Several factors are driving the demand for hospitality industry in India, especially domestic tourism. ICRA expects this robust demand to lead to strong growth in FY2025.
As more wealthy travelers are looking to relocate to Dubai, hotel companies have spotted a massive opportunity by leasing out their luxurious brands to developers.
Dubai has surged in the luxury hotel race, adding five five-star hotels to its existing seven. The strong showing came as the Middle East beat out other regions in growth of five-star awards.