The dynamics of the hospitality industry in 2020
I do believe that the year 2020 looks promising for the Indian hospitality industry. This industry has evolved rapidly over the last couple of years. With unique, immersive experiences gaining popularity, travel has picked up significantly. While the increasingly affluent middle class have greatly contributed to bookings we received in the last year, we also see a surge in the bookings from our guests residing in Tier 2 and 3 markets. With digitisation on the rise, guests are looking out for Insta-worthy experiences, something that they can brag about to their peers. With emerging technologies and rising expectations, it is imperative that we keep up with the latest trends by offering unique guest experiences. This era of digitalisation is redefining the perception of travel. Internet of Things (IoT), the use of big data and Artificial Intelligence (AI) to personalise and elevate guest experience is reshaping the hospitality industry. Additionally, Virtual Reality (VR) is another tool used by many hoteliers to create an immersive world of experience for their guests. As seen in the last year, our guests have become experimental while choosing a holiday destination. Corporates too are looking beyond just bed and breakfast when travelling on business. We see a shift in their interest from luxury and amenities to interesting experiences. With the growing concern of global issues, we see sustainability being the key focus for hotel brands in 2020.
Your insights on the ARRs in the city
In 2019, the ARR of luxury hotels in Pune has shown a healthy growth of about 4.5-5 per cent. The upper upscale and luxury hotels combined have grown by over 5.5 per cent. Since all the upper upscale and luxury hotels in the city feel the need to correct/increase average rates, we are optimistic of further growth in 2020.
Your management mantra
A good management is defined by creating a nurturing environment that enables growth and engaging with the team on a personal level. It is a known fact that people work best with a sense of empowerment. I strongly believe that a good leader provides employees the opportunity to be leaders themselves, thus driving success and productivity for the brand.