Despite its perception as a stressed tourist market, occupancies and room rates for existing properties have been impressive, leading to a lot of planned hotel launches.
The developments are likely to lead to cancellations of future bookings as Indians are likely to settle for other destinations.
Under the terms of the MoU, the parties agreed to establish occupation standards and competency matrices for job roles and develop the courses for hospitality entrepreneurs.
The new hotels will be in locations such as Dehradun, Jodhpur, Mumbai, Bengaluru, Mumbai, Bhopal, Rewa, Ghaziabad and Bareilly among others.
A year after demonetisation, the big fat Indian weddings are being replaced with more muted and cautious ceremonies with an emphasis on digital transactions.
Leading hotel chains said they are adopting new measures and initiatives to make sure that the air their guests breathe is of top quality.
IHG currently has 30 hotels operating across four brands in India, including Intercontinental, Crowne Plaza, Holiday Inn and Holiday Inn Express with another 33 in the development pipeline.
National Restaurant Association of India (NRAI) said it is also planning to send representations to the finance ministry on the matter.
The deal, which had been on for some time, has been completed, people familiar with the development said. The acquisition was made by Damani’s unit Bright Star Investments.
The company said the stake sale will be carried out through an offer-for-sale route.
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