The domestic travel and hospitality sector is benefiting from India’s G20 presidency, which has concluded 100 meetings. Hotels are seeing an increase in bookings and a significant increase in room rates.
According to players in the industry, this is the largest boost to India’s hospitality industry since the pandemic restrictions were lifted in 2021.
Since the beginning of the G20 meetings in December of last year, the average room rate has increased by 15-20 percent; Players claim that it will assist India in establishing itself as a global destination for MICE.
Ascend in the Hotel Business
“In the long run, the G20 summit has opened great business avenues and opportunities. Somesh Agarwal, the managing director of Radisson Blu Palace Resort, Udaipur, stated, “The hospitality industry is on the way to recovery and has started to meet the levels prior to Covid.”
InterGlobe Hotels president and CEO JB Singh told Moneycontrol on the sidelines of Hotel Investment Conference – South Asia (HICSA) 2023 that Dubai held the fair (Dubai Expo) during the pandemic, which turned out to be a good opportunity for the country because it acted as a catalyst for a buoyant Dubai.
It stated in a statement that “the wide-ranging, large-scale, and enthusiastic participation in India’s G20 meetings is a testimony to the G20 members and invitees coming together under India’s presidency to collectively address contemporary global challenges.”
According to the MEA, there have been over 12,300 attendees from over 110 nationalities to G20-related meetings in India thus far.
“In the same way, the G20 is a significant occasion that will benefit not only the country but also the hospitality industry. As we emerge from the pandemic’s effects, it has come at a very favorable time,” he stated.
It stated that India will host foreign delegates for over 200 G20-related meetings in approximately 60 Indian cities, the largest geographical spread of any G20 presidency.