Global hospitality major IHG Hotels and Resorts saw its business surpass pre-pandemic levels in 2023 on the back of "unprecedented growth" in the tourism industry, a senior company official said. The UK-headquartered company, which operates Holiday Inn, Holiday Inn Express, Crowne Plaza and luxury brands like Intercontinental and Six Senses in India, launched its premium lifestyle brand voco in January this year, with the first property set up at Jim Corbett in North India. The group, in total, signed 15 new deals in 2023.
Looking to cash in on severe room shortage in India's hospitality sector, global leader InterContinental Hotels Group plans expansion across the country through a shift from franchise model to management contracts in its India operations.
Total room strength to be 12,000 from the present 2,334.
Intercontinental Hotels Group (IHG), the world's biggest hotel chain operator, has put an ambitious target of opening 150 hotels over the next nine years.
Since home-delivered meals from five-stars are cheaper by 15 to 20 per cent as compared to eating at the destination outside, food delivery has emerged as an important part of every restaurant's service portfolio.
Services sector slowed down in May on weak economic factors.
This e-series funding round also makes OYO the most valued hospitality company in the country, ahead of the Tata group's Indian Hotels Company, which owns the Taj brand of hotels, and EIH, which owns the Oberoi brand of hotels.
The data shows the average room rate of two-star hotels increased by 8.5 per cent in FY18, even though it lagged on occupancy at 61.8 per cent, down 1.4 per cent year-on-year
Corporate clients form more than half of the business for most branded hotels, especially in cities.
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