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Brigade Hotel's IPO Filing Reveals a Changing Indian Market
11.11.2024 - 13:29 / skift.com / Peden Doma Bhutia
India’s hotel market is witnessing a noticeable shift toward chain-affiliated properties thanks to a thriving travel sector and demand for reliable accommodation options.
A recent Draft Red Herring Prospectus (DRHP) filed by Brigade Hotel Ventures’ throws light on this growing preference for brand-affiliated hotels that promise consistency, safety, and standardized service, as well as several other trends.
There are 192,000 chain-affiliated rooms in India as of June 2024, according to Horwath HTL India. This reflects a significant change from a sector once dominated by small, independent establishments, mostly operating in the midscale and budget segments.
The demand for chain-affiliated hotels has also surged, with daily room demand growing from 61,000 in 2015 to 116,000 by 2024.
Supply across all hotel segments is diversifying, with 34.8% of available rooms in the luxury and upper-upscale tiers, 38.6% in upscale and upper-midscale, and 26.7% in midscale and economy categories, according to Horwath HTL India.
The spread is widening geographically as well. Historically, India’s hotel market has concentrated in key urban hubs, including Mumbai, Delhi-NCR, Bengaluru, and Goa.
These markets are now seeing a reduced concentration of hotel supply, dropping from 69% in 2015 to 59% in mid-2024, and projected to fall further to 51% by 2028. This reveals growth in secondary cities and emerging destinations, driven by improved infrastructure and a growing middle class eager to explore beyond traditional hubs.
From pilgrimage sites to scenic natural locales, emerging destinations now hold significant potential, prompting chains to invest in these areas and broaden their geographic footprint.
India’s hotel market has also become increasingly international, with foreign hotel brands capturing nearly half of the chain-affiliated market in recent years. International hotel chains have grown their market share from 21% in 2001 to around 48% today, and they’re expected to maintain this level until 2029, highlighting the strong presence of global brands alongside domestic players.
However, domestic chains are also evolving, adapting to the rising expectations of Indian travelers who now seek experiential stays and greater amenities.
One of the key transformations highlighted in the prospectus is the ownership landscape, now largely driven by private sector developers and institutional investors rather than hotel chains themselves.
While hotel chains owned 71% of rooms in 2001, their share has declined significantly to just 26% as of this year, reflecting a growing role for private capital in the sector. Currently, listed companies own 29% of all hotel rooms, reflecting strong investor confidence in hospitality.
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