumbai.
Park Inn by Radisson in Ayodhya, which opened its doors on Wednesday, is already fully booked for January 21-22. "It's a fairly busy time. We have 160-key and 50-key hotels in Lucknow and we expect those to be sold out too," said Ajay K Bakaya, managing director of Sarovar Hotels & Resorts, which manages the new hotel.
Kiran Andicot, regional vice president, South Asia for hotel development at Marriott International said the chain opened 12 hotels, totalling 1,431 rooms, in India last year. Andicot said the numbers for India could be in the same range as in 2023. Jaideep Dang, MD, hotels and hospitality group at JLL, said 2023 was the best year ever in terms of hotel openings.
While the entire India tourism market is estimated to record a a compound annual growth rate (CAGR) of 7-8 percent, spiritual tourism will grow 9-10 percent for next 5-7 years. Spiritual tourism which played a major role in the recovery of tourism in India in the post-Covid period was valued at around $56 billion in FY23, up from $44 billion in 2020.
Along with Varanasi, Ayodhya is seeing an increase of close to 5x more searches for check-in on January 20, 21, and 22, 2024 as compared to the year before, according to data by Agoda