A new survey by realty consultants C&W predicts over 65 percent rise in hotel inventory by 2017
The real estate consultancy Cushman & Wakefield’s survey shows that Hospitality sector is expected to add 52,000 new hotel rooms over the next five years (2013-2017), thus a rise of over 65 per cent in total hotel inventory by 2017. The survey shows that on the back of improved global economic conditions, the sector is expecting better demand in the coming years. The National Capital Region (NCR) alone is expected to contribute the lion’s share of 33 percent to this total expected inventory. The survey pegs Kolkata to witness the highest percentage increase (105 percent) in inventory by adding 3,813 rooms by 2017. Pune, on the other hand is expected to add just 41 percent to its existing inventory of around 6970 rooms.
From Cushman & Wakefield, Regional Director-Hospitality, South and South East Asia, Akshay Kulkarni says “Even while India is considered to be an attractive market for both leisure and business travel, there are some inherent deficiencies due to which hospitality projects have hitherto taken long to come up, including aspects like funding and regulatory issues, which have either delayed or in some cases stalled projects.” The survey also predicted the mid-scale hotels to witness the highest supply of 18,500 units, followed by luxury hotels, estimated at 10,300 units, contributing 36 per cent and 20 per cent, respectively, to the total expected supply.
Source: The Economic Times
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