New Delhi: As many as 46 branded hotels have been set up in the first half of the current calendar year and deals for another 85 have been signed in the same period across the country, according to a research report by property consultant JLL.
The 46 branded hotels that have been opened have a total of 3,509 keys (rooms) and the other 85 for which deals have been signed will have 8,612 keys.
Among the hotels that have been opend in the January-June period of 2019, five are in ‘Luxury’ category and another five are in ‘Budget’ category. For the deals that have been signed in the same period for setting up hotels in the future, four hotels are in ‘Luxury’ category and 25 in ‘Budget’ category.
As far as performance of the hospitality industry is concerned, the occupancy levels declined due to various reasons like general elections in the country and last minute cancellations by customers due to grounding of Jet Airways.
“We expect the room rents to remain stable in the future. Few cities, however, which are high on tourism radar and are business-wise important, are likely to see an upw ard movement in rents. This trend is likely to keep the performance and growth of the sector intact in coming quarters too,” said Jaideep Dang, Managing Director of JLL India’s Hotels and Hospitality Business.
Despite the fact that real estate market in the country is going through a difficult phase, new hotel signings suggest that there are businessmen and entrepreneurs from other trades who are investing in hotels given its long term potential,” he added.