Published on : Monday, October 17, 2016
Hotel and hospitality sectors in India are seeing a steady growth due to growing travel interest from foreign tourists all over the country. Simultaneously, air passenger traffic is also witnessing a steady growth.
Arrivals of foreign tourists have also gone up this year than the previous year. Various government initiatives have also attracted a great number of business visitors.
Domestic tourism is expected to grow due to salary rise for government employees and low air fares. According to the World Travel and Tourism Council, India’s travel sector should grow at a CAGR of 7.9% for the next decade. Such trends are good for improvement of the hotel and hospitality sector.
Increased demands from corporate and leisure travellers as well as meetings, conferences and exhibitions are expected to strengthen room rates and this will dive revenue substantially. Many hotels are undergoing restructuring for attracting more revenue along with improvement in occupancy rates.