The Indian Hotel industry is an important sector that has been fuelling the Indian economy for long. The pandemic hit the industry quite hard for the last two financial years.
The hotel industry in India is expected to reach a value of INR 1,210.87 Billion by the end of 2023, expanding at a compound annual growth rate of about 13% during the 2018-2023 period.
The major hotel brands operating in India are Marriott International, The Indian Hotels Company Limited, Radisson Hotel Group, ITC Hotels, Accor Hotels, Hyatt Hotels, Sarovar Hotels, Intercontinental Hotels Group, Lemon Tree Hotels, and Oberoi Hotels & Resorts.
Kerala is the leading provider of hospitality services in the country, with a total of 440 approved hotels. Maharashtra, Gujarat, Rajasthan, and Tamil Nadu are the other states that make up the list of top five states with regard to hospitality services.
Demand for hotel rooms is high across the country post pandemic, owing to increased business-related and leisure travel.