Moneycontrol.com
Indian Hotels' subsidiary Roots Corporation plans to treble the number of Ginger Hotels in next four years, Prabhat Pani, CEO, said Monday.
The number of foreign tourist arrivals in India is expected to double to 12 million by 2021 from six million and the number of domestic travellers is also growing at a fast clip from 740 million.
Pani expects more than 50 percent of future hotel supply will be in the mid and budget hotel segments. Ginger Hotels, which operates budget business hotels in metro cities and tier I towns is hoping that increasing number of travellers and corporates will prefer organised chains like Ginger.
"In three-four years we want to get to 70-80 hotels (from 26 now)" Pani said on the sidelines of opening its first hotel in Mumbai.
The new hotels will be a mix of own properties, leased ones as well as management contracts. On an average the company will spend Rs 15 crore on each new hotel, Pani said.
Currently seven hotels are in various stages of construction across India, of which four are expected to open by March next year.
So far demand has been subdued in the first half of this financial year, with Ginger's average occupancy rates at around 65-70 percent.
Pani expects at least 5 percent pickup in occupancy in the second half.
Around 60 percent of Ginger's business comes from corporates.
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