Hyatt Hotels announces major expansion in India with 7 new properties set to open in 2024 | SR News Update

Hyatt Hotels announces major expansion in India with 7 new properties set to open in 2024 | SR News Update

Hyatt Hotels intends to widen its presence in India by launching seven new hotels and incorporating 1,115 rooms across various leisure and urban locales in 2024. This expansion initiative encompasses the inauguration of one additional property in Bangladesh. Read SURFACE SREPORTER(SR)’s complete reporte below:

Throughout the year 2023, the organization noted a 33% increase in revenue per available room (RevPAR), primarily influenced by robust occupancy rates and a rise in average daily rates. Of particular significance is the substantial 50% year-on-year growth observed in the leisure and wedding segments.

Consumer Behavior Transformation

The surge in travel activity, especially among Generation Z and millennials, is attributed to this growth. "I attribute this growth to the change in consumer mindset, primarily among Generation Z and millennials.People are travelling more and that is the silver lining of the pandemic. Increased and improved connectivity, too, is helping boost tourism in the country — particularly domestic tourism,” said Sunjae Sharma, managing director, India and Southwest Asia, Hyatt India Consultancy. Enhanced connectivity and infrastructure development are further bolstering domestic tourism.

Hyatt's growth blueprint revolves around five pivotal aspects: luxury, loyalty, leisure, lifestyle, and wellness as per Sunjae Sharma.

Introduction of New Brand

JdV by Hyatt, the company's ninth brand in India, made its debut in February 2024, capitalizing on the surge in domestic tourism.

Hyatt plans to penetrate new markets, as indicated by the planned launches of Hyatt Regency Kasauli and Hyatt Regency Ghaziabad. Similarly, the Hyatt Place brand is poised to enter three additional locations: Aurangabad, Haridwar, and Dhaka (Bangladesh). Furthermore, Hyatt Centric is set to expand its portfolio with anticipated openings in Hebbal (Bengaluru) and Ballygunge (Kolkata).

Future Endeavors

The company aims to introduce its Unbound Collection in India by 2025, refurbishing the Noor-Us-Sabah palace in Bhopal into a 60-room heritage hotel.

Hyatt attributes its growth to experiential packages, including culinary adventures, spa treatments, overnight camping, and sports events organized by an eight-member experience team.

India holds a significant position in Hyatt's global footprint, trailing only America and China. The loyalty program has witnessed robust double-digit growth in new memberships since 2021, boasting over 1.5 million members from India.

Hyatt aims not to be the largest hotel chain but the most preferred, emphasizing prudent expansion aligned with consumer preferences. Optimism prevails for substantial growth in the next five to seven years, with India emerging as a prominent global player in the hospitality industry.

*Image is for representation purpose only

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