Indian airlines will account for half of the country’s international passenger traffic by the 2027-28 financial year, according to a report by credit rating agency CRISIL Ratings. That’s up from 43% this fiscal year, with India’s international passenger traffic at around 70 million.
Hyatt Hotels Sets Sights on India's Thriving Leisure Market
18.04.2024 - 18:49 / skift.com / Mark Hoplamazian / Hyatt Hotels / Bulbul Dhawan
Hyatt Hotels definitely has its eyes on India and the focus specifically is on domestic Indian leisure travelers. “The leisure travel market is primarily driven by Indians traveling within India and discovering the country,” said CEO Mark Hoplamazian during his recent visit to the country.
Hyatt currently has 50 hotels in 17 markets in India. The next 50, Hoplamazian said, would be spread over 28 markets. “People are seeking out different destinations in India, and we are trying to be in many more markets around the country,” he said.
The Hyatt chief also asserted this is a positive time for India as there is an increased interest in investments in the hospitality industry. The company has a long-standing partnership with the Saraf Group and jointly operates the Juniper Hotels brand.
Through the partnership, Hyatt has not only gained a better understanding of the market but has also received a significant return on investment, according to Hoplamazian.
The hospitality sector in the East, including in India, has a high barrier to entry. “If you’re willing to put up with that barrier to entry, your returns can be very high. That is coming true, because India is ascending in terms of its demographic profile, economy, and spending power of Indians,” he asserted.
Hoplamazian admitted that despite being a strong proponent of India over the past 15 years, he was wrong most of the time due to the difficulty. “But now, with operating performance improving so dramatically, the math works for projects,” he shared.
He also said that the supply growth has remained low as compared to demand everywhere in the world, be it China, the U.S., or India. “This is a positive attribute,” he said.
The Hyatt chief is, however, concerned about capital formation due to high interest rates. “New starts and new construction has declined in the U.S. In India, the same has been true. But operating performance in India is continuing to improve, so hotel owners understand that with sustained limited supply growth and the growth in demand, the longer they take to construct a hotel, the longer it will take them to reach the economies which would allow them to sustain higher interest rates,” he explained.
The website maxtravelz.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
Top Autors
Popular Topics
skift.com
07.05.2024 / 06:01
India Ramps Up Its Promotion as a Wedding Destination
India is actively promoting itself as the next big wedding destination. At the first “Wed in India” Expo ongoing in Jaipur till Wednesday, tourism ministry official Manisha Saxena said that the rapid infrastructure development across India is aiding destination weddings.
skift.com
06.05.2024 / 06:53
India's Sarovar Hotels Has a New Playbook
Indian hotel chain Sarovar Hotels and Resorts managing director Ajay Bakaya has a big hurdle to cross: maintaining the quality that his hotels have historically offered. Sarovar is one of the fastest-growing hotel chains in India. The company has opened seven hotels so far this year and is looking at opening another eight to 12.
skift.com
03.05.2024 / 14:47
What IHCL's 4th Hotel in Varanasi Says About India's Religious Tourism Boom
Indian Hotels Company (IHCL) announced the signing of a fourth hotel in Varanasi, a 101-key Ginger hotel. It currently has two Taj Hotels and a SeleQtions hotel (as part of the Tree of Life conversion) in Varanasi, a city with deep cultural and religious significance.
skift.com
01.05.2024 / 11:33
Fighting Overtourism in India: E-Passes in Nilgiris, Kodaikanal
The Madras High Court has made it mandatory for all motor vehicles seeking to enter the Nilgiris and Kodaikanal between May 7 and June 30 to obtain electronic passes. The aim is to collect data on the number of tourists visiting and the number and types of vehicles that are entering these hill stations.
skift.com
30.04.2024 / 03:35
State Bank of India Launches Travel Credit Card - India Report
India’s largest bank State Bank of India (SBI) has launched its first-ever travel focused credit card. ‘SBI Card MILES’ has been launched in three variants to cater to different types of travelers, from beginners to frequent flyers.
skift.com
28.04.2024 / 12:15
India's Hotel Gold Rush Lures Marriott, Hilton, and Other Giants
The world’s biggest hotel chains are doubling down on India, betting that the country’s rising affluence will fuel a surge in travel demand for years to come.
thepointsguy.com
26.04.2024 / 17:25
Hyatt hotels proposed for what would be the tallest US tower ... in Oklahoma City
A proposed Oklahoma City skyscraper is now slated to go even higher in its push to become the new tallest building in the U.S.
skift.com
25.04.2024 / 21:49
IndiGo Places First-Ever Order For Widebody Aircraft With 30 Airbus A350s
Indian budget carrier IndiGo has placed its first-ever order for widebody aircraft, with an order of 30 Airbus A350-900 jets. The move is expected to help expand IndiGo’s international network to long-haul destinations.
skift.com
25.04.2024 / 09:05
Cruise Tourism in India Reaches All-Time High – India Report
India recorded a cruise tourism footfall of 470,000 in the 2023-24 financial year – its highest ever. Domestic tourists accounted for nearly 80% of this, as international cruise tourism in India has yet to revive to pre-Covid levels.
skift.com
24.04.2024 / 06:53
Indian GenZs Plan International Travels After Getting First Salary - India Report
More than 81% of the Indian GenZs – aged between 18 and 25 years – start planning their first international trips as soon as they secure a job or receive their first paycheck, online travel agency Skyscanner has revealed in a new report. Indians are historically known to start saving as soon as they are employed and have been conservative with their travel spends. These findings highlight how the youth, especially the growing middle class, is changing the tourism landscape in the country.
skift.com
23.04.2024 / 10:20
How Indians Are Traveling Now: Top Trends From MakeMyTrip
Indian travelers have an increased interest in weekend getaways and spiritual tourism, according to online travel agency MakeMyTrip’s first-ever travel trends report. Searches for destinations with or around religious spots increased by 97% in the last two years, the platform stated in the report, which was released on Monday.