India's luxury hotels in a flux as growth slows
Some players bet on future growth and expand as some quit
[MUMBAI] Less than nine months after opening the first hotel in Mumbai under its brand, Hong Kong luxury chain operator Shangri-La Asia handed the keys back to the owner.
Now, US-based Starwood Hotels & Resorts Worldwide is in talks with the same owner to take over management of the property under its St Regis brand, sources said, part of a shakeout at the luxury segment of India's ailing hotel industry.
Slowing economic growth and an oversupply of new hotels conceived during the boom years of 2006 and 2007 have led to falling room and occupancy rates in India, straining relationships between hotel owners and the global chains brought in to run them.
But while some global operators are leaving, others like InterContinental Hotels Group, Hyatt Hotels Corp and Starwood are jumping in, using the now unbranded hotels to accelerate their expansion in a c…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
US 30-year mortgage rate rises to five-month high of 7.24%
Money laundering accused Su Baolin’s Sentosa property goes unsold at auction
US Judge approves US$418 million settlement that will change real estate commissions
In San Francisco, a home renovation can become a battle royale
Country Garden extends bonds to avoid first local default
Daughter of Chinese steel-and-nickel tycoon picks up S$84 million Bin Tong Park bungalow