With travel and tourism picking up post the pandemi, Radisson Hotel Group is planning to grow its portfolio from 140 hotels to 200 by FY24. In a further indication that business is back on track, the company is set to close FY23 at 15 per cent occupancy rate above pre-covid levels, said a top official.
Speaking to BusinessLine, Zubin Saxena, Managing Director and Vice-President Operations, South Asia, Radisson Hotel Group, said, “The Indian hospitality sector is at the beginning of a very long sunrise, and in 20-25 years is going to be golden, that is the opportunity we are on. The pace at which India is seeing the development of the infrastructure, and the progress is phenomenal.”
Radisson Group has added 150 hotels in operation and development across 60+ locations. Radisson’s portfolio includes Radisson Collection, Radisson Blu, Radisson, Radisson RED, Radisson Individuals, Park Plaza, Park Inn by Radisson, Country Inn & Suites by Radisson, and prizeotel.
“We continue to expand and strengthen our footprint across the country. We also sign around 12-14 hotels every year. So we aim to get to 200 hotels by FY24,” he said.
According to him, most opportunities in India for Radisson will be defined through Radisson Red and Radisson Red whereas Park Inn will lead the mid-market group story, the hospitality firm.
Speaking about the target markets, Saxena said that Radisson expects nearly 50 per cent of business conversions in the future to be driven by these markets and has materialised this vision by opening hotels under multiple brands in locations like Katra, Surat, Nashik, Bhopal, and Jammu.
Recently, Radisson Hotel Group launched a new midscale brand Park Inn & Suites by Radisson in India. It signed a strategic partnership with Ruptub Solutions to add 150 hotels. With an average size of 50 to 70 keys, these hotels will be equipped with social spaces, a fitness center, services like free WiFi, and signature breakfast options.
The Indian hospitality sector has seen a rough two years because of Covid. However, according to industry experts, the industry is almost back to pre-covid levels.
He said, “We will finish overall revenues 15-20 per cent of pre-covid levels at 2019, which is very good. Even with regards to our Average Room Rates, we are seeing a healthy trend. Many markets have been at 30-40 per cent higher. We definitely think we are ahead of industry numbers.”