Introduction to India’s Hotel Market Growth
India’s hotel industry is on the rise, driven by increasing travel demand, rising disposable income, and the government’s push to enhance tourism infrastructure. According to the latest market report by Maximize Market Research, India’s hotel market is expected to grow significantly, with increased investment and modern developments paving the way for global and regional players to expand operations.
The size of the Indian hotel market was estimated at USD 32.10 billion in 2023, and it is anticipated that total income from hotels will increase at a compound annual growth rate (CAGR) of 9.4% between 2024 and 2030, to reach roughly USD 59.44 billion.
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Key Developments in the Indian Hotel Market
- Government Support and Infrastructure Development: The Indian government’s focus on tourism and hospitality is further driving the sector. Initiatives such as the ‘Dekho Apna Desh’ campaign are enhancing domestic tourism, while improvements in transportation infrastructure boost travel convenience.
- Rise of Luxury and Boutique Hotels: With the growing affluent middle class, luxury and boutique hotels are becoming popular, especially in tier 2 and tier 3 cities, offering high-end amenities and customized services for the growing elite.
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Mergers and Acquisitions: A Global Perspective
Mergers and acquisitions (M&A) in the hotel industry are accelerating globally, with major players seeking to strengthen their portfolios in high-demand markets like India. In 2023, several key mergers and acquisitions took place in the hotel industry, reshaping the competitive landscape.
Key M&A Developments in the Hotel Industry
- Vietnam: The merger of local hotel chains with international brands has helped boost the tourism infrastructure, with a major acquisition in the luxury resort segment.
- Thailand: Leading hotel conglomerates in Thailand are merging with boutique hotel chains in an effort to diversify their offerings, providing both luxury and budget-friendly accommodation.
- Singapore: In Singapore, hotel companies are aggressively expanding their presence in Southeast Asia, with a major acquisition of a well-established brand by a regional hotel giant.
- Japan & South Korea: Hotel brands from Japan and South Korea are expanding globally, acquiring properties in markets like the U.S. and Europe to increase their footprint. M&A activity in both countries shows strong interest in the luxury and boutique hotel sector.
- European Countries: European hotel chains are consolidating, creating stronger regional players. In particular, M&A activity is focused on creating larger networks of eco-friendly and luxury hotels, aligning with consumer demand for sustainable travel options.
- United States: Major U.S. hotel brands are pursuing acquisitions to expand their portfolios in emerging markets like India and Southeast Asia. Notable acquisitions include Marriott International acquiring boutique hotel chains and expanding its luxury portfolio.
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India Hotels Market Segmentation:
by Type of Hotel
Luxury Hotels
Economy Hotels
Resorts
Midscale and Upscale Hotels
Others
With a significant 40% market share in both revenue and property numbers, chain-type hotels dominate the Indian hospitality industry and have a significant market value. With more than 20–25 chain hotels that cater to both luxury and low-cost markets, they have influenced the sector by offering consistent services, a recognizable brand, and dependability to visitors. The expansion of this industry is driven by well-known global chains including Marriott International, Hilton Worldwide, IHG, AccorHotels, and Radisson Hotel Group. Their growth, especially into Tier-2, Tier-3, and emerging countries, has been driven by elements including growing tourism, rising incomes, and shifting customer preferences.
by Ownership Model
Chain Hotels
Independent Hotels
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India Hotels Market Key Players:
The key players in the global hotel market are increasingly involved in mergers and acquisitions to strengthen their position in growing markets like India. Some of the notable brands include:
Marriott International – Recently acquired several luxury hotel chains in Southeast Asia, including a merger with a leading Thai hotel group.
Hilton Worldwide – Hilton’s acquisition of boutique hotel brands in Japan is part of its expansion strategy to cater to the growing luxury market.
Accor Hotels – Accor recently acquired a number of properties in India to tap into the fast-growing tourism sector.
IHG Hotels & Resorts – InterContinental’s strategic acquisition of local hotel chains in Singapore has expanded its presence in Southeast Asia.
OYO Hotels & Homes – The Indian-based OYO has expanded globally, recently acquiring smaller hotel chains across Southeast Asia to enhance its competitive edge.
1. OYO(Gurugram, Haryana)
2. Lemon Tree Hotel(Delhi)
3. Treebo(Karnataka)
4. Hyatt Hotels Corporation(Chicago Chicago)
5. InterContinental Hotel Groups(United Kingdom)
6. Marriott International(United States)
7. Radisson Blue Hotels(Belgium)
8. Shangri La Hotels & Resorts(Hong Kong)
9. Taj Hotels Resorts & Places(Maharashtra)
10. The Lalit Hotels(New Delhi)
11. The Leela Palace(Maharashtra)
12. The Oberoi Group(Delhi)
13. The Park Hotels(West Bengal)
14. Bharat Hotels Limited(New Delhi)
15. Hotel Leelaventure Limited(Maharashtra)
16. ITC Hotels Limited(West Bengal)
17. The Indian Hotels Company Limited(Maharashtra)
18. Sarovar Hotels Private Limited(Maharashtra)
Future Outlook and Market Projections
As the Indian hotel market continues to grow, driven by both international interest and domestic demand, mergers and acquisitions are expected to continue playing a pivotal role in shaping the competitive landscape. By 2030, India’s hotel industry is projected to be one of the largest in the Asia Pacific region, with an expected valuation of over USD 14 billion, thanks to sustained investments and strategic acquisitions.
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