5/29/2023 0 Comments Www moneycontrol com portfolio![]() ![]() In key business cities, room rates for five-star hotels went up by about 20 percent since the last quarter of 2022, according to industry estimates. "There will be a significant increase in demand for hotel rooms in these areas, which is expected to drive up costs, particularly in urban areas and during peak travel seasons," he said. The meetings are being held in not only metropolitan cities like Delhi and Mumbai and state capitals like Lucknow but also at tourist and historical sites like Udaipur, Agra, Varanasi and Hampi. While only the meeting cities would see the G20 demand, these would bring to the forefront of the global tourism map several lesser-known destinations and heritage sites in the country, he said. The total number of rooms booked would vary between 100,000 a night for 300 meetings and about 200 rooms booked for two to three nights, he said. "Indirect requirement during the G20 meetings will be of 150,000 to 200,000 room per night," said KB Kachru, Vice President, Hotel Association of India (HAI) & Chairman Emeritus & Principal Advisor, South Asia Radisson Hotel Group. The country will host ministers, officials and finally heads of state during the year-long presidency. ![]() ![]() Non-member countries and international organisations, too, are invited. India officially took over as the leader of the Group of 20 countries, which has 19 nations and the European Union as its members, on December 1, 2022. India's G20 presidency is driving demand in the hotel industry, with over 300 meetings being held across 56 locations in the country that are expected to be attended by more than 1.5 lakh delegates from 29 nations. ![]()
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