- Hospitality sector to attract $ 2.3 billion investments in 2-5 years
- 12,000 hotel rooms to be added in 2023
The hospitality sector is forging ahead in the country to revive its past glory, according to a report, released by CBRE South Asia Pvt Limited, titled: Indian Hospital Report and Indian Hospitality Sector: On a comeback trail.” Implementation of vaccination drive against Covid-19 and removing of curbs on travel are some of the factors that set the hospitality sector on the path to revival.
The CBRE South Asia predicted that the hospitality sector is all set to attract an investment of $ 2.3 billion in 2-5 years. During 2020-23, the sector was tipped to attract $0.4 billion. Similarly, it predicted that 12,000 hotel rooms will be added to the existing ones in 2023. In the post-Covid-19 scenario, the tourism sector recovered gradually. In 2021, domestic tourists invested $ 151 billion, which is very high compared to the previous year. Introduction of semi-high-speed trains like Vande Bharat Express lent much-needed support to the tourism sector. In this backdrop, it is predicted that the tourist footfalls are going to increase restoring the past glory to the hospitality sector.
Of late, several international hotels have made significant investments in the country and want to make good use of the increasing hospital services. Several Public Equity investments are trying to expand their operations in the country and several domestic and international tour operators are keen to leave their footprints in the country. Since the Centre focussed on reforms, the hospitality sector derived benefit from the reforms. As a result, by 2028, the country seeks to earn 50.9 billion dollars by export of visits to tourism and hospitality sectors, CBRE South East Asia, Middle-East, Africa chairman, CEO Anshuman Magazine remarked.
