Saturday, August 10, 2024 The new SKYE Hospitality report reveals the addition of 2,706 rooms to India’s upscale and premium hotel segments in the first half of 2024. SKYE Hospitality, a comprehensive consulting firm specializing in hospitality and strategy, has published its inaugural market analysis of the Indian hotel industry for the first half of 2024. The report offers intriguing insights into the Indian hospitality sector.
It reveals that 2,706 new hotel rooms were added to the market in H1 2024. Of these, approximately 37% were upscale accommodations, while the remaining 63% comprised premium rooms. Additionally, 22 new hotel projects commenced during this period, with major brands like IHCL, ITC, Radisson, Hyatt, ROHL, Bharat Hospitality, and Wyndham among those launching new ventures.
Geographically, 34% of the new hotel supply was concentrated in the West of India, followed by the East at 28%. The North and South regions contributed 26% and 12%, respectively. The Indian government has been instrumental in fostering growth through targeted policy initiatives and attractive schemes, including Dekho Apna Desh, Incredible India, PRASHAD, and Aayush.
These efforts have bolstered hotel demand. Significant infrastructure improvements, such as upgraded highways, railway corridors, and airports, have enhanced accessibility, prompting major hotel brands to explore previously underdeveloped regions like North East India, Jammu & Kashmir, Andaman, and Lakshadweep. In terms o.