Hospitality industry charts new path to generate revenues
The recent dip in hotel occupancies have led hotels to check out of the plain-vanilla room concept. The hospitality industry is now gearing up for alternate hospitality formats such as residential hotels, destination resorts, condo hotels, vacation ownership and private residents club.
Sample this: Four Seasons is developing a destination resort in Puthenkayal, Kerala, which will have 75 villas and also 20 branded, luxury private residences. Similarly, The Leela Groups property in Gurgaon too will have 90 apartments called The Residence aimed at the long stay guests. At the same time, Indias largest real estate player DLF is building Indias first residential hotel in Goa with the Hilton Group. DLF plans to invest $2 billion to have six hotels on similar format in the next five years.
Around 11% of the hotel demand in the country is from long stay guests. Since there are not many branded serviced apartments in the country, at present this demand is being met by hotels. Opines The Leela Palaces Hotels and Resorts president Onno Poortier: Its not just about higher room rate, long stay guests at the residential apartments of the property also use F&B outlets of the hotels, adding to its revenue. Also, Delhi doesnt have any branded serviced apartment, so it will fill the gap.
More : economictimes.indiatimes.com