Hotel rates in India are expected to rise by 7-10% in 2024, despite uncertainties surrounding events like the general election. Industry executives predict that most new supply will be absorbed, and key business markets like Delhi and Mumbai and leisure markets like Kashmir could see up to 15% increase in hotels this year.
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As per estimates shared by JLL, currently, there are five branded hotels comprising 520 rooms under various stages of development in the city. JLL estimates about Rs 350 crore worth of investments in such hotel development in Ayodhya, said Jaideep Dang, MD, hotels and hospitality group at the company.
The chain opened new hotels in Agra, Tirupati, Bhopal, Dalhousie, Bengaluru, Pavagadh and Shravasti this year. Bakaya said it is expecting a turnover of just over Rs 1,500 crore this year, up 12% year-on-year. The company follows the January-December calendar year period.