G20, IPL helping hotel industry; surge in demand here to stay: Experts

It is interesting to see that the new business opportunity is fuelled by India's G20 presidency. The G20 meetings have added to the demand in cities that are slated to host key events

With India assuming the G20 presidency, the domestic hotel industry is witnessing a 'bull run," according to a report IN The Economic Times (ET). Key meetings and events associated with the G20, along with the corporate summits and seminars taking place in the country, have led to an increase in demand. This has resulted in higher room rates for hotels located in key cities.

Vikramjit Singh, president of Lemon Tree Hotels, was quoted as saying, "Hotels in India went for a significant rate increase in the quarter beginning October 2022, and rates have hardened further in the current