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Although the Indian market is growing at a slower pace, it can go a long way and with the cost of construction down, this is perhaps the best time to enter India |
Global hospitality chains are lining up to open properties in India at a time the sector is grappling with falling occupancy levels and declining average room rents forcing local developers and hoteliers to defer projects. Companies, including MGM Mirage Hospitality, Wyndham Hotel Group, Langham Hotels International and Corinthia Hotels and Resorts, are finalizing plans to launch their brands in the country in the next 2-3 years.
Jean Gabriel Peres, President and CEO, Movenpick Hotels and Resorts, said, "India is one of the biggest growth markets in the world. We will build 15 new hotels in the country in 5 destinations".
Hotel chains such as Dubai-based Jumeirah Group, Movenpick Hotels and Resorts and Swissotel Hotels and Resorts are also close to finalizing their plans for hotel properties in India.
