In a remarkable display of resilience and strategic acumen, the Radisson Hotel Group in India has witnessed a staggering 25 per cent growth in revenue and occupancy during the first half of the current year (H1CY23). Buoyed by this phenomenal success, the hospitality giant is confident of maintaining its growth trajectory and anticipates a remarkable 50 per cent year-on-year increase in both revenue and occupancy by the end of the year.

Managing Director and Senior Area Vice President of Radisson Hotel Group South Asia, Zubin Saxena, expressed his excitement about the company’s recent achievements. “This year is going to be unlike any the Indian hospitality industry has seen. In 2022, we crossed our 2019 revenue. In CY23, we just finished half-year results, and we are almost 25 per cent higher than 2022 in growth as well as revenues. Our occupancies were at 70 per cent for the first six months of this year, which is better than the industry average.”

ALSO READ | India is amongst the top five growth markets for Radisson globally

Saxena attributed the company’s success to the diversification of its portfolio, allowing it to adapt to changing market conditions. Radisson believes that the next phase of growth will emerge from tier three, four, and five markets in India. The company, which completes 25 years in the country this year, is committed to tapping the potential of these markets for future expansion.

Radisson’s 25-year long journey in India has been marked by a unique focus on infusing the essence of the “Indian fabric” into its hospitality offerings. The company has strived to embody the essence of India, celebrating the diverse culture, traditions, and heritage of the country while maintaining global standards of hospitality

“The spread of these markets is secondary and tertiary markets,” Saxena stated confidently, highlighting their strategic importance.

The buoyant Indian economy is also aiding the company’s growth. Saxena highlighted that even cyclically low months like June and July have witnessed substantial improvement compared to previous years. Foreign inbound tourism is stronger, and leisure markets like Rajasthan are benefiting from both domestic and international tourists. The thriving wedding industry in India has also been a driving force behind Radisson’s success, with the wedding pipeline looking much more promising than in the previous year.

With half of its hotels already established in tier 2 and 3 markets, Radisson is keen to tap the untapped potential of tier 3, 4, and 5 markets. The company is dedicating significant efforts to exploring these regions as it seeks to capitalise on the burgeoning opportunities.

Radisson currently operates 112 hotels in over 64 locations across India, with approximately 50 more in the pipeline and under development. However, the company has ambitious plans to double its footprint by adding 300 hotels and resorts by the year 2025. Aiming to maintain a local touch while upholding global standards of hospitality, Radisson has enjoyed a first-mover advantage in several tier 2 and 3 markets, with squares and chowks named after the brand in some locations.