Hospitality sector records $401 million investment activity in FY23: Report Housing.com
The first quarter of 2024 witnessed a significant 80% year-on-year increase in hotel transaction volumes, reaching $78 million, according to the latest report by consultancy firm JLL India titled ‘Hotel Investment Trends – India 2023.’ A record number of hotel signings and openings took place in 2023, with 25,176 keys signed and 12,647 keys opened. There is an increasing interest in hotel development activity in Tier-2 cities, with 54% of the total signings taking place in these locations, the report stated.
The report mentioned that in 2023, hotel Investments in India touched $401 million which was nearly four-fold the volumes witnessed in 2022. It highlighted that 25% of the overall value of transactions involved under-construction hotels in both business and leisure destinations. The year 2023 also achieved a significant milestone of 22 hotel transactions, which is the largest number of assets traded in the last decade.
