According to the Ministry of Tourism of India, there is a scarcity of 150,000 hotel rooms in the country. The increased demand of hotels in the country has appeared due to the high demand for hotels in the country has emerged mainly because of the brisk expansion in the tourism business which comprises of 75% of the overall tourism industry in India. According to the estimates provided by Ministry of Tourism and Industry, the occupancy rates of hotels in Bangalore shot up from 64% to 79% between 2001 and 2005, whereas in Bombay and New Delhi it increased from 52% to 74% and from 53% to 80% respectively.
Eyeing the great potential in the Indian Market, world's renowned hotel chains viz. ITC, Accor and Hilton and are penetrating on a broad scale in the Indian hotel industry whereas, Eastern Mandarin, Golden Tulip and Four Seasons are exploring a variety of growth prospects in the country. Accor has recently publicized the formation of two joint-ventures in India where the first is in corporation with Emaar Mfg and entails construction of 100 hotels up to 2015. These hotels will be working under the brand name of 'Formule1' with a per room tariff of USD 20- USD 30 per night. ...Show more