How Business Travel Increasing Hotel Room Prices in India?

ICICI Securities mentions that the hotel industry will have a growth in the RevPAR YoY. We will share details about the expected increase in the rates and other numbers. Several things changed in the hotel industry including the new openings, bookings, and more. There is an increase in the YoY RevPAR growth. Apart from that, the majority of the travel and room stays are for business purposes. Thus, the rates increase further, and let’s discuss how Business Travel is Increasing Hotel Room Prices in India.

The increase in Business purpose travel increased mani-folds with an increase in hotel room stays. Thus, the hotels increased the price. Prashant Biyani is the Vice President of the Institutional Equity, at Elara Capital.  As per the details, the number of new hotels opening is increasing. The total increase in the hospitality industry is 35%.

Everyone is wondering the reason behind the boom in the hotel industry. The first reason is an increase in the number of startups and businesses. Thus, most of the people are visiting for business purposes. The startup increased the growth of the hotel industry. Apart from that, there is an increase in weddings due to the wedding season. Thus, more and more people are booking hotels for their stay.

Other factors also play a crucial role in the development of the hotel industry. The construction of Ram Mandir in Ayodhya led to an increase in tourism in the city. Thus, the hotels in the city also get a boom. The hotel industry is at the top. The rates are increasing with an increase in demand. As the vlogs and travel content are increasing online, more and more people are traveling across the places.

Movements like Startup India and global trade fairs also play a crucial role in the development of the hotel industry. The HVS Anarock reported an increase in hotel bookings. However, they also mention that the increase in several new rooms is less compared to the demand in the market. Thus, the Indian government is promoting the growth of the hotel industry as well. They also keep on adding new innovative things to grab the customer’s attention.

The future expects more increases and uptick in the industry because of the increasing number of startups and professional meetings. Apart from that, an increase in spirituality also leads to good sales for hotels near religious places. People who visit religious places are increasing with an increase in the number of hotel bookings.