Marriott to post over $1b in India revenue this year: Rajeev Menon, president, Asia Pacific at Marriott International
Marriott International, the world's largest hotel chain in terms of number of rooms, will shoot well past a billion dollars of top line revenue in India this year. Rajeev Menon, president, Asia Pacific (excluding China) at Marriott International, told ET in an exclusive interview. He added that the country is a 'decades-long' growth story.
«It will be ₹9,000 crore of top line revenue.
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. Now, 2022 was the year where recovery had just started. The first quarter was a bit soft, and from the second quarter, the business started to bounce back.
So, 2019 is a good comparison,» he said.
«From our perspective, India is a decades-long growth story, and much of it is driven by the strong domestic market and the resurgence that we are seeing. It was one of the first markets where domestic air travel bounced back to pre-Covid levels very quickly. We are seeing a pretty strong lift in international travel as well,» he added.
Menon said as the smaller, secondary, and tertiary cities start to get infrastructure and seeing industries coming in, India will see 'explosive growth' across the board.
«We believe the secondary and tertiary markets in India represent quite a unique opportunity.
When you think about our growth, just this year, we have opened a hotel in Shillong. We opened a hotel in Coorg, a Westin in Rishikesh, a Le Meridien in Amritsar,» he said. «And when you think of what we are signing, this week, our team signed a Marriott Hotel in Ayodhya.
We have signed two hotels, a Fairfield, and a Marriott hotel, in Guwahati. We've signed a courtyard in Gwalior. I could go on and on,»
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