Hyatt Hotels Corporation, one of the world’s biggest hotel chains, will add at least one hotel every two months before the end of 2023 in India which has become one of its top three growth markets globally.
With over 20 executed managed and franchised agreements, Hyatt will add more than 3,600 keys to its existing portfolio of 32 Hyatt-branded hotels.
Hyatt is present in India across eight brands in the country, such as Andaz, Alila, Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Centric, and Hyatt Place.
With this expansion Hyatt will have more than 50 operational hotels by the end of 2023. This expansion in India is fuelled by increasing demand from guests, World of Hyatt members, and customers.
Hyatt signed eight new hotels across multiple brands that will cater to the needs of both leisure and business travellers. The growth of the Hyatt Place and Hyatt Regency brands remains a key priority for India, with nearly 20 hotels under these brands expected to open across India by 2023.
Dhruva Rathore, vice president real estate and development, Hyatt India, said, “Hyatt’s pipeline in India reflects a thoughtful growth strategy by expanding into new markets and leisure destinations that are relevant to our guests and customers. We are collaborating with a number of new owners to bring these projects to fruition”.
In 2021, Hyatt plans to primarily expand its Hyatt Regency and Hyatt Place brands. The Hyatt Regency brand, which continues to drive Hyatt’s brand growth in India, will enter two new markets with Hyatt Regency Jaipur Mansoravar, and Hyatt Regency Trivandrum.
The Hyatt Place brand will enter four new markets with Hyatt Place Bodh Gaya, Hyatt Place Jaipur Malviya Nagar, Hyatt Place Vadodara, and Hyatt Place Bharuch.
Hyatt expansion plans come just a few weeks after Marriott International, the world’s biggest hotel chain, announced plans of opening seven properties this year.
After closing 2020 with an India-wide occupancy of 33 percent the situation improved slightly for hoteliers with occupancy rising to 55 percent in the quarter, according to research company HVS. But revenue per available room remains dismal at below Rs 2,500 but better than the Rs 1,500-1,800 range of 2020.