Hospitality players look to cash in on Rs 850 cr opportunity

Hospitality players are looking to cash in on a Rs 850-crore revenue opportunity arising out of India’s G20 Presidency through delegation-related travel and accommodation requirements, while also looking to consolidate the foundation for future growth

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With the G20 spurring demand in cities where meetings are scheduled, room rates for five-star hotels in key business cities have increased by about 20 per cent since the last quarter of 2022, and the trend is expected to continue in the coming months, Hotel Association of India Vice President K B Kachru told PTI.

“The event is expected to generate about Rs 850 crore in revenue towards delegation-related travel and accommodation requirements. So it is bound to have a positive impact on the growth of business,” he said in an emailed response.

There is a visible impact in the increase in hotel occupancies and revenues as also in the employment prospects in the sector, said Kachru, who is also Chairman Emeritus and Principal Advisor, South Asia, Radisson Hotel Group, adding “The hospitality industry is expected to witness a 5.5 per cent CAGR.