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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. ....
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. ....
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. ....
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. ....
Lenders did not want to touch it with a barge pole. Finally, there is a shift in debt financing in Indias hospitality sector. Lending by banks in the current financial year, from April to October, has recorded a double-digit growth, year-on-year, compared with a below 1% growth in the same period last year. ....