Businesses looking to diversify find room for growth in hospitality space
Delhi Public School (DPS) in Siliguri, Jalpaiguri and Kolkata, is set to partner with a luxury hotel chain to start his first hospitality venture on six acres of land in Siliguri, a city in West Bengal on the foothills of the Himalayas.
Agarwal's land parcel, surrounded by tea estates, is close to the Mayfair Resort in Siliguri. «Mayfair Resort has become a hub for destination weddings and I was amazed at the kind of business this resort was getting,» said Agarwal, who is chairman of the three DPS schools.
From pharma companies and regional industrial groups to car dealers, school owners and book publishers in tier-2 and -3 markets, an increasingly diversified group of entrepreneurs across segments and sectors are taking the plunge in the hospitality industry.
Last year, Mankind Pharma entered the sector with the Courtyard by Marriott Aravali Resort, and added The Westin Rishikesh Resort & Spa earlier this year.
The company had outlined its plan to open more hotels.
Kiran Andicot, regional vice-president of South Asia for hotel development at Marriott International, said there has been an increase in corporate groups diversifying into hospitality. «The Courtyard by Marriott Gorakhpur that is scheduled to open soon and the recently signed Ayodhya Marriott Hotel are examples of this kind,» he added.
Deepak Jain, founder of MayFair Consultants, said many business houses are exploring investments in the hospitality sector considering the growth potential.
