The emergence of the secondary and tertiary cities led to an aggressive increase in hotel development and provided avenues for expansion of hotel brands, which were previously dependent on new opportunities in just the five main cities.
While the rest of the world continues to recover from decreased tourism, international hotel chains are bullish to the Asia Pacific region where the travel market is on the rise and struggling to keep up with the demand.
The south Indian hospitality market would see an addition of 14,500 new rooms in 178 star hotels across southern states by the end of year 2012.
Dynamix Balwas (DB) Realty, the Mumbai-based realtor, has decided to buy upto 49 per cent stake in its hospitality arm, DB Hospitality Ltd, an unlisted arm where the promoters hold a majority stake.
GIREM (Global Initiative for Restructuring Environment and Management), in association with Jones Lang LaSalle, is organizing a high-powered summit, which will be attended by the top brass and decision makers of the real estate and capital market fraternities.