Feasibility Report on Hotel
A hotel is a business that offers accommodation, food, as well as other amenities to paying customers such as tourists or other guests.
What is Hotel?
Feasibility Report on Hotel is as follow.
A hotel is a well-managed establishment that provides overnight accommodation for different people primarily on a short-term basis in exchange for monetary figures. A hotel is mainly for the traveling population Different varieties of hotels target a specific section of the population. Hotel operators are implementing the newest social media marketing strategies because they work well at increasing awareness and booking volume. Customers are using hotel booking apps more frequently because they are simple to use and give users the best options based on their needs.
The hotel industry is part of the service or the hospitality industry that fundamentally and solely deals with lodging or overnight guest accommodations. The definition of the ‘hotel industry’ is not only limited to just hotels, there are several maintained establishments that provide overnight accommodations and other services like hotels, but may not specifically fall into the category of a ‘hotel’. Motels, Botels, Inns, serviced apartments, hostels, guest houses, road-houses, Bed and Breakfasts (B&B) among many others constitute the hotel industry.
In India, the hospitality sector has seen moderate growth over the past few years and has a great deal of potential to grow much more in the future. Travelers from all over the world have been flocking to the country due to its diverse and rich culture. Both domestic and foreign tourists have acknowledged India as a destination for spiritual tourism. India’s ranking in the World Economic Forum’s index measuring the competitiveness of the travel and tourism industry has increased steadily, rising from 65th in 2013 to 34th in 2019.
Feasibility Report Sample On Hotel
Market Strategy Of Hotel
The key performance indicators for the hotel industry that determine the success rate are revenue per available room (RevPAR), average daily rate (ADR), and occupancy rates. The GST collaborated all the taxes and reduced the business transaction cost for the customers which harmed the hotels. In 2019, the Indian hotel industry was estimated to reach a value of 11,920 INR by 2023, along with RevPAR of $12,400 per annum and a compound annual growth rate (CAGR) of 13% during the period of 2018-2023.
In the Post-COVID era, The RevPAR witnessed a decline of almost 48% in 2020 but is, however, expected to make a recovery by 2021 or 2022 with the adoption of a new dynamic, domestic tourism, and Government-aided schemes, and significant packages. The organized sector of the hotel industry is expected to grow further due to the elimination of many competitions in the market because of the pandemic.
The major brands and companies in the current hotel market scenario are IHCL, Chalet Hotels, ITC Ltd., Radisson Hotels Pvt. Ltd., Intercontinental hotels group Pvt. Ltd., Wyndham, Lemon tree Hotels Ltd., EIH Associated Hotels Ltd., and Bharat Hotels Ltd. Also recovered rapidly post-COVID. Choice Hotels India with its currently operating 32 hotels is also looking forward to opening 11 more new ones in India.
Tamara Hotels has also planned to upscale their room count from the present number of 300 to 1,000 by 2025 and a potential investment of 350 crore INR in Tamil Nadu and Kerala by 2022 is also expected. Domestic vacations and individual domestic and organized hotels witnessed a primary recovery as people were much more comfortable with domestic travel and stay rather than traveling nationally or internationally. Therefore, the local staycations, B&Bs, workstations, and business hotels made sure to follow the COVID norms and guidelines along with the meaningful adoption of Artificial Intelligence (AI) and Data technology and saw an early rise in their businesses after the pandemic.