Hospitality is a $150 billion industry in India, growing at a healthy rate of 14% every year. Being the largest service industry in India, Hospitality attracts almost 5% of the total national investment, and is among the top 10 sectors for FDI inflows. With a 12% growth rate projection for foreign tourists and a further 27% projection for medical tourism, this number is only going upwards. No wonder, all the major international hotel brands are flocking India, be it a Starwood or Marriott or Accor, not to forget our own market leaders like the Taj, Oberoi and ITC.
As rosy as it seems from the outside, only an hotelier will tell you about the challenges he faces. From rising costs to changing labour conditions, hotels are struggling to remain competitive. From rising security threats to evolving guest expectations, hotels are faced with the daunting task of maintaining customer satisfaction. No wonder there is an increasing consolidation in the industry.[…]
Click here to read the full article