Due to a high arrival of tourists and business delegates in the country, the Hotel Industry in India is said to expand at a compound growth rate (CAGR) of 13 percent between 2018-2023.
In a recent report by Netscribes, it has been predicted that the hospitality industry will grow in India and reach the value of ₹ 1,210.87 billion by 2023.
Kerala, often known as God’s own country for its lush-green forests, deep-blue lagoons, and amazing beaches, is anticipated to be the lead the way.
With more than 400 approved hotels in the south-western state, Kerala is reported to be the front runner in the tourism department.
Along with the increased demand for rooms, there has also been a slowdown of additional new rooms. This makes guest accommodation the largest share of a hotel’s revenue. Additionally, hotel owners are increasingly relying on social media platforms such as Facebook, Instagram, and Twitter as a way to generate exposure. This leads to a higher volume of bookings.
Apart from social media, there are other factors that have helped the growth of the hotel industry in India. Hotel booking apps such as MakeMyTrip and Tripoto are being used by customers. Since they are easy to use and handle, and provide users with the most suitable options based on their requirements, their usage is increasing with each passing day.
The Government of India has enforced a 100% foreign direct investment (FDI) in tourism construction projects to help drive expansion. This will lead to the construction and development of hotels, resorts, and other recreational facilities across the country.
The major hotels that were operating throughout India in 2018 were:
- Marriott International
- ITC Hotels
- Sarovar Hotels
- The Oberoi Hotels & Resorts
- The Indian Hotels Company Limited
- Radisson Hotel Group
- Accor Hotels
- Hyatt Hotels
- Intercontinental Hotels Group
- Lemon Tree Hotels