As per to the source saying at the www.propertykhazana.com major Indian hotel chains namely ITC, Trident, Taj and Indian Hotels Co Ltd are prepared to boost their footprint. There is a gradual increase in the number of domestic and international tourists in India and it is a known fact that many of the Indian metro and Tier-2 cities are lacking with hotel rooms.
It is reported by the source at the www.propertykhazana.com that the above said companies are already into the development of projects and have signed the management contracts. Senior ITC Executive said that the proposed luxury hotel projects in Bangalore and Chennai is under development and will be open for service in couple of years. 6 properties are being developed by the Welcome Heritage Group, while the EIH has announced 10 hotels in India and overseas. The source further added that the development of 440 room hotel in Mumbai by the Trident is nearing completion. Oberoi Group and EIH have signed a management contract for a hotel in Gurgaon which is almost completed.
In the year 2007-08 India witnessed highest number of overseas travelers which almost reached 5 million. As per to the yearly consolidated report of the Indian Hotels Co Ltd, it was around 12% increase in travelers. Hotel industry is happy with the boost in the sector and at the same time construction costs, expensive realty and high lending rates has placed the sector into agonize.
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