Rajeev Menon, president of Marriott International Asia Pacific (excluding China), said India has been in a “quite reasonable state” in the company’s hospitality business. In the past few years, hoteliers have seen strong returns over the past few years as people have been confined to their homes for more than two years since the lockdown of co-leaders in March 2020.
“This is the long-term, stable height that hotels see. There are a lot of infrastructure investments that are creating an environment where you don’t have to necessarily rely on inbound travelers. Indian consumers have the confidence that disposable income continues to drive hotel growth. Residences in India lasted for five years, which is the five million dollars in India. And they Want to travel, too. “Menon told Mint.
Marriott International Hotel gross income is ₹Menon said that in the last calendar year, there were 1 billion.
In 2024, revenue per available room is revenue from a metric hotel, used to calculate how much money a room in a hotel makes, and the company’s Asia Pacific region (excluding China) grew by 12.5%. This is the company’s strongest growth area. India also has double-digit growth, he said, and will also be the same as the country this year. This year, the company will also consider double-digit revenue growth for each available room.
“Today, India is the fifth largest on the global list of rooms across regions, but over the next three to five years, our development approach will be the third largest market after the United States and China. We expect that over the next three to five years, we expect to cover approximately 50,000 rooms in 250-300 hotels.”
During the 2024 calendar year, the company has about 42 new hotels in South Asia, including India, which will account for 7,000 new rooms and is at various stages of development.
Currently, out of a total of 170 hotels in South Asia, it has 157 hotels in India, including some luxury properties for ITC hotels, and its marketing and loyalty point portfolio is listed on Bonvoy. It has about 30,000 rooms in the country. Some of the upcoming features will be in Surat, Shimla, Jalandhar and Coorg.
Next on the card: 50,000 rooms
Its new projects are expected to appear in the next 3-5 years. In the discourse of the hotel industry, “hotel signatures” involve brands or operators like Marriott, who agree to open or manage hotels through contracts.
The focus is on building more upscale and luxury hotel rooms, with 70% of the upcoming hotels in these categories. Menon expects hotels to diverge between luxury, upscale and selected service hotels when reaching the 50,000-room milestone.
“We are optimistic about India’s non-luxury brands as well as Fairfield, Garden and Moshi’s non-luxury brands. Growth comes from all aspects. India is See early shots of hotel development growth in the third to fifth floor markets. These markets will attract not only various hotels, but also city hotels. ” he added.
In its portfolio, the company has about 17 brands in its portfolio. It is expected to add several brands in the country in the coming months. “There are 2.6 billion people in this ASEAN region, and last year, 55% of our business here comes from the region itself. So, in a sense, it is self-reliance and India is also an important part of the story,” he said. He added that consumer sentiment is still negative inside and outside China.
According to hotel consulting activities, the Indian hotel industry has experienced rapid growth and is gradually maturing. The industry’s average daily interest rate (ADR) rose 11.4% in the October-December quarter, with occupancy rate up 4.9% compared to the previous year. The surge in hotel companies’ IPOs on the stock exchanges has reflected this growth over the past 15 months, with previously listed hotel stocks reaching record market caps.
Public companies account for approximately 35% of Indian brands’ supply, providing insights into trends and performance in the industry. While Marriott Hotels are still not listed and work with some hotel owners listed by Chalet and Samhi Hotels, such as Chalet and Samhi Hotels, as of August 2024, Hotelivate said that Marriott International has over 24,000 rooms or stock in India, while its next biggest competitor, the Indian hotel company Ltd owned by TATA Group, has over 21,000 rooms.
