Aditya Kushwaha, Chief Executive Officer and Director, Axis Ecorp, said the Indian hospitality sector had been thriving, and the outlook is bullish for 2023. He said domestic tourism was the industry’s principal growth driver. “Holiday goers are keen to explore new places and are always on the lookout for comfortable stays and great deals. We had recently forayed into the sector with the launch of Deefellows and our first property in Jim Corbett. We aim to have 10-15 holiday locations and garner revenue of over Rs 50 crore in the first year of operation,” Aditya Kushwaha said.
A noteworthy projection made by a recent report indicated the addition of approximately 12,000 rooms in 2023 alone. Moreover, the report anticipates a compound annual growth rate (CAGR) of about 3.3 per cent in the number of rooms by 2025.
The report compiled by CBRE South Asia said the recovery in demand is expected to outpace the rate of supply expansion, resulting in positive performance indicators for the hotel sector.
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