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Domestic hotel chains increasing footprint
| August 9, 2008 |  (Be the first to rate this story!) Loading ... |
The continued growth of the tourism sector has led three of the leading domestic hotel chains — The Indian Hotels Co Ltd (which owns the Taj brand), ITC Ltd (with its Welcomgroup chain) and EIH Ltd (Trident brand) — to confidently increase their footprint.
These three companies are developing properties or have signed management contracts for hotels that will open in the next year or two. They are also refurbishing some of their existing hotels. Indian Hotels Company said that in 2007-08 it made commitments by way of acquiring properties on lease, entering into tie-ups for equipping hotels being built by partners and executing a number of management and technical services contracts.
ITC has said that construction is progressing as scheduled on super luxury hotels in Bangalore and Chennai. Six properties are under development under the Welcom Heritage brand. In its annual report, EIH has said that in the next three years, at least 10 hotels will be opened in India and abroad. Construction on a 440-room Trident in Bandra-Kurla in Mumbai was underway and the hotel would open in the third quarter of this financial year. Construction on an Oberoi luxury hotel at Gurgaon, which EIH would manage, was on schedule and this would open in 2009.
According to their annual reports, foreign tourist arrivals went up 12 per cent to close to 5 million in 2007-08. The first four months of 2008, according to Indian Hotels Company’s annual report, recorded an 11.9 per cent growth in tourist arrivals at just over two million, over the corresponding period in 2007. Thanks to this growth in the tourism industry, the hospitality industry benefited with occupancy rates in hotels at close to 80 per cent and room rates going up by 22-25 per cent, in 2007-08.
The Indian hotel industry anticipates tourist arrivals to continue to increase, despite issues such as high inflation, rising crude prices and higher interest rates.
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