Mumbai: The hospitality spread laid out for the year ahead was cooked up for the most part, or so this downturn is set to show.
Going by industry estimates, nearly 600 new hotels were planned or under various stages of development across the country, for commissioning over the next year or so.
However, the number that actually materialises might at best be half of that, it seems now.
While plans for 150 new hotel projects have been completely dropped, as many as 18,000 guestrooms across 150 other hotels are up for sale. These properties are under various stage of construction, including projects that are about to start, half-built, cold shells and finished.
"Around 150 hotel projects have just disappeared because of tall claims made primarily by the real estate companies. Then there are another 150 properties which are on the block. So realistically speaking, just around 300 new hotels are actually being built," Manav Thadani, managing director of hospitality consulting firm HVS International-India, told DNA.
External Source - For the complete article click here
Source - DNA
Logos, product and company names mentioned are the property of their respective owners.
