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Eight New Hotels To Come Up In Hyderabad
Posted by Pradeep Sadanapalli | May 30, 2007 | 261 views
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Loading ...After attracting the IT companies, Hyderabad is now attracting hotels. Eight new hotels will be up next year, reports CNBC-TV18.
Hyderabad has only 2,000 star rooms right now. But in three years, it will have well over 10,000. That is because hotels see potential in Hyderabad. Hyderabad offers the right mix of affordable property rates, large areas available for development and a booming services industry that promises to bring in business travelers.
Wil Fieldhouse, General Manager, Novotel Hyderabad, said, “We have got great momentum with the international companies that are here and the very strong Indian companies that have set up base in the city. In the next three to four years, we will have six new Accor properties in Hyderabad.”
The Taj Group, Trident, Oberoi, Best Western and Hyatt are the big names shopping for space in Hyderabad. Each of them plan to set up a hotel here. The Marriot and Accor groups are working on two new properties, other than those they already have.
A report by property consultant Jones Lang Lasselle shows room bookings in the city have risen almost 50 % in the past year. That is twice as much as in other Indian cities. The industry expects demand to continue over the next few years, especially from business travellers.
Prabhu Goel, Co-Chairman, Cabana Hotels, said, “For Hyderabad, we think the budget business sector will really take off. More and more travellers will want hotels that are good but don’t cost as much as the five star hotels.”
The room occupancy in Hyderabad’s five-star hotels charging Rs 7500 a night is 72 % in the off-peak summers. The demand-supply gap is so wide that industry players are not concerned about oversupply in the next few years.
SOURCES:
MoneyControl
Topics: Business News |
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