Branded hotel revenues expected to grow by 9% in FY18: CARE

The tourism & hospitality sector contributed $47 bn to the GDP in 2016

Limited room inventory and increase in travel and Meeting, Incentives, Conferences, Exhibitions (MICE) activities is likely to push the revenues of branded hotels between 7 per cent to 9 per cent in 2017-18, a report by rating agency CARE said. The report expects room inventory of branded hotels to be limited to 57,000 across 11 major cities in the next five years while MICE and tourism activities will increase at a steady pace.

According to the report, in the last five years, domestic travel in India has seen an increase due to medical tourism and willingness among millennials to travel.