Social gatherings and events held at hotels have seen an exponential rise since the pandemic and to cater to that segment, Hyatt Hotels has launched a luxury venue in Mumbai.
Last week, Hyatt launched ‘The Grand Showroom’ which is a luxury venue customisable for events ranging from corporate parties, luxury weddings to high-profile occasions.
This venue is an addition to its existing property in the city — Grand Hyatt Mumbai.
“There is a growing demand for opulent and customised event spaces in Mumbai, particularly in the luxury segment. The segment saw a 25 per cent increase in social events from the years 2022-2023 for the hotel,” Sunjae Sharma, managing director (MD), India and southwest Asia, Hyatt Hotels Corporation, told Business Standard in an interview.
Juniper Hotel owns the property where the event space has been built and this venue is right next to the Grand Hyatt in Mumbai.
Arun Saraf, chairman and MD, Juniper Hotels, expects the venue to generate Rs 45-50 crore in its first year of operations (2025) towards Grand Hyatt Mumbai’s revenue.
“We are contemplating adding this (The Grand Showroom) in Delhi, Chennai and Bengaluru. Before The Grand Showroom, there was a shopping plaza in its place,” Saraf added.
Sharma expects events and banquets to see strong double-digit growth as the hotel’s wedding business grew by 200 per cent in 2023 compared with the pre-Covid numbers of 2019.
Sharma further said that the venue's (The Grand Showroom) operational model is based on collaboration, allowing for a flexible pricing structure for various events.
The sluggish growth in foreign tourist arrivals hasn't impacted Hyatt Hotels due to the surge in demand from domestic tourists.
“Key segments driving growth (for Hyatt Hotels) are domestic demand, weddings, and corporate travel,” Sharma said.
The RevPAR in (revenue per available room) in 2023 grew by 33 per cent and in 2024 by 13 per cent over a buoyant 2023, Sharma added.
