India Hotels Motels 72755 PDF

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MarketLine Industry Profile
Hotels & Motels in

India
December 2018
Reference Code: 0102-0520
Publication Date: December 2018
WWW.MARKETLINE.COM
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EXECUTIVE SUMMARY
Market value
The Indian hotels & motels industry shrank by 0.5% in 2018 to reach a value of $6.4 billion.
Market value forecast

In 2023, the Indian hotels & motels industry is forecast to have a value of $7.5 billion, an increase of 17.2% since 2018.
Market volume
The Indian hotels & motels industry grew by 0.4% in 2018 to reach a volume of 3,803 establishments.
Market volume forecast

In 2023, the Indian hotels & motels industry is forecast to have a volume of 4,351.3 establishments, an increase of
14.4% since 2018.
Category segmentation
Leisure is the largest segment of the hotels & motels industry in India, accounting for 72% of the industry's total value.
Geography segmentation
India accounts for 3% of the Asia-Pacific hotels & motels industry value.
Market rivalry
The Indian hotels and motels industry is dominated by large international players who compete intensely for a share of
the market among themselves and with numerous smaller independent firms. The industry has been concentrated to
large players due to a wave of consolidation during the last five years.

TABLE OF CONTENTS
Executive Summary......................................................................................................................................................... 2
Market value ................................................................................................................................................................ 2
Market value forecast .................................................................................................................................................. 2
Market volume ............................................................................................................................................................. 2
Market volume forecast ............................................................................................................................................... 2
Category segmentation ............................................................................................................................................... 2
Geography segmentation ............................................................................................................................................ 2
Market rivalry ............................................................................................................................................................... 2
Market Overview.............................................................................................................................................................. 7
Market definition .......................................................................................................................................................... 7
Market analysis............................................................................................................................................................ 7
Market Data ..................................................................................................................................................................... 9
Market value ................................................................................................................................................................ 9
Market volume ........................................................................................................................................................... 10
Market Segmentation .................................................................................................................................................... 11
Category segmentation ............................................................................................................................................. 11
Geography segmentation .......................................................................................................................................... 12
Market Outlook .............................................................................................................................................................. 13
Market value forecast ................................................................................................................................................ 13
Market volume forecast ............................................................................................................................................. 14
Five Forces Analysis ..................................................................................................................................................... 15
Summary ................................................................................................................................................................... 15
Buyer power .............................................................................................................................................................. 16
Supplier power........................................................................................................................................................... 18
New entrants ............................................................................................................................................................. 20
Threat of substitutes .................................................................................................................................................. 22
Degree of rivalry ........................................................................................................................................................ 23
Leading Companies....................................................................................................................................................... 26

ITC Hotels.................................................................................................................................................................. 26
Marriott International Inc ............................................................................................................................................ 27
Sarovar Hotels Private Limited .................................................................................................................................. 30
The Indian Hotels Company ...................................................................................................................................... 32
Macroeconomic Indicators............................................................................................................................................. 35
Country data .............................................................................................................................................................. 35
Methodology .................................................................................................................................................................. 37
Industry associations ................................................................................................................................................. 38
Related MarketLine research .................................................................................................................................... 38
Appendix........................................................................................................................................................................ 39
About MarketLine ...................................................................................................................................................... 39

LIST OF TABLES
Table 1: India hotels & motels industry value: $ billion, 2014-18(e) ................................................................................9
Table 2: India hotels & motels industry volume: establishments, 2014–18(e)...............................................................10
Table 3: India hotels & motels industry category segmentation: $ billion, 2018(e)........................................................11
Table 4: India hotels & motels industry geography segmentation: $ billion, 2018(e) ....................................................12
Table 5: India hotels & motels industry value forecast: $ billion, 2018-23.....................................................................13
Table 6: India hotels & motels industry volume forecast: establishments, 2018–23 .....................................................14
Table 7: ITC Hotels: key facts ....................................................................................................................................... 26
Table 8: Marriott International Inc: key facts..................................................................................................................27
Table 9: Marriott International Inc: key financials ($).....................................................................................................27
Table 10: Marriott International Inc: key financial ratios ................................................................................................28
Table 11: Sarovar Hotels Private Limited: key facts......................................................................................................30
Table 12: The Indian Hotels Company: key facts..........................................................................................................32
Table 13: The Indian Hotels Company: key financials ($) .............................................................................................33
Table 14: The Indian Hotels Company: key financials (Rs.)..........................................................................................33
Table 15: The Indian Hotels Company: key financial ratios ..........................................................................................33
Table 16: India size of population (million), 2014–18 ....................................................................................................35
Table 17: India gdp (constant 2005 prices, $ billion), 2014–18 .....................................................................................35
Table 18: India gdp (current prices, $ billion), 2014–18 ................................................................................................35
Table 19: India inflation, 2014–18 ................................................................................................................................. 36
Table 20: India consumer price index (absolute), 2014–18...........................................................................................36
Table 21: India exchange rate, 2013–17 .......................................................................................................................36

LIST OF FIGURES
Figure 1: India hotels & motels industry value: $ billion, 2014-18(e) ...............................................................................9
Figure 2: India hotels & motels industry volume: establishments, 2014–18(e) .............................................................10
Figure 3: India hotels & motels industry category segmentation: % share, by value, 2018(e) ......................................11
Figure 4: India hotels & motels industry geography segmentation: % share, by value, 2018(e)...................................12
Figure 5: India hotels & motels industry value forecast: $ billion, 2018-23....................................................................13
Figure 6: India hotels & motels industry volume forecast: establishments, 2018–23 ....................................................14
Figure 7: Forces driving competition in the hotels & motels industry in India, 2018......................................................15
Figure 8: Drivers of buyer power in the hotels & motels industry in India, 2018............................................................16
Figure 9: Drivers of supplier power in the hotels & motels industry in India, 2018 ........................................................18
Figure 10: Factors influencing the likelihood of new entrants in the hotels & motels industry in India, 2018 ................20
Figure 11: Factors influencing the threat of substitutes in the hotels & motels industry in India, 2018 .........................22
Figure 12: Drivers of degree of rivalry in the hotels & motels industry in India, 2018....................................................23
Figure 13: Marriott International Inc: revenues & profitability ........................................................................................28
Figure 14: Marriott International Inc: assets & liabilities ................................................................................................29
Figure 15: The Indian Hotels Company: revenues & profitability ..................................................................................34
Figure 16: The Indian Hotels Company: assets & liabilities ..........................................................................................34

MARKET OVERVIEW
Market definition
The hotels & motels industry value consists of all revenues generated by hotels, motels and other accommodation
providers through the provision of accommodation and other services. The total value includes room revenue and non-
room revenue, including casinos, shops and telecommunication services. The industry is segmented according to the
origin of the revenues (leisure consumers and business consumers). Market volumes are classed as the number of
hotels in a country or region. Any currency conversions included within this report have been calculated using constant
2017 annual average exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific, Middle
East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
Market analysis
The Indian hotels and motels industry experienced weak growth overall during the historic period, although it is expected
to register a small decline of 0.5% in 2018. Moderate growth is expected over the forecast period.
The growth of foreign and domestic demand in the Indian industry has been strong in recent years. In detail, the
population’s rising income has spurred domestic leisure and business travel expenditure, while international tourist
arrivals were also increased by the relaxing of visa requirements.
Nevertheless, the declining average price of accommodation amid strong supply growth in recent years has eroded the
revenue of hotel operators that sought to improve occupancy rates. In fact, 2016’s growth acceleration was achieved by
peak demand that year, which improved occupancy rates as prices went down again, although less than in previous
years.
The Indian hotels and motels industry is expected to generate total revenues of $6.4bn in 2018, representing a
compound annual growth rate (CAGR) of 1.7% between 2014 and 2018. In comparison, the South Korean industry will
decline with a compound annual rate of change (CARC) of -1%, and the Chinese industry will increase with a CAGR of
8.2%, over the same period, to reach respective values of $3.7bn and $81.2bn in 2018.
Domestic tourism visitors grew by 12.7% in 2016, with the number of foreign visitors being up by 9.7% compared to
2015. In the latter case, the recent extension of visa policies to 150 countries has contributed a lot to this trend.
The number of establishments is forecast to increase with a CAGR of 1% between 2014 and 2018, to reach a total of
3,803.0 in 2018. The number of establishments is expected to rise to 4,351.3 by the end of 2023, representing a CAGR
of 2.7% for the 2018-2023 period.

The government has allowed 100% FDI under the automatic route to upgrade the travel and tourism industry and, as a
result, international hotel brands have started taking a keen interest in India. International hotel chains are expected to
increase their presence in the country and account for approximately 47% of the sector by 2020. A great shortage of
accommodation is still being experienced in tourist centers all over the country. The total number of rooms available in
the country are not enough to cater to the requirements of the growing tourist volume.
The leisure segment is expected to be the industry's most lucrative in 2018, with total revenues of $4.6bn, equivalent to
72% of the industry's overall value. The business segment will contribute revenues of $1.8bn in 2018, equating to 28% of
the industry's aggregate value.
India is well known for its natural beauty and offers tourist destinations that de-stress and rejuvenate travelers, along with
30 World Heritage sites and 25 bio-geographic zones. This has been a key driver of growth within the leisure segment.
The growth of the business segment will be spurred over the next few years by the ongoing expansion of convention
centers, which will upgrade India's status as a MICE industry destination. Some of the increasingly popular MICE
destinations in India include New Delhi, Hyderabad, Goa, Cochin and Agra, which will continue to contribute to growth in
this segment.
The performance of the industry is forecast to accelerate, with an anticipated CAGR of 3.2% for the five-year period 2018
- 2023, which is expected to drive the industry to a value of $7.5bn by the end of 2023. Comparatively, the South Korean
and Chinese industries will grow with CAGRs of 2.4% and 11% respectively, over the same period, to reach respective
values of $4.2bn and $136.7bn in 2023.
The Indian industry is forecast to accelerate based on the strong demand growth rates which are expected to occur over
the next years, as well as due to the stabilization of prices as occupancy rates have already been improved by the
downward price trend of recent years.
Luxury hotel revenue is expected to increase over the forecast period; this increase will continue to be due to an
increase in business trips and international arrivals, together with other services offered by luxury hotels such as spas,
restaurants and transportation facilities.

MARKET DATA
Market value
The Indian hotels & motels industry shrank by 0.5% in 2018 to reach a value of $6.4 billion.
The compound annual growth rate of the industry in the period 2014-18 was 1.7%.
Table 1: India hotels & motels industry value: $ billion, 2014-18(e)
Year $ billion Rs. billion € billion % Growth

2014 6.0 390.2 5.3
2015 6.1 393.9 5.4 0.9
2016 6.2 400.5 5.4 1.7
2017 6.5 420.0 5.7 4.9
2018(e) 6.4 417.7 5.7 -0.5
CAGR: 2014–18 1.7%
SOURCE: MARKETLINE MARKETLINE
Figure 1: India hotels & motels industry value: $ billion, 2014-18(e)

Market volume
The Indian hotels & motels industry grew by 0.4% in 2018 to reach a volume of 3,803 establishments.
The compound annual growth rate of the industry in the period 2014-18 was 1%.
Table 2: India hotels & motels industry volume: establishments, 2014–18(e)
Year establishments % Growth

2014 3,654.0
2015 3,806.0 4.2
2016 3,878.0 1.9
2017 3,786.0 -2.4
2018(e) 3,803.0 0.4
CAGR: 2014–18 1.0%
Figure 2: India hotels & motels industry volume: establishments, 2014–18(e)

MARKET SEGMENTATION
Category segmentation
Leisure is the largest segment of the hotels & motels industry in India, accounting for 72% of the industry's total value.
The Business segment accounts for the remaining 28% of the industry.
Table 3: India hotels & motels industry category segmentation: $ billion, 2018(e)
Category 2018 %
Leisure 4.6 72.0%
Business 1.8 28.0%
Total 6.4 100%
Figure 3: India hotels & motels industry category segmentation: % share, by value, 2018(e)

Geography segmentation
India accounts for 3% of the Asia-Pacific hotels & motels industry value.
China accounts for a further 37.7% of the Asia-Pacific industry.
Table 4: India hotels & motels industry geography segmentation: $ billion, 2018(e)
Geography 2018 %
China 81.2 37.7
Japan 42.9 19.9
India 6.4 3.0
South Korea 3.7 1.7
Taiwan 2.1 1.0
Rest of Asia-Pacific 78.9 36.7
Total 215.2 100%
Figure 4: India hotels & motels industry geography segmentation: % share, by value, 2018(e)

MARKET OUTLOOK
Market value forecast
In 2023, the Indian hotels & motels industry is forecast to have a value of $7.5 billion, an increase of 17.2% since 2018.
The compound annual growth rate of the industry in the period 2018-23 is predicted to be 3.2%.
Table 5: India hotels & motels industry value forecast: $ billion, 2018-23
Year $ billion Rs. billion € billion % Growth

2018 6.4 417.7 5.7 (0.5%)
2019 6.5 424.0 5.8 1.5%
2020 6.6 431.0 5.9 1.6%
2021 6.9 448.3 6.1 4.0%
2022 7.3 477.3 6.5 6.5%
2023 7.5 490.0 6.7 2.7%
CAGR: 2018–23 3.2%
Figure 5: India hotels & motels industry value forecast: $ billion, 2018-23

Market volume forecast
In 2023, the Indian hotels & motels industry is forecast to have a volume of 4,351.3 establishments, an increase of
14.4% since 2018.
The compound annual growth rate of the industry in the period 2018-23 is predicted to be 2.7%.
Table 6: India hotels & motels industry volume forecast: establishments, 2018–23
Year establishments % Growth

2018 3,803.0 0.4%
2019 3,854.0 1.3%
2020 3,923.0 1.8%
2021 4,048.0 3.2%
2022 4,279.0 5.7%
2023 4,351.3 1.7%
CAGR: 2018–23 2.7%
Figure 6: India hotels & motels industry volume forecast: establishments, 2018–23

FIVE FORCES ANALYSIS
The hotels & motels market will be analyzed taking hotel and motel operators as players. The key buyers will be taken as
consumers, and property owners, interior designers, and information and computer technology manufacturers as the key
suppliers.
Summary
Figure 7: Forces driving competition in the hotels & motels industry in India, 2018
The Indian hotels and motels industry is dominated by large international players who compete intensely for a share of
the market among themselves and with numerous smaller independent firms. The industry has been concentrated to
large players due to a wave of consolidation during the last five years.
Within the industry, where switching costs are negligible and competing on price alone is no longer a key to success,
brand recognition and innovation help to attract first-time customers and repeat business. Buyers include business and
leisure customers, with the latter becoming increasingly price-sensitive. Travel agents, which are large buyers, have
augmented bargaining power against other players in the industry.
Suppliers include providers of various goods and services, as well as a qualified workforce. Due to a high reliance on
complex ICT systems and the growing importance of mobile communication channels, some suppliers may exert strong
supplier power.
Entry on a small scale for a new player is possible, but given the importance of brand power and technology to
expansion, significant capital outlay is required for a large-scale operation. Regulation and the limited availability of
properties for development may deter new entrants.
A new substitute in the form of private rentals, widely available through online services such as Airbnb, is a potential
threat to the industry.

Buyer power
Figure 8: Drivers of buyer power in the hotels & motels industry in India, 2018
The hotels and motels industry is both mature and competitive, and therefore brand recognition is important to attract
consumers. A strong brand image helps to attract first-time customers as well as repeat business, as switching costs are
negligible. Differentiation between brands becomes important, as one particular brand becomes synonymous with
quality, price, or a specific target audience. Major players therefore have a wide portfolio of brands ranging from budget
to luxury imprints.
With the exception of the premium market, buyers are generally price sensitive. Innovation is vitally important to
attracting customers, as competing on price alone can be difficult, particularly when it is closely linked to a buyer's
perception of quality. Within the premium segment, companies can attract customers on parameters such as security
and facilities. Larger companies have implemented loyalty schemes, by offering a points system or air miles to regular
customers, which reduces buyer power.
As customers are numerous and mostly small in size, their buyer power is reduced, since the impact of losing one
customer is not a significant threat to business. However, if the number of travelers falls, buyer power is driven up, as
consumers have more options available, often at a lower price point. Most importantly, the existence of online hotel
search aggregators increases consumer awareness with regards to price, enhancing buyer power. Online reviews have
a decisive impact on consumer decisions and the ability to easily make cancelations online gives buyers greater power.
Expedia Inc (trivago, expedia.com, hotels.com) and The Priceline Group (booking.com, agoda.com, kayak.com) have
eroded the brand appeal of large hotel operators by increasing consumers' awareness of quality and price. They also
offer their own loyalty schemes and discounts. Corporate buyers, travel agents in particular, have more bargaining power
as a result of their financial muscle related to the bulk purchase of rooms. Consequently, the loss of a contract with a
travel agent is significant for an industry player.

In India, revenues generated from the leisure segment are expected to account for 72% of the industry's total value in
2018, with the remaining 28% comprised by the business segment. This means that, for the vast majority of buyers,
hotels and motels are a dispensable service that they do not necessarily need, particularly during periods of economic
downturn, thereby increasing buyer power. Accordingly, leisure customers tend to be more price-sensitive than business
customers. Ultimately, the decision of individual buyers is reliant on the availability of disposable income, as credit is not
a usual financing option. The price of the Indian rupee against the British Pound and US Dollar has an impact on
demand from UK and US travelers, respectively, which accounted for a combined 25% increase in foreign visitors in
2016.
As buyers are the final consumers, the forward integration of players is not an issue. The backwards integration of
buyers, however, is a potential factor given the increasing popularity of online services such as Airbnb and FlipKey,
which allow the general public to rent out their own houses or spare rooms.
Overall, buyer power is moderate.

Supplier power
Figure 9: Drivers of supplier power in the hotels & motels industry in India, 2018
Suppliers in this industry are defined as property owners, developers, real estate companies, interior design and
furnishing firms, architects, management and training service providers, marketing companies, industry consultants, and
information and computer technology (ICT) manufacturers.
Real estate firms are often smaller than hotel and motel operators and rather than being global entities, are usually local
to the property they develop. This reduces their financial muscle and ability to negotiate favorable contracts. Hotels can
also integrate backwards and operate their own real estate businesses. Nevertheless, switching properties is costly and
suppliers can differentiate themselves in terms of construction quality.
The quality and availability of supplier services and equipment is essential to the hotel and motel industry. Operators are
reliant upon sophisticated property management technology and procurement and reservation systems. Applications,
databases and networks must integrate easily with each other and third-party software to facilitate collaborations with
partners. The growing importance of the mobile channel is clear. The technology platforms used by hospitality
companies must support and enable all user interactions, from landlines and fax machines to tablets and smartphones.
Additionally, those supplying technology are not wholly reliant on the hotel industry due to the myriad of applications for
systems.
The industry is labor intensive; staff costs are significant as success is strongly influenced by the quality of the service
provided. This strengthens supplier power. In countries where minimum wage legislation is in force, supplier power is
increased because the ability of the employing business to control pay levels is restricted. In India, minimum wages vary
by sector and region and are set by the state governments according to the Minimum Wages Act, 1948. For unskilled
workers in hotels, shops, and restaurants, the minimum wage ranges from $3.79 per day in Bihar to $6.62 per day in
Delhi. However, advances in check-in and booking technologies are reducing the need for as many staff.
Big chain hotel operators typically strike a balance between in-house and outsourced services, both of which have
advantages and disadvantages. Hotel operators lose control when they outsource the provision of services, such as
cleaning, and in some instances, this can lead to unwanted headlines that can potentially damage corporate image and
reputations.

Suppliers are not likely to forward integrate on a large scale due to the lack of synergies between their core businesses
and the industry.
Supplier power is assessed as moderate.

New entrants
Figure 10: Factors influencing the likelihood of new entrants in the hotels & motels industry in
India, 2018
Suppliers are easily accessible; therefore it is possible to enter the industry in a relatively low-key manner by opening a
small, independent hotel or motel as a sole proprietor. However, the industry is capital intensive, and for a large-scale
entrance, upfront investment in buildings, decor, furnishings, ICT infrastructure, and staff are large-scale expenses.
Investment in buildings and fixed-costs are higher in large tourist destinations where property prices are high.
In a highly competitive business, using the latest technology to conduct operations, developing tools, and modernizing
employee skill sets is essential; while initially a USP, allowing travelers to check into hotel rooms remotely, is becoming
more of an industry standard. Customers wish to engage with hotels across all touch points and the intellectual property
surrounding such technology is therefore becoming more important to the industry. Major players are able to exploit the
power of their brands to create alliances with airlines and travel agents. The franchise model of many large chains also
restricts the number of independent competitors and gives franchisees a fixed-cost advantage. Large hotel chains tend
to heavily invest in assets within locations that guarantee income streams.
India is well known for its natural beauty and it offers several tourist destinations that de-stress and rejuvenate travelers.
It also has 30 World Heritage sites and 25 bio-geographic zones. The ecotourism market in India is growing fast,
attracting domestic and international tourists alike. The government and state tourism development corporations are in
the process of quickly setting up eco-tourists destinations. One such project is Thenmala in Kerala, meant to serve eco-
tourists and nature lovers. Overall, there is a growing trend towards travel to eco-destinations, especially national parks,
reserve forests and wildlife sanctuaries. To encourage stakeholders, the Ministry of Tourism has initiated award
categories such as ‘Best eco-friendly Hotel’ and the ‘Best eco-friendly practices by tour operators’. This could encourage
new entrants focusing on this particular niche market.

As tourism is not a vital consumer good, it has a tendency to be cyclical and travelers increasingly expect bargain rates
while refusing to tolerate lapses in quality and service. To sustain revenue growth in the premium market, operating a
chain of hotels is often an important strategy as it reduces a dependence on tourism to a specific location. However, in
order to open an international chain of hotels, regulations in terms of real estate and buying abroad must to be taken into
consideration and can be restrictive in some countries. The Indian government has attracted investments by allowing
100% foreign direct investment in the tourism sector. Other forms of regulation such as taxes on the lodging industry can
be distortive. For instance, the proposed 28% increase of the goods and services tax for accommodation above
INR5,000 will have a negative impact on the luxury segment. The purchase, leasing, and management of property may
involve legal and financial complexities, necessitating spending on professional services.
The notion of brand integrity is crucial; hotels must supply consistent services in a global environment, while adapting to
support customers with cultural backgrounds and sensitivities in the local market. Some companies have been able to
develop a certain business model to avoid extra costs; however, a completely new entrant may not have the economies
of scale to attempt this. Marriott has developed business models involving third-parties to bring costs down.
Difficulties in terms of obtaining ISO accreditation and complying with national regulations in areas such as food safety
and information security can also be barriers for new entrants. The propensity of buyers searching for all-inclusive
services within a particular location is indicative of this and may discourage start-ups.
According to the World Economic Forum's 'Travel and Tourism Competitiveness Report 2017'; India ranks 40th out of
136 countries, rising 12 places from the previous year. The Indian industry benefits from its rich cultural resources and
price competiveness, regarding accommodation prices and purchasing parity, but lacks infrastructure. The industry's
outlook has been improved by the relaxing of visa requirements, stimulating foreign demand. A higher score in terms of
travel and tourism competitiveness is expected to encourage new entrants, as the industry is a key driver of demand for
the hotels and motels industry.
The industry tends to be reliant on the performance of other tourism related industries such as airlines; the growth of the
latter having a complementary effect on the former. India’s location in South Asia provides the government with
opportunities to develop India as a major transit hub. Indian airports have lower charges in comparison to other airports
in the Middle East and South-East Asia, and the upgrade of existing airports to handle more passengers will allow them
to be used by airlines as a transit point for flights between Europe, Australia, East Asia and Africa. The upgrade of
airports will not only increase the tourist inflow, it will also prove to be a major source of revenue for the government.
Fundamentally, the likelihood of new entrants is dependent on the availability of properties in a certain location; those
that have mainstream appeal are resplendent with highly developed incumbents, which limit the prospects of new
entrants. For this reason, one of the most important criteria for examining the possibility of entry is supply. In this way,
prospective entrants are able to assess growth trends relative to demand. In particular, capacity growth in terms of the
Indian industry, measured by units of establishments, is set to accelerate at a CAGR of 2.7% over 2018–2023.
Reportedly, Marriott International plans to develop 175 to 200 new hotels in India over the next four years. More than
25,000 premium rooms are in the overall pipeline.
The government allows 100% FDI under the automatic route, in order to upgrade the travel and tourism industry. As a
result, international hotel brands have started taking a keen interest in India. International hotel chains are expected to
increase their presence in the country and account for approximately 47% of the sector by 2020. A great shortage of
accommodation is still being experienced in tourist centers all over the country. The total numbers of rooms available are
not enough to cater to the requirements of the growing tourist volumes. This growing demand is expected to attract new
entrants.
Overall, the likelihood of new entrants into the hotels and motels industry is assessed as moderate.

Threat of substitutes
Figure 11: Factors influencing the threat of substitutes in the hotels & motels industry in India,
2018
Substitutes to hotels and motels include alternative forms of leisure accommodation, such as camping facilities and
cruises. Switching costs therefore range from negligible to high.
While all these substitutes offer the same basic function of a place to stay, luxury hotels and motels often provide added
benefits, such as spas and restaurants. While some of these substitutes offer a reduction in costs, the switch is often one
of necessity rather than choice. Therefore, when consumers are in a more affluent position, the threat posed by
substitutes is likely to decline. In some cases, hotel firms can mitigate the threat of substitutes by expanding into the area
of business threatening their revenues. Larger hotel chains might opt to maintain a range of private villas to reduce the
threat of substitution.
A substitute that is becoming increasingly threatening are online services such as Airbnb, FlipKey and Couchsurfing.
Markedly, the Airbnb listings of available accommodation worldwide as of November 2018 reached over 5 million,
greater than that of the five largest hotel brands combined. The International Hotel & Restaurant Association describes
these services as partially unfair to competition, but they have proven extremely successful. The average nightly price for
Airbnb in India is $54; however, prices range from just $10 per night to over $1,000 per night, meaning that there is an
appeal to a range of buyers. This represents a significant substitute threat to traditional hotel and motel operators and
they are reacting by rolling out brands to attract millennial consumers who typically favor Airbnb.
The threat of substitutes is assessed as moderate.

Degree of rivalry
Figure 12: Drivers of degree of rivalry in the hotels & motels industry in India, 2018
The Indian industry includes large hotel operators such as Marriott International, Accor Hotels, The Indian Hotel
Company, and Sarovar Hotels and Resorts, with most of leading players operating several different branded chains.
However, there are also a large number of independent players present.
The industry is highly concentrated with large players. A period of consolidation compounded this trend. International
hotel chains account for 44% of total capacity, with this number set to increase.
The strong supply growth has outpaced demand to an extent, with operators reducing the average price of
accommodation in an effort to improve occupancy rates. Consequently, rivalry has been intensified in Ahmedabad and
Pune, locations of high growth. In contrast, rivalry was less intensive in high-demand locations such as the New Delhi,
Mumbai, Gurgaon and Goa.
Differentiation in the quality of services provided serves to alleviate rivalry. Price-brand discrimination is a key
competitive strategy followed by large hotel operators, based on which they are able to operate in the various industry
segments. Interestingly, the financial figures of the largest international hotel operators reveal that the wider the price-
brand discrimination, the higher the profit markup. Accor implements this strategy by operating budget ibis hotels,
midscale Mercure and Novotel variations, as well as its luxury Sofitel brand. Domestic firm, Sarovar Hotels, is engaged in
the budget, midscale and luxury class-segments, directly competing with Accor. Marriot's brand differentiation strategy
ranges from luxury properties such as JW Marriott and Ritz-Carlton to upscale propositions such as AC Marriott). Indian
Hotels Company operates a similar model in the midscale and luxury segments, while its presence in other tourism-
related industries creates synergies. Markedly, the firm lost its market leading position following the the acquisition of
Starwood Hotels by Marriott.
Other significant players include Hotel Group, the operations of which cover luxury (Intercontinental), upscale (Crowne
Plaza), and midscale (Holiday Inn) brands, and ITC Hotels, a franchisee of Starwood's luxury brands.

Consolidation was evident during the historic period; the milestone-acquisition of Starwood Hotels by Marriott
International completed in September 2016 for $13.6bn, through which Marriott consolidated its market presence in
India, was one such example. By increasing its holdings in the luxury segment, Marriott enhances its bargaining power
over travel agents. The majority stake acquisition of Sarovar Hotels by the Louvre Hotel Group (a subsidiary of Jin Jiang
International Holdings) in 2016 was another significant consolidation step for the industry.
Competition in the industry has spatial characteristics as the location of an establishment plays a crucial role in its
success. Analytically, players operating closer to an attractive tourism or business location benefit from greater inelastic
demand and can command premium rates. Operators based further out tend to compete heavily on price, but have fewer
associated costs.
In terms of the capacity of units, supply is an important factor when determining rivalry. An excess capacity of
establishments in a certain location leads to intensive rivalry as prices are forced down. Additionally, storage costs are
relatively high so players cannot manipulate prices by withholding capacity. In fact, hotel operators are incentivized to
increase their occupancy rates, even by lowering prices, in order to cover the fixed costs that account for the largest
portion of the industry's total costs.
Ultimately, some key performance indicators serve to benchmark the competition capacity of players as well as the
rivalry: average daily rate (ADR), which reflects the average price paid per room in a certain period, and revenue per
available room (RevPAR).
Many larger operators have diversified to some extent and own additional businesses such as casinos, restaurants, and
shops. To attract and sustain more business, operators try to offer more complex packages and value-added services,
such as free breakfasts, parking, or a free third night. Lifestyle hotels are a recent trend in this area and cater to the
conscientious traveler's demands for eco-friendly practices, social responsibility, and affordable style. Examples include
the millennial-focused Indigo Hotels brand by IHG.
End user tastes are changing, particularly where younger travellers are concerned. Just having a nice hotel in a good
location is no longer enough; therefore it is important that players adapt in order to remain competitive. The so called
‘instagramability’ of a location is a factor influencing where millennials wish to travel and so are the facilities that are
included within the hotel. An example of this is Accor Hotel’s new brand of hotels Jo&Joe, which opened its first location
in 2018, but already has plans to open a further 50 by 2020. The new chain is designed specifically to meet the demands
of millennials, which is focused on the concept of sharing and interaction.
Technology is also driving significant change in the industry and players must remain at the forefront of innovation in
order to remain competitive. As of July 2018, Hilton had introduced its Connected Room concept to 500 rooms in four
hotels in Memphis, Tennessee, US. The Connected Room is a hotel room designed to allow guests to set the room
temperature, change TV channels, and turn the lights on or off, all via a mobile app. Other trends which are likely to
shape the future of the industry are utilizing the IoT enhance the guest experience, wireless charging within rooms,
virtual reality headsets and hospitality robotics.
While rural tourism aims to promote visits to villages to experience a relaxed and healthy lifestyle, pilgrimage tourism
seeks to position the country’s multi-religious conglomeration and religious hubs to attract tourists. A total of INR1,513
crore ($23.6m) has been allocated to the 'Swadesh Darshan' and PRASAD (National Mission on Pilgrimage
Rejuvenation and Spiritual Augmentation Drive) schemes. A total of 13 pilgrimage/destination circuits are expected to be
promoted across the Northeastern India, Buddhist, Himalayan, coastal, Krishna, desert, tribal, eco, wildlife, rural,
spiritual, Ramayana and heritage circuits. Niche offerings such as this can give players an edge over competitors within
the industry.

The largest hotel and motel operators are fairly well insulated from unpredictable market conditions as they are
somewhat protected by geographical diversification. However, others are based largely or exclusively in a single country.
Exit barriers in the industry are fairly high because most of the major tangible assets are industry specific and hard to
divest. This is a likely motivator for many of the global leaders to pursue expansion plans through franchising and hotel
management services. Many chains have adopted an asset-light business model in order to fuel expansion; selling off
assets has allowed these competitors to raise capital and invest in expanded operations, which again intensifies the
competitive nature of the industry.
The performance of the industry is forecast to accelerate, with an anticipated CAGR of 3.2% over 2018–2023, which is
expected to drive the industry to a value of $7.5bn by the end of 2023. Moderate growth in the Indian industry will
alleviate the degree of rivalry between players somewhat and reduce the likelihood of a zero-sum game in the coming
years.
Overall, rivalry is assessed as strong.

LEADING COMPANIES
ITC Hotels
Table 7: ITC Hotels: key facts
ITC Green Centre, 10 Institutional Area, Sector 32, Gurgaon, Haryana,

Head office:
IND
Telephone: 91 124 4171717
Fax: 91 124 4172222
Website: www.itchotels.in
SOURCE: COMPANY WEBSITE MARKETLINE
ITC Hotels (ITC) is a hospitality service provider based in India. The company’s service portfolio includes
accommodation, dining services, meetings and events services, and wellness and spa facilities. It also offers online
reservations, a business center, in-room safes and mini-bars, 24-hour room service, a travel desk, and banquet and
conference facilities. ITC owns and operates more than 100 hotels in more than 70 destinations, including New Delhi,
Mumbai, Chennai, Bangalore, Hyderabad, Kolkata, Jaipur, Agra, Vadodara, Aurangabad, and Visakhapatnam. The key
hotels operated by ITC are ITC Grand Chola, ITC Maurya, ITC Maratha, ITC Gardenia, Sheraton New Delhi Hotel,
Sheraton Park Hotel and Towers, WelcomHotel Dwarka, WelcomHotel Raviz, and WelcomHotel Grand Bay, among
others. It operates as a subsidiary of ITC Limited and is based in Gurgaon, Haryana, India.
Key Metrics
As a privately owned company, ITC Hotels is not obliged to publish its financial results.

Marriott International Inc
Table 8: Marriott International Inc: key facts
Head office: 10400 Fernwood Road, Bethesda, Maryland, USA

Telephone: 1 301 380 3000
Fax: 1 301 380 3967
Website: www.marriott.com
Financial year-end: December
Ticker: MAR
Stock exchange: NASDAQ
Marriott International, Inc. (Marriott) is a hospitality service provider that operates hotels and restaurants. It operates,
franchises and licenses hotels, residential and timeshare properties under several luxury, premium and select brand
names. Its brands include the Ritz-Carlton, JW Marriott, St. Regis, Westin, Renaissance, Marriott Hotels, Le Meridien,
Gaylord Hotels, Marriott Executive Apartments, Delta Hotels, Tribute Portfolio, Design Hotels Residence Inn, Courtyard
and SpringHill Suites. It offers accommodation, hotel reservations, timeshare vacations, flight and hotel packages, and
car rentals services. It also operates loyalty programs, including Marriott Rewards and Starwood Preferred Guest. The
company’s operations are spanned across North America, Europe, the Middle East, Africa, Asia-Pacific, Caribbean and
Latin America. Marriott is headquartered in Bethesda, Maryland, the US.
The company reported revenues of $22,894m for the fiscal year ended December 2017 (FY2017), an increase of 34.1%
over FY2016. In FY2017, the company’s operating margin was 10.3%, compared to an operating margin of 8% in
FY2016. In FY2017, the company recorded a net margin of 6%, compared to a net margin of 4.6% in FY2016.
Key Metrics
The company recorded revenues of $22,894 million in the fiscal year ending December 2017, an increase of 34.1%
compared to fiscal 2016. Its net income was $1,372 million in fiscal 2017, compared to a net income of $780 million in
the preceding year.
Table 9: Marriott International Inc: key financials ($)
$ million 2013 2014 2015 2016 2017

Revenues 12,784.0 13,796.0 14,486.0 17,072.0 22,894.0
Net income (loss) 626.0 753.0 859.0 780.0 1,372.0
Total assets 6,794.0 6,833.0 6,082.0 24,140.0 23,846.0
Total liabilities 8,209.0 9,065.0 9,672.0 18,783.0 20,264.0
Employees 123,000 123,500 127,500 226,500 177,000
SOURCE: COMPANY FILINGS MARKETLINE

Table 10: Marriott International Inc: key financial ratios
Ratio 2013 2014 2015 2016 2017

Profit margin 4.9% 5.5% 5.9% 4.6% 6.0%
Revenue growth 8.2% 7.9% 5.0% 17.9% 34.1%
Asset growth 7.1% 0.6% (11.0%) 296.9% (1.2%)
Liabilities growth 7.6% 10.4% 6.7% 94.2% 7.9%
Debt/asset ratio 120.8% 132.7% 159.0% 77.8% 85.0%
Return on assets 9.5% 11.1% 13.3% 5.2% 5.7%
Revenue per employee $103,935 $111,709 $113,616 $75,373 $129,345
Profit per employee $5,089 $6,097 $6,737 $3,444 $7,751
Figure 13: Marriott International Inc: revenues & profitability

Figure 14: Marriott International Inc: assets & liabilities

Sarovar Hotels Private Limited
Table 11: Sarovar Hotels Private Limited: key facts
Head office: 42 Mittal Chambers, Nariman Point, IND

Telephone: 91 22 61 56 5757
Fax: 91 22 61 56 5758
Website: www.sarovarhotels.com
Sarovar Hotels Private Limited (Sarovar Hotels) owns, manages, and operates a portfolio of luxury, mid-scale, and
budget hotels in metropolitan and major tourist destinations across India and globally. The company currently conducts
business operations through a portfolio of 75 operational hotels in 50 cities in India. It also operates one hotel each in
Dar-Es-Salaam (Tanzania), Nairobi, and Juba (South Sudan). Sarovar Hotels has 11 regional sales and reservation
offices located across India, and the company primarily operates through three domestic brands and two international
franchised brands. Sarovar Hotels is the master franchisor for the Park Plaza and the Park Inn hotel brands of the
Carlson Group Inc. in India. In addition, it owns three domestic hotel brands: Sarovar Premier, Sarovar Portico, and
Hometel.
Sarovar Premier Hotels operates five-star luxury hotels that serve the upscale market segment. The hotels primarily
comprise luxury rooms and suites, a swimming pool, all-day dining restaurants, oriental dining restaurants under The
Oriental Blossom brand, a pool-side dining facility, Wi-Fi, fitness centers, lounge bars, and meeting and banquet rooms
for various private, social, and business events. The hotels are characterized by contemporary architecture and interiors.
Sarovar Hotels operates Sarovar Premiere hotels across prime metropolitan cities such as Agra, Kerala, Mumbai,
Solapur, and Tirupati.
Sarovar Portico hotels are three- and four-star hotels serving the mid-scale market. The hotels primarily offer business-
class rooms, all-day dining restaurants, roof-top restaurants, bar facilities, Wi-Fi, laundry services, fitness centers, and
meeting and banquet room amenities. Sarovar Hotels operate 35 Sarovar Portico hotels across tier I and tier II metro
cities including Ahmedabad, Baddi, Badrinath, Bengaluru, Bhavnagar, Chennai, Dehradun, Durgapur, Gandhidham,
Ghaziabad, Goa, Jalandhar, Kakinada, Kerala, Haridwar, Lucknow, Lonavala, Ludhiana, Mathur, Siliguri, Palampur,
Mumbai, Jaipur, Nashik, New Delhi, Rajkot, Ranchi, salem, shimla, Srinagar, Thiruvanathapuram and Port Blair.
Hometel operates budget hotels that serve the low-scale market. It primarily offers budget rooms, all-day dining
restaurants, a buffet meal multi-cuisine restaurant, bar, meeting rooms, Wi-Fi connectivity, and fitness center amenities.
Sarovar Hotels launched its first Hometel in Bengaluru, followed by locations in Hyderabad, Jaipur, Mumbai, Chandigarh,
Pune, and Roorkee.
Park Plaza hotels are full-service five-star hotels serving the luxury division of the market. The hotels comprise modern
guest rooms, well-equipped meeting rooms, banquet halls, all-day dining bars and restaurants, an executive lounge and
terrace, fitness center, swimming pool, beauty treatment rooms, satellite TV and Wi-Fi facilities. It also hosts venues for
exhibitions, conferences and business events, seminars, and intimate dinners, along with cocktail and drink receptions.
Sarovar Hotels operates seven Park Plaza hotels across Bengaluru, Chandigard, Faridabad, Gurgaon, Jodhpur,
Ludhiana, and New Delhi. Park Inn hotels are three- and four-star full-service hotels serving the mid-scale market
segment in Goa, Jaipur, and Gurgaon.
Radisson is another brand managed by the company, which serves the mid-scale and luxury divisions of the market.
Radisson Hotel operates in Hyderabad. In addition, the company operates pubs and restaurants under the Geoffrey’s
and Oriental Blossom brand names. The company also has hotels in the international market such as Dares-Salaam
(Tanzania), Juba and Nairobi.

Key Metrics
As a privately owned company, Sarovar Hotels Private Limited is not obliged to publish its financial results.

The Indian Hotels Company
Table 12: The Indian Hotels Company: key facts
Head office: Mandlik Road, Mumbai, Maharashtra, IND

Telephone: 91 22 6137 1637
Fax: 91 22 6137 1717
Website: www.tajhotels.com
Financial year-end: March
Ticker: 500850, INDHOTEL
Stock exchange: Bombay, National India
The Indian Hotels Company (IHCL) provides hotel services. The company, along with its subsidiaries, operates as Taj
Hotels Resorts and Palaces. The company operates hotels across India, Australia, the Netherlands, Singapore, the
Maldives, South Africa, the US, the UK, Sri Lanka, the British Virgin Islands, Bhutan and Hong Kong.
The company owns and operates hotels and resorts in the luxury, premium, mid-market, and value divisions. IHCL
operates under the Taj, Vivanta by Taj, The Gateway Hotels and Resorts and Ginger Hotels brands. It also operates
through Taj Safaris and Taj Exotica. The company operates luxury hotels, resorts, safari lodges and palaces through its
brand Taj. The company operates Vivanta by Taj hotels in Indian cities including Goa, Kerala, Rajasthan, Coorg and
outside India in Langkawi, Bentota and the Maldives. The Gateway Hotels & Resorts is an upscale hospitality brand in
South Asia. Under Taj Exotica, the company offers resorts and spas.
The company offers various services at its hotels and resorts such as restaurants and bars, meeting and conference
rooms, wedding facilities, gyms and spa centers. IHCL operates over 27 hotels, 39 and 33 hotels under the Taj, Vivanta
by Taj and the Gateway Hotels and Resorts brands, respectively.
In addition, the company is involved in air catering and investment activities through its subsidiaries. It supplies catering
to international and domestic airlines in South Asia under the Taj SATS brand name. The company’s production facilities
are located in Mumbai, Delhi, Chennai, and Kolkata in India. IHCL also provides travel management solutions through
Inditravel, and offers services such as international air ticketing, domestic air ticketing, rail ticketing, hotel bookings, car
rentals, passport assistance, foreign exchange assistance, global telecards supply, and medical insurance. IHCL offers
an executive jet service through its Tajair-private luxury jets.
The company classifies its geographic operations into two segments: India and Overseas Locations.
Key Metrics
The company recorded revenues of $618 million in the fiscal year ending March 2017, which was within 0.1% of the
revenue in fiscal 2016. Its net loss was $10 million in fiscal 2017, compared to a net loss of $36 million in the preceding
year.

Table 13: The Indian Hotels Company: key financials ($)
$ million 2013 2014 2015 2016 2017

Revenues 575.5 625.1 643.9 618.5 618.1
Net income (loss) (59.9) (85.1) (58.1) (35.5) (9.7)
Total assets 1,429.2 1,463.3 1,587.5 1,508.9 1,327.4
Total liabilities 862.4 1,058.0 1,161.0 1,112.3 940.3
Table 14: The Indian Hotels Company: key financials (Rs.)
Rs. million 2013 2014 2015 2016 2017

Revenues 37,433.6 40,661.9 41,886.4 40,230.2 40,205.7
Net income (loss) (3,893.8) (5,538.5) (3,781.0) (2,310.8) (632.0)
Total assets 92,965.6 95,185.7 103,262.6 98,153.8 86,342.8
Total liabilities 56,095.6 68,821.1 75,523.7 72,351.3 61,165.9
Table 15: The Indian Hotels Company: key financial ratios
Ratio 2013 2014 2015 2016 2017

Profit margin (10.4%) (13.6%) (9.0%) (5.7%) (1.6%)
Revenue growth 9.0% 8.6% 3.0% (4.0%) (0.1%)
Asset growth 0.7% 2.4% 8.5% (4.9%) (12.0%)
Liabilities growth 2.0% 22.7% 9.7% (4.2%) (15.5%)
Debt/asset ratio 60.3% 72.3% 73.1% 73.7% 70.8%
Return on assets (4.2%) (5.9%) (3.8%) (2.3%) (0.7%)

Figure 15: The Indian Hotels Company: revenues & profitability
Figure 16: The Indian Hotels Company: assets & liabilities

MACROECONOMIC INDICATORS
Country data
Table 16: India size of population (million), 2014–18
Year Population (million) % Growth

2014 1,238.9 1.3%
2015 1,254.0 1.2%
2016 1,269.0 1.2%
2017 1,283.6 1.2%
2018(e) 1,298.0 1.1%
Table 17: India gdp (constant 2005 prices, $ billion), 2014–18
Year Constant 2005 Prices, $ billion % Growth

2014 1,595.4 7.4%
2015 1,716.1 7.6%
2016 1,847.6 7.7%
2017 1,990.6 7.7%
2018(e) 2,146.3 7.8%
Table 18: India gdp (current prices, $ billion), 2014–18
Year Current Prices, $ billion % Growth

2014 2,045.6 9.0%
2015 2,337.2 14.3%
2016 2,671.5 14.3%
2017 3,035.3 13.6%
2018(e) 3,453.7 13.8%

Table 19: India inflation, 2014–18
Year Inflation Rate (%)

2014 7.7%
2015 7.2%
2016 6.7%
2017 6.4%
2018(e) 6.3%
Table 20: India consumer price index (absolute), 2014–18
Year Consumer Price Index (2005 = 100)

2014 215.6
2015 231.0
2016 246.5
2017 262.2
2018(e) 278.7
Table 21: India exchange rate, 2013–17
Year Exchange rate ($/Rs.) Exchange rate (€/Rs.)

2013 58.4859 77.7676
2014 60.9620 80.8938
2015 64.1233 71.1453
2016 67.1794 74.3472
2017 65.0484 73.5945

METHODOLOGY
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MarketLine aggregates and analyzes a number of secondary information sources, including:
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Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Industry associations
Hotel Association of India
B 212-214, Som Dutt Chamber-I, Bhikaji Cama Place, New Delhi-110 066, IND
Tel.: 91 11 2617 1110/14
Fax: 91 11 2617 1115
www.hotelassociationofindia.com
Federation of Hotel & Restaurant Associations of India
B-82,8th Floor, Himalaya House, 23,Kasturba Gandhi Marg , New Delhi-110001, IND
Tel.: 91 11 40780780
Fax: 91 11 40780777
www.fhrai.com
International Hotel and Restaurant Association
87, rue Montbrillant, 1202 Geneva, CHE
Tel.: 44 22 734 80 41
Fax: 44 22 734 80 56
www.ih-ra.com
Related MarketLine research

Industry Profile
Global Hotels & Motels
Hotels & Motels in Asia-Pacific
Hotels & Motels in Japan

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Reference Code: 0102-0520

Publication Date: December 2018

India - Hotels & Motels 0102 - 0520 - 2017

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

Market value forecast

Market volume forecast

India - Hotels & Motels 0102 - 0520 - 2017

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Market value ................................................................................................................................................................ 2

Market value forecast .................................................................................................................................................. 2

Market volume ............................................................................................................................................................. 2

Market volume forecast ............................................................................................................................................... 2

Category segmentation ............................................................................................................................................... 2

Geography segmentation ............................................................................................................................................ 2

Market rivalry ............................................................................................................................................................... 2

Market definition .......................................................................................................................................................... 7

Market Data ..................................................................................................................................................................... 9

Market value ................................................................................................................................................................ 9

Market volume ........................................................................................................................................................... 10

Market Segmentation .................................................................................................................................................... 11

Category segmentation ............................................................................................................................................. 11

Geography segmentation .......................................................................................................................................... 12

Market Outlook .............................................................................................................................................................. 13

Market value forecast ................................................................................................................................................ 13

Market volume forecast ............................................................................................................................................. 14

Five Forces Analysis ..................................................................................................................................................... 15

Buyer power .............................................................................................................................................................. 16

New entrants ............................................................................................................................................................. 20

Threat of substitutes .................................................................................................................................................. 22

Degree of rivalry ........................................................................................................................................................ 23

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Marriott International Inc ............................................................................................................................................ 27

Sarovar Hotels Private Limited .................................................................................................................................. 30

The Indian Hotels Company ...................................................................................................................................... 32

Country data .............................................................................................................................................................. 35

Industry associations ................................................................................................................................................. 38

Related MarketLine research .................................................................................................................................... 38

About MarketLine ...................................................................................................................................................... 39

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Table 2: India hotels & motels industry volume: establishments, 2014–18(e)...............................................................10

Table 7: ITC Hotels: key facts ....................................................................................................................................... 26

Table 8: Marriott International Inc: key facts..................................................................................................................27

Table 9: Marriott International Inc: key financials ($).....................................................................................................27

Table 10: Marriott International Inc: key financial ratios ................................................................................................28

Table 11: Sarovar Hotels Private Limited: key facts......................................................................................................30

Table 12: The Indian Hotels Company: key facts..........................................................................................................32

Table 14: The Indian Hotels Company: key financials (Rs.)..........................................................................................33

Table 16: India size of population (million), 2014–18 ....................................................................................................35

Table 18: India gdp (current prices, $ billion), 2014–18 ................................................................................................35

Table 19: India inflation, 2014–18 ................................................................................................................................. 36

Table 20: India consumer price index (absolute), 2014–18...........................................................................................36

Table 21: India exchange rate, 2013–17 .......................................................................................................................36

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Figure 13: Marriott International Inc: revenues & profitability ........................................................................................28

Figure 14: Marriott International Inc: assets & liabilities ................................................................................................29

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