March 17, 2019
The new properties will come in destinations such as Mumbai, Bengaluru, Udaipur, Goa, Jaipur and Shillong, among others
Accor said that the new hotels will primarily come under Novotel and Ibis brands. Accor is also eyeing opportunities in luxury
Seeking foreign investments for development of hotels and resorts, the Government is striving to improve ease of doing business
Accor, whose hospitality brands include Fairmont, Raffles, Sofitel and Swissotel and Movenpick, currently manages 4,800 hotels
AccorHotels is looking to add 20 new properties across India in the next three to five years, according to a report by the Press Trust of India on March 17, citing a senior Accor executive. Jean-Michel Casse, the chief operating officer of AccorHotels India and South Asia, said that the French multinational hotel chain was looking to adopt an asset-light strategy in the future. The company also plans to add new hotel brands in India’s fast-growing hospitality industry. The new properties will come in destinations such as Mumbai, Bengaluru, Udaipur, Goa, Jaipur, and Shillong, among others. Accor presently runs around 51 properties across India with over 9,500 rooms that are divided amid nine brands.
With an eye on the fastest-growing midscale and economy segments, Accor said that the new hotels will primarily come under the Novotel and Ibis brands. Accor is also eyeing opportunities in the luxury space. India’s travel and tourism industry generated revenues of US$91.3 billion in 2017, which is projected to double over the next decade. Foreign spending alone made up US$26 billion. Tourism is the third largest forex earner for India with earnings rising by close to 12 per cent year-on-year to US$19.46 billion over January-August 2018. Rising opportunities in foreign trade and investment as well as interactions across innovation, academia and cultural exchange have further driven growth.
Apart from growth in budget travel, the luxury space has also seen increasing takers with opportunities in Coastal Circuit, Himalayan Circuit, Wildlife Circuit, Tribal Circuit, Spiritual Circuit and Heritage Circuit. Seeking private and foreign investments for development of hotels, resorts and recreational facilities, the Government is also striving to improve the ease of doing business. Between April 2000 – June 2018, the tourism and hotel industry in India received FDI worth US$11.4 billion. Accor, whose hospitality brands include Fairmont, Raffles, Sofitel and Swissotel and Movenpick, is looking to bring certain luxury brands to India. Accor Group currently manages around 4,800 hotels in 100 countries.