The Indian hospitality industry, which includes hotels and restaurant chains, is valued at $23 billion (Rs 113,976 crore).
Hotels comprise 75 per cent of the total market size.
The hotel market is expected to double in size by 2018. About $12 billion (Rs 59,442 crore) is likely to be invested in the next two years.
By 2011, there will be around 40 new international hotel brands operating in India.
The high growth rate can be attributed to increase in foreign tourist arrivals, the popularity of heritage sites, and international events such as the Commonwealth Games being held in the country.
