Economic downturn helps serviced apartments & budget hotels gain business as cos reduce travel expenses & cut down on luxury hotel stays.
Falling home sales & rising competition from realty portals has pushed brokers out of business, while forcing many to work on thin margins.
Travel companies are reporting a 15% rise in package costs and a 10% (or more) drop in enquiries in the last fortnight.
According to a study, in 2013, domestic travel spending will also grow by 6.1% while spending by international visitors will rise 8.7%.
Unlike in the past, when politicians used to peddle their promises mainly in teeming slums, this time they appear to be focusing as much on the notoriously reluctant voters in the middle-class localities through the local RWAs.
Delhi Development Authority may soon allow construction of residential homes in areas earmarked for industrial units.
NDMC had proposed to give right of first refusal to IHCL. A 33-year lease for the hotel ended in 2011, and IHCL is operating it on a two-year extension.
Hoteliers believe social media will eventually become a key distribution channel that drives bookings and trial and generates revenue.
Hotel occupancies had reached a high of 71.5% in 2005-06 growing from 64.8% in 2003-04. Average room rates peaked at Rs 7,989 in 2007-08. It was Rs 3,569 in 2003-04.
Hills in north have been battered by rains and flash floods but even destinations that haven't been impacted have started to lose business.
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