Mumbai, April 14 || India's hospitality sector demonstrated remarkable resilience and growth in 2024, maintaining investment levels on par with the previous year with 42,071 new hotel keys, a report showed on Monday.
The year 2024 saw approximately 25 deals, primarily involving operational properties in both business and leisure destinations, according to JLL's latest analysis.
High-net-worth individuals, family offices, and private hotel owners led the charge, contributing 51 per cent of the transaction volume.
Listed hotel companies followed closely at 34 per cent, while owner-operators and real estate developers made smaller but significant contributions at 8 per cent and 7 per cent, respectively.
According to the report, what’s particularly noteworthy is the significant shift towards tier 2 and 3 cities, which accounted for nearly half of all hotel transactions.
This trend has effectively broadened the industry's reach, bringing quality accommodations to previously underserved markets such as Amritsar, Mathura, Bikaner, and several others.