Skift Take
2023 was a record year for Indian hospitality in terms of hotel investments as well as new branded hotel openings and signings.
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The Indian hospitality industry witnessed investments to the tune of $401 million in 2023, real estate company JLL revealed in a new report. This was nearly four times the transaction volume recorded in 2022.
2023 hospitality industry overview: A total of 22 hotel transactions took place in 2023, which is the largest number of assets traded in the 10 years, JLL said. One-fourth of the total investments value related to under-construction hotels in business as well as leisure destinations.
The industry signed hotels with nearly 25,200 keys and opened over 12,600 keys in 2023. JLL added that there was a significant interest in tier-2 cities, which accounted for 54% of the total signings. Jaideep Dang, managing director, hotels and hospitality group, India, JLL, said that 2023 was a record year in terms of hotel investments as well as new branded hotel openings and signings.
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