The Fern Hotels & Resorts signs new hotel in Maharashtra

India’s hospitality industry not only recovered from the pandemic slump but also stayed on the growth path this fiscal year, as per a report. Suhail Kannampilly, managing director, The Fern Hotels & Resorts said: “We remain dedicated to expanding our presence and setting new benchmarks in the hospitality industry.”

Rahul Chaudhary, MD & CEO, CG Corp Global and CG Hospitality Holdings that owns the business said: “We have been recognized in the ‘green hotel’ movement in India for our eco-friendly practices. With the launch of this resort we continue to make responsible hotels.” CG has a portfolio of about 150 hotels and resorts across 12 countries.

Harish Shetty, managing director, Shelter Group of Hotels & Resorts Pvt Ltd said, “We are happy to partner with The Fern Hotels for our flagship hotel and are proud to be their 100th hotel. Our hotel will surely benefit from their processes and reach across India.”

Demand outlook for the industry is positive, indicating a promising future, said the report by credit ratings agency CareEdge titled, ‘Back on Hospitable Grounds, Hotels Set to Grow in FY24 Despite Uncertainties’.

The sector’s RevPAR, or revenue per available room, which is estimated to reach ₹4,000 to ₹4,100 per room by the end of FY23, reflects marginal growth over FY19 levels, aided by strong recovery in occupancy and average rates. RevPAR is a metric to gauge a hotel’s performance.This recovery was mainly driven by the average daily room rate (ARR), with weddings and domestic leisure travel being significant contributors to the ARR jump in FY23. Despite the possibility of inflation putting pressure on growth rate in FY24, ARR has already surpassed the pre-pandemic level indexed at 105-107, it said

Updated: 06 Jun 2023, 02:42 PM IST