From Ritz-Carlton to JW Marriot, high-end hotels are coming up all over the city. Don't you just love living in Bangalore?
The saturation in Mumbai and New Delhi, coupled with skyrocketing real estate prices there, is drawing luxury hotel chains to Bangalore.
Hospitality groups are zeroing in on locations like the Central Business District, Devanahalli, Whitefield, Outer Ring Road, Electronic City, and Yeshwantpur-Rajajinagar, to start properties catering primarily to the MICE (meetings, incentives, conferences, exhibitions) segment and business travel. These properties will boast of an average room rate of between Rs6,000-Rs15,000 per night.
The MICE segment, which is a key revenue generator for hotels, will also be a major contributor in Bangalore, feel experts.
As of 2012, there were about 4,900 rooms in the premium segment in Bangalore, with another 3,700 slated to come up by 2015-16, as per estimates by ratings agency ICRA.
“We have 1,000 rooms lined up for Bangalore by December this year, that includes properties in Rajajinagar and Residency Road. We are bullish about Bangalore,” says Rajeev Menon, area vice-president, South Asia, Marriott Hotels India.
Zuri Hotels & Resorts is drawing out plans to start a property in Devanahalli, says Priti Chand, vice-president, corporate communications. “As businesses are growing rapidly in the city, there is room for several players,” says Chand.
The emergence of corporate parks, and the increasing scope for hosting large scale events is putting Bangalore in the league of Mumbai and New Delhi.
“Bangalore still has a lot of space for hotels to come up. And the customer base will primarily comprise business travelers since the scope for tourists is limited here,” says Aditya Raheja, from Advantage Raheja, which launches international hotels in India.
Experts say unlike a few years ago, when almost 65% of the customer base in luxury hotels comprised international corporates and tourists, currently domestic business and leisure travelers make up almost 62% of the total customer profile in Bangalore hotels.
“Also with the rupee depreciation, many corporates are choosing to host their events and conferences within India, rather than international locations. This also helps luxury hotels,” says Menon.
Furthermore, targeting high earning professionals residing in Bangalore, hotel chains are coming up with properties that house a golf course, spas, shopping complexes etc.
JW Marriot opens in city
JW Marriott Hotels & Resorts opened its five star luxury hotel in the city on Wednesday.
Built on a three-acre plot where United Breweries distillery once stood, the Rs.750-crore 18-floor premier hotel has 297 rooms, including 30 suites and a presidential suite.
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