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Hotel chains hoping good times

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The depression has not checked hotel chains like Accor, Royal Orchid, Hyatt and Marriott from moving forward with their growth proposals. Hoteliers analyzed the slowdown as a recurring happening and anticipate a renewal by the end of the year.
Accor Asia-Pacific Chairman and Chief Operating Officer said to www.propertykhazana.com that, “We had a pledge to start and grow our business in India to comprise Accor’s core brands and will have 50 hotels by 2012. We are on the way to achieve this target.” Global Hyatt Corporation is operating since 1982 and having full service hotels like Hyatt Regency, Grand Hyatt and Park Hyatt brands and also proposing 20 more properties. These will comprise 6 Hyatt Place hotels, about 6,500 rooms will be added for the growth and company is also considering Tier II & III cities with its new upper mid-sector brand, Hyatt Place.
Global head of realty and development at the Chicago based Global Hyatt Corporation said to the www.propertykhazana.com that, we have finished more hotel dealings in India from past many years than any other time in 25 years history.
It is also added by the source at the www.propertykhazana.com that, Marriott is also developing about 25 new properties in the coming years with room inventories of 10,500, Royal Orchid which presently has 13 hotels and 1,500 rooms is adding 1,000 rooms in its 4-5 star group in 3-4 years. Hotel chains are cutting the rates by 15% to attract customers carrying on global credit chomp and are giving unique packages, discounts and daily room rates to hook the fall in tenancy, which stands at 65-75% against the last year’s 90%.
As reported at the www.propertykhazana.com, hotel industry is seeing a downturn from some time, with time off and corporate travel taking a big strike after Mumbai terror attack, but resort destinations like Kerala, Jaipur and Goa have kick off the style. Oversupply in cities like Pune. Hyderabad and Bangalore has also impacted the room prices and tenancy, also India Inc’s saving moves added to reduce in room rates. For more updates on realty market browse www.propertykhazana.com.
Source: NBTVLIVE

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