Why India may be Marriott's new development hot spot

(Indai)

India may be a prime spot for future Marriott growth if current numbers continue apace. Improved supply and demand, demographic dividend and the country's growing domestic travel make India an attractive market, said Marriott's Asia Pacific president Craig Smith.

Globally, India will be the third-largest market for the hotel chain once the Starwood merger is finalized. Combined, the two companies will have a portfolio of 100 hotels open in India by the end of the year, up from Marriott's current 32 operational hotels in the country, and ahead of local Taj Hotels. 

"We have seen double digit growth in our hospitality business here and our economic forecast reveals that India's growth will outstrip that of China in the next 10 years," Smith said, noting that of the BRIC countries, "Brazil is in massive recession, Russia is in trouble due to the economic crisis, China is doing well but slowing down and India is doing best." 

Marriott International is looking to double its revenue from the Indian market over the next three to five years. "Combination of management contracts and conversion of existing properties will help us double our numbers," said Smith.

Source: Economic Times