The hospitality sector in India is optimistic about the potential for growth in the underserved market in 2024, despite challenges such as long-term funding accessibility, high GST rates, talent acquisition, and complex business processes. In 2023, listed hotel companies reported double-digit revenue growth due to domestic demand, recovery in foreign tourist arrivals, and large global events like India s G20 Presidency and men s cricket World Cup.
Hotels in Delhi are expecting a sold-out situation next month with the G20 summit taking place on 9th-10th September, with both five-star luxury hotels as well as alternative options profiting from the high increase in demand for accommodation. It was reported that some luxury hotels can command rates of up to ₹45,000 per night with the Taj Mahal New Delhi and the Leela Palace already having sold out.