Marriott International anticipating top line revenues exceeding $ 1 billion in India this year
In an exclusive interview with ET, Rajeev Menon, President, Asia Pacific (excluding China) at Marriott International said the chain has seen a RevPar (revenue per available room) growth of 35% in India in the first six months of this year compared to 2019. He said the country is a ‘decades long’ growth story.
The major hospitality players have seen both demand and margins grow. That doesn’t happen often.
Right now, all around the world including India, people are willing to pay more for travel experiences.
This trend initially manifested in leisure destinations and then extended to cities as individuals sought staycations and similar escapes.
The hotel and lodging industry, on a broad scale, can capitalise on this by curating distinctive experiences and providing excellent customer care, as customers are inclined to pay a premium for such offerings. The trend holds true across the spectrum, and in India, we're observing a remarkable rate increase of over 30% in comparison to 2019. In the first six months of the year, our RevPar (revenue per available room) growth in India is at 56% in comparison to 2022, and 35% compared to 2019.
While considering 2022, it's important to note that the year marked the initial stages of recovery, with a soft first quarter followed by a rebound in the second quarter.
Hence, 2019 serves as a more accurate reference point. As for Marriott, we're anticipating a top-line revenue exceeding a billion dollars this year. It will be Rs 9000 crores of top line revenue.
India is a decades long growth story. A significant part of this growth is powered by a robust domestic market. Interestingly, India was among the first markets where domestic air travel swiftly returned to its pre-Covid levels.
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