The long-term outlook for India's hotel industry remains upbeat as the country's tourism industry experiences unprecedented growth, according to the latest Indian hotel market outlook report by Jones Lang LaSalle Hotels.
IndiaI Digest 2008 provides a comprehensive review of the Indian hotel industry covering the six key markets of Bangalore, Chennai, National Capital Region/Delhi, Hyderabad, Mumbai and Pune.
While domestic tourism is expanding in India owing to an increasingly affluent and growing population, greater consumption and the introduction of low cost airline carriers, the Indian government is looking to grow foreign visitation to ten million international visitor arrivals by 2010, the year of the Commonwealth Games in Delhi.
Over the last five years, India has seen double-digit growth in foreign visitors to a ten-year high of five million arrivals in 2007. Foreign exchange earnings for the same year soared in tandem to INR480 billion (USD12 billion), a year-on-year increase of 34 percent.
The strong performance of the corporate sector and the growth in the economy has led to an unprecedented surge in business travel.
"While the Indian economy has been affected by the current challenges faced by the global economy, the impact is expected to be short term," JLL Hotels executive vice president Sudeep Jain said.
Aggressive growth in revenue per available room (RevPAR) has been recorded in the three key cities of Delhi/NCR, Mumbai and Bangalore over the past five financial years.
Click on "Full Story" for more...
