Global Hotel Brands Zoom In on India: 4 Days, 6 New Announcements
Photo Credit: Fairmont Mumbai. Accor Hotels
Skift Take
The message from this week’s hospitality announcements is unambiguous: India is no longer a “potential” market, it is “the” market.
If this week’s announcements from global hospitality players are an indication, everyone seems to be racing to stake their claim in India. The reason? A mix of sustained domestic demand, an explosion in meetings, incentives, conferences and exhibitions (MICE) and wedding travel, and a rapidly growing base of business and leisure travelers.
Credit ratings agency ICRA’s latest forecast predicts that industry revenues will grow 7-9% year-on-year in fiscal 2025 and another 6-8% in fiscal 2026 — a remarkable performance considering the already high base of fiscal 2024. It also expects occupancy in premium hotels to reach 74% by fiscal 2026, while average room rates (ARRs) will exceed INR 8,000 ($95).
Here’s a round-up of this week’s developments:
1. Accor Plans 300 Hotels by 2030Accor on Wednesday laid out a roadmap to quintuple its growth pace in India. “There is certainly no uncertainty when it comes to India… you are going to have
