Room Rates, Occupancy Surpass Pre-Covid Levels For Hotels, Says Report
Mahindra Holidays is aggressively expanding its inventory by acquiring properties and creating more resorts
BS Web Team New DelhiListen to This Article
In an interview with Moneycontrol, Singh said that in March, the average rate of the room at the industry level crossed Rs 8,000, which it hit for the first time. He further added, "If you look at occupancy, they started touching 68-70 per cent, which was never the case pre-pandemic. So, in these metrics, hotels have crossed pre-pandemic levels. The supply has been constrained because people (hotel chains) did not continue projects and this is why you are seeing average daily rates going up. Also, there is a demand surge and there is a supply constraint—that is leading to these numbers."
Commenting on the company's performance in the quarter gone by, the MD said that it was one of the best periods for Mahindra, in terms of occupancy, revenue, and membership upgrades.
Increasing room capacity
Mahindra Holidays is aggressively expanding its inventory by acquiring properties and creating more resorts, says the report. The company is aiming to add nearly 1,500-1,600 rooms in the next three-four years, with an investment of Rs 1,700-1,800 crore, the CEO said.
Singh also said that they are working closely with state governments to see if they can get land or resorts that can run on long leases.
Kavinder Singh terms India a bright spot owing to its increasing number of affluent households. With a current membership of 280,000 families, the organisation's target market is nearly 30 million.
He further stressed that Indians are now focusing on discovering the country and while international travel is a priority for them, it is no more the only thing.
First Published: May 17 2023 | 8:48 PM IST
Central Banks And The Economic Horizon: Steering Through Uncertaintie
In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more
Transforming Financial Operations With Robotic Process Automation
Author: Ricardo Goulart ... Read more
The Role Of Machine Learning In Fraud Detection
Author: Gerardine Lucero  ... Read more
Principles Of Islamic Banking And Finance
When it comes to banking, a significant new contender has entered the ring. The principles of Islamic banking and financ... Read more
The Role Of Central Banks In Global Economy
The role of central banks in global economy is a stimulating topic that requires profound understanding. Commonly, centr... Read more
History Of Banking Evolution In The 21st Century
Throughout time, the banking sector has assumed a central role in the smooth functioning of economies, generating growth... Read more