Financial Daily from THE HINDU group of publications
Friday, Oct 08, 2004
Financial Daily from THE HINDU group of publications Friday, Oct 08, 2004 |
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Industry & Economy
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Hotels Hotel tariffs up on increased demand Nina Varghese
Chennai , Oct. 7 AFTER two years of downturn, the fortunes of the hotel industry, not just in Chennai but also in other important centres, are looking up. The main business seems to be from the corporate sector (read, information technology and Business Process Outsourcing segment). The buoyant economic activity has encouraged the hotels to upwardly revise their tariff. Some of them have implemented it from October 1. Mr P.K. Mohan Kumar, Chief Operating Officer, Oriental Hotels Ltd (an associate TAJ company) and Area Director, Taj Group, Chennai, said that there was buoyancy in the market as corporate travel had stepped up. The increase in tariff has been between 10 and 12 per cent. For instance, the rate for a standard room at the Taj Cormandel , Chennai now is Rs 7,500 from the earlier Rs 6,300. Mr Mohan Kumar said that the hotels had not increased their tariff for the past two years as there was a decline in corporate and leisure traffic, because of various negative factors. In the five star category, Chennai's Le Royal Meriden, which has an equal share of both corporate and leisure traffic, has increased tariff from October 1. Some others are planning to increase the tariff considering the heavy demand for rooms in the city. Mr M.O. Koshy, Vice-President GRT Grand, said that the company was planning to increase the tariff by at least 10 to 12 per cent. The hotel which is located in T. Nagar, one of Chennai's business districts, has just been renovated and Mr Koshy said the company had decided to increase the tariff to offset the expenditure. Other hotels such as The Residency and The Residency Towers have also increased their tariff from October 1. The single occupancy standard room is Rs 1,800 and the double occupancy is Rs 2,100. This tariff is valid till September 30, 2005.
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