India to become 3rd largest lodging market globally: Hilton
Hilton's Asia Pacific president, Mr. Alan Watts was in India to celebrate the opening of a 619-key dual-branded hotel complex in Bengaluru in collaboration with Embassy Office Parks REIT, a real estate investment trust. He said that In India, we now have 24 hotels in operation and 14 under construction.
He added that, the Indian hospitality economy, particularly the hotel sector, is still in its early stages. India currently has 2.6 million keys or rooms for 1.4 billion people. However, this indicates that, in the long run, India's GDP growth, urbanisation, and modernization in major cities will propel it to the third-largest lodging industry in the world. It is a significant market for us from both the domestic market, which accounts for the majority of our business today and the India outbound market. We must ensure that we are growing our brands in areas where our clients want us to be. India also has a competitive advantage, particularly with youth, which is yet to be realized.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.