Marriott International, the world’s largest hotel chain, is poised to achieve revenue exceeding $1 billion in India this year. Rajeev Menon, President of Asia Pacific (excluding China) at Marriott International, attributes this remarkable growth to India’s decades-long growth story, driven by a resilient domestic market and a swift recovery in air travel post the Covid-19 pandemic.
Rapid Growth in India
During the first half of this year, Marriott has witnessed an impressive 56% growth in RevPar (revenue per available room) in India compared to 2022. Moreover, there has been a substantial 35% increase in RevPar when compared to the pre-pandemic year of 2019.
Domestic and International Travel Rebound
Menon highlights India as one of the first markets where domestic air travel swiftly rebounded to pre-pandemic levels. Additionally, there has been a noticeable increase in international travel, indicating a robust recovery in both segments of the tourism industry.
Exploring Secondary and Tertiary Markets
Recognizing the untapped potential in secondary and tertiary markets across India, Marriott has made significant strides in expanding its presence. This includes the opening of hotels in locations such as Shillong, Coorg, Rishikesh, and Amritsar. New ventures are in the pipeline, with plans for a Marriott Hotel in Ayodhya, two hotels in Guwahati (Fairfield and Marriott), and a Courtyard in Gwalior.
Expanding Hotel Portfolio
Currently, Marriott operates 145 hotels in India, offering approximately 27,000 rooms. In 2023 alone, the company has inaugurated 10 new hotels. Moreover, agreements have already been signed for an additional eight hotels this year, with ongoing negotiations in progress.
Future Prospects
While Marriott operates a total of 156 hotels in South Asia, India is expected to witness the addition of 15 more hotels by the end of the next year. This demonstrates the company’s unwavering commitment to the thriving Indian mark
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Source: TOI
