The Indian market, where Hyatt Hotels is under-represented, with just five operating properties and three more under development, is to play a vital part in the company’s future.
Mark Hoplamazian, CEO, said that thirty of the next 120 new properties being planned will be developed in India, “India will be the first country outside the US where we will introduce the Hyatt Place brand. We believe the category of travelers just below the high-end is growing significantly. We are also infusing capital, because we want to show to the local market that we have confidence in our brand.”
A near-term construction boom driven by the impending Commonwealth Games in the Fall, is expected to continue since there is a significant shortfall, especially in mid-priced properties across urban India. According to India’s Tourism Secretary, Sujith Banerjee, India needs 150,000 new hotel rooms by 2013.