Breaking News: Hospitality growth story in India to remain strong: Marriott’s Rajeev Menon
New Delhi: Despite concerns about a global economic slowdown across several Western countries, strong domestic growth, infrastructure development, and an increasing aspiration for travel are expected to drive a decade-long boom in hospitality in India, particularly in luxury and premium segments. Though price increases in 2023 might have caused some discontent among customers, additional room inventory is expected to bring some relief in some cities. American hotel major Marriott International, which signed 28 deals in 2023 and early 2024 said it added about 4,800 rooms to its development pipeline in the process. Its president for Asia Pacific (excluding China), Rajeev Menon, told Mint that 77% of the rooms signed in 2023 were within the luxury and premium portfolio segment, compared to th...