As growth slows down in more mature markets, India’s hospitality sector is likely to see investment in excess of $200 billion over the next three years, with investors’ shifting their focus to Asia’s growing economies.
According to a recent report by global database and research service for hotel construction projects, Tophotelprojects.com, around 300 branded hotels will come up in India over the next three years, constituting about 17 per cent of Asia’s hotel construction pipeline.
India has the second largest number of hotels under construction with 292 first class and luxury hotels after 592 hotels that are coming up in China of the total 17,000 hotels being built in Asia over the next three years. The hotel projects under construction include projects from companies such as Accor, Carlson Rezidor Hotel Group, Fairmont Raffles Hotels International, Hilton Worldwide, Hyatt Hotels Corp. and Indian Hotels Co. Ltd that runs Taj Hotels.
Sector analysts say taking an even spread of hotels coming up across segments ranging from budget to luxury hotels and considering at least 100 rooms per hotel, on an average each room will entail cost of construction of around Rs 60-70 lakh.