Research Industry Information Report Hotels Contents

7/23/2019 Research Industry Information Report Hotels Contents

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Hotels

This document has been prepared by Karishma Shetty, Sudip Mukherjee and Sridhar Chandrasekhar (Head of

Research). For any queries please get in touch with our client servicing desk. ([email protected].

Ph -022-66913561)

Annual Review September 2009

Contents

Part A: Demand to revive in 2010-11; but RevPAR growth to be moderate due to

intensifying competition

Executive summary A-1Snapshot – Business and leisure destinations A-3

Business destinations A-7

Leisure destinations A-43

Project economics A-55

Part B: State of the industry

Hotel industry – A snapshot B-1

Industry structure B-3

Industry costs B-9

Classification of hotels B-14

Hotel concepts B-17

Player Profiles B-21

Tourism in India B-35

Part C: Industry statistics

Industry structure C-1

Demand-supply C-15

Regulations C-25

City profiles C-27

Player overview – Financial performance C-33

Players – Trends in income and expenditure C-39

International tourism C-45

Summary

Hotel industry in India witnessed

robust growth from 2003-04 to

2007-08. However, the global

economic slowdown resulted in

a sharp correction in ARRs and

occupancy rates from the

second half of 2008-09. Going

forward, despite an anticipated

revival in room demand by

2010-11, players will not be able

to hike ARRs significantly as the

expected additions to room

inventory will intensify

competition, compelling

hoteliers to focus on volumes to

drive growth. Ahmedabad, Pune

and Hyderabad are expected to

be among the worst-hit

destinations, as the growth in

supply is expected to far

outpace that in demand.



CRISIL RESEARCH HOTELS ANNUAL REVIEW A-i

Sections

Executive summary A-1

1.0 Snapshot – Business and leisure destinations A-3

- Higher rates no longer sustainable, moderate pricing to prevail A-3

2.0 Business destinations A-7

- Ahmedabad A-7

- Bengaluru A-10

- Chennai A-14

- Hyderabad A-18

- Kolkata A-22

- NCR A-25

- North Mumbai, Navi Mumbai hotels A-32

- South and Central Mumbai hotels A-36

- Pune A-39

3.0 Leisure destinations A-43

- Agra A-43

- Goa A-45

- Jaipur A-48

- Kerala A-514.0 Project economics A-55

- Feasibility of hotels being commissioned across key business destinations

in 2009-10 A-55

- Cost assumptions A-56

- Hotels in North Mumbai and Delhi to generate positive returns earlier

than rest A-56

- Hotels in North Mumbai, Delhi and Bengaluru likely to generate

higher returns A-56

Figures

1.0 Snapshot – Business and leisure destinations

01 ARR index A-3

02 RevPAR index A-3

03 Supply growth in key destinations A-4

04 RevPAR outlook business destinations (A) A-4

05 PAR outlook business destinations (B) A-5

06 PAR outlook leisure destinations A-5

Continued…

Opinion



A-ii CRISIL RESEARCH HOTELS ANNUAL REVIEW

…continued

Figures

2.0 Business destinations01 Ahmedabad - Category wise break up of existing supply A-7

02 Ahmedabad - Area wise supply A-8

03 Ahmedabad hotels - ARRs and occupancy rates A-8

04 Ahmedabad hotels - Room availability and demand A-8

05 Bengaluru - Category wise break up of existing supply A-10

06 Bengaluru - Area wise supply A-11

07 Bengaluru hotels - ARR and occupancy rates A-12

08 Bengaluru hotels - Room availability and demand A-12

09 Chennai - Category wise break up of existing supply A-14

10 Chennai - Area wise supply A-1511 Chennai hotels - ARRs and occupancy rates A-16

12 Chennai hotels - Room availability and demand A-16

13 Hyderabad - Category wise break up of existing supply A-18

14 Hyderabad hotels - Area-wise supply A-19

15 Hyderabad hotels - ARRs and occupancy rates A-20

16 Hyderabad hotels - Room availability and demand A-20

17 Kolkata - Category wise break up of existing supply A-22

18 Kolkata hotels - Area-wise supply A-22

19 Kolkata hotels - ARRs and occupancy rates A-23

20 Kolkata hotels - Room availability and demand A-23

21 NCR - Category wise break up of existing supply A-25

22 NCR hotels - Area-wise supply A-25

23 Delhi hotels - ARRs and occupancy rates A-27

24 Delhi hotels - Room availability and demand A-27

25 Gurgaon hotels - ARRs and occupancy rates A-28

26 Gurgaon hotels - Room availability and demand A-28

27 North Mumbai - Category wise break up of existing supply A-32

28 North Mumbai hotels - Area-wise supply A-32

29 North Mumbai hotels - ARRs and occupancy rates A-34

30 North Mumbai hotels - Room availabilit y and demand A-34

31 South and Central Mumbai Category wise break up of existing supply A-36

32 South and Central Mumbai - ARRs and occupancy rates A-37

33 South and Central Mumbai - Room availability and demand A-37

34 Pune - Category wise break up of existing supply A-39

35 Pune hotels - Area-wise supply A-40

36 Pune hotels - ARRs and occupancy rates A-41

37 Pune hotels - Room availability and demand A-41

continued…



CRISIL RESEARCH HOTELS ANNUAL REVIEW A-iii

…continued

Figures

3.0 Leisure destinations01 Agra - Area wise supply A-43

02 Agra hotels - ARRs and occupancy rates A-44

03 Agra hotels - Room availability and demand A-44

04 Goa hotels - Area-wise supply A-45

05 Goa hotels - ARRs and occupancy rates A-46

06 Goa hotels - Room availability and demand A-46

07 Jaipur - Area wise supply A-48

08 Jaipur hotels - ARRs and occupancy rates A-49

09 Jaipur hotels - Room availability and demand A-49

10 Kerala - Area wise supply A-5111 Kerala hotels - ARRs and occupancy rates A-52

12 Kerala hotels - Room availability and demand A-52

4.0 Project economics

01 Net margins A-56

02 Interest coverage ratio A-57

Tables

2.0 Business destinations01 Ahmedabad - Premium segment: Supply projections A-9

02 Bengaluru - Premium segment: Supply projections A-13

03 Chennai - Premium segment: Supply projections A-17

04 Hyderabad - Premium segment: Supply projections A-21

05 Kolkata - Premium segment: Supply projections A-24

06 NCR - Premium segment: Supply projections A-29

07 Gurgaon - Premium segment: Supply projections A-31

08 Noida - Premium segment: Supply projections A-31

09 North Mumbai - Premium segment: Supply projections A-35

10 South and Central Mumbai - Premium segment: Supply projections A-3811 Pune - Premium segment: Supply projections A-42

3.0 Leisure destinations

01 Agra hotels - Premium segment: Supply projections A-44

02 Goa - Premium segment: Supply projections A-47

03 Jaipur - Premium segment: Supply projections A-50

04 Kerala - Premium segment: Supply projections A-53

4.0 Project economics

01 Project IRR across destinations A-57



CRISIL RESEARCH HOTELS ANNUAL REVIEW B-i

Sections

1.0 Hotel industry – A snapshot B-1

2.0 Industry structure B-3

- Industry characteristics B-3

- Distribution channels B-6

3.0 Industry costs B-9

- Operating costs B-9

- Employee costs B-9

- F&B costs B-10

- Capital costs B-10

- Segment-wise contribution margin B-10

4.0 Classification of hotels B-14

- Classification by segment B-14

- Classification based on the number of properties operated B-14

5.0 Hotel concepts B-17

- Ecotel B-17

- Resorts B-17

- Motels B-17

- Floatels B-17

- Boutique hotels B-18- Timesharing industry B-18

- Service apartments B-19

6.0 Player Profiles B-21

- Asian Hotels Ltd B-21

- Key developments B-22

- Bharat Hotels B-22

- EIH Ltd B-23

- Hotel Leelaventure Ltd B-26

- ITC Ltd B-28

- Indian Hotels Company Ltd B-307.0 Tourism in India B-35

Charts

2.0 Indust ry structure

01 Value chain: Players in the hospitality industry B-4

3.0 Industry costs

01 Classification of hotels B-13

02 Classification by segment B-14

03 Premium segment (5-D/ 5-star) B-15

Continued…

State of the industry



B-ii CRISIL RESEARCH HOTELS ANNUAL REVIEW

…continued

Figures

1.0 Hotel industry – A snapshot

01 Hotels – Market size B-1


01 ARR and occupancy rates B-3

02 Month wise occupancy rates (2007-08) B-3

6.0 Player Profiles

01 Room inventory mix (2008-09) B-25

02 Room inventory mix (2008-09) B-27

7.0 Tourism in India

01 India’s travel and tourism industry between 2002 and 2008 (Rs bill ion) B-35

02 Domestic tourists 2001-02 to 2007-08 B-36

03 Foreign tourist arrivals B-37

04 Foreign exchange earnings B-37

Tables

1.0 Hotel industry – A snapshot

01 Number of hotel rooms by category B-1


01 Revenue break-up (%) B-4

3.0 Industry costs

01 Hotels: Indicative cost of construction B-10

6.0 Player Profiles

01 Asian hotels - Key financial indicators B-21

02 City-wise properties of Asian Hotels B-21

03 Bharat hotels: Key financial indicators B-22

04 City-wise properties of Bharat Hotels Ltd B-22

05 Upcoming properties B-23

06 EIH Ltd - Key financial indicators B-23

07 EIH properties (including associate companies) B-24

08 Planned addition of properties B-26

09 Hotel Leelaventure - Key financial indicators B-26

10 Planned addition of properties B-27

11 ITC Properties B-28

12 Indian Hotels Co. Ltd (Standalone): Key financial indicators B-30

13 Room inventory break-up B-31

14 Planned addition and expansion of properties B-32

15 Indian Hotels Company properties B-33

7.0 Tourism in India

01 Top 10 states attracting domestic tourists B-36

02 domestic destinations attracting foreign tourists B-37



CRISIL RESEARCH HOTELS ANNUAL REVIEW C-i

Sections

1.0 Industry structure C-1

2.0 Demand-supply C-15

3.0 Regulations C-25

4.0 City profiles C-27

5.0 Player overview C-33

6.0 Players C-39

7.0 International C-45

Charts


01 Apartment Hotels - Star classification criteria C-2

02 Hotels - Classification criteria for heritage categories C-4

2.0 Demand-supply

01 Hotels - Factors infuencing room demand C-15

02 Hotels: Factors infuencing room demand from leisure tourists C-16

03 Hotels: Factors infuencing room demand from business travellers C-16

3.0 Regulations

01 Foreign investment and collaboration - Norms for automatic approval C-25

02 Hotels - Regulatory authorities C-26

Figures

2.0 Demand-supply

01 Tourist arrivals (nos.) C-15

Tables


01 Hotels - Statutory size of rooms C-1

02 Hotels - Star classification criteria C-1

03 Hotels - State-wise distribution of hotels and rooms (2007) C-5

04 Distribution of hotels and rooms in key tourist locations (2007) C-7

05 Global Distribution System (GDS) providers C-8

06 Hotels - Brands C-10

07 Apartment hotels in India C-13

Continued…

Industry statistics



C-ii CRISIL RESEARCH HOTELS ANNUAL REVIEW

…continued

Tables

2.0 Demand-supply

01 Foreign tourist arrivals - By metro C-15

02 Classification of tourists according to purpose of visit - 1991 to 2007 C-17

03 Proportion of tourists according to purpose of visit - 1991 to 2007 C-17

04 Tourist arrivals - By nationality C-18

05 Tourist arrivals - By purpose of visit and nationality C-18

06 Tourist arrivals - By state C-19

3.0 Regulations

01 Tourism sector - Fund allocation C-25

02 Central taxes C-26

03 Taxes - State-wise luxury tax C-26

4.0 City profiles

01 Agra - Market segmentation of premium hotels C-27

02 Bengaluru - Market segmentation of premium hotels C-27

03 Chennai - Market segmentation of premium hotels C-27

04 Delhi - Market segmentation of premium hotels C-28

05 Goa - Market segmentation of premium hotels C-28

06 Jaipur - Market segmentation of premium hotels C-28

07 Kolkata - Market segmentation of premium hotels C-2908 Mumbai - Market segmentation of premium hotels C-29

09 Hyderabad - Market segmentation of premium hotels C-29

10 Pune - Market segmentation of premium hotels C-30

11 Performance of key hotels across cities C-31

5.0 Player overview

01 Companies - Financial performance C-33

02 Hotels - Industry average of key constituents of income and expenditure C-37

03 Hotels - Key constituents of income and expenditure in 2008-09 C-38

6.0 Players

01 EIH - Trends in income and expenditure C-39

02 EIH - Trends in key constituents of expenditure C-39

03 EIH - Trends in key constituents of income C-40

04 EIH - Trends in forex earnings and expenditure C-40

05 Hotel Leelaventure - Trends in income and expenditure C-41

06 Hotel Leelaventure - Trends in key constituents of expenditure C-41

07 Hotel Leelaventure - Trends in key constituents of income C-42

continued…



CRISIL RESEARCH HOTELS ANNUAL REVIEW C-iii

…continued

Tables

6.0 Players

08 Hotel Leelaventure - Trends in forex earnings and expenditure C-42

09 Indian Hotels - Trends in income and expenditure C-43

10 Indian Hotels - Trends in key constituents of expenditure C-43

11 Indian Hotels - Trends in key constituents of income C-44

12 Indian Hotels - Trends in forex earnings and expenditure C-44

7.0 International

01 World - International tourist arrivals (inbound tourism) C-45

02 Travel & tourism demand (2008-2017) C-45

03 World - International tourism receipts C-46

04 Outbound tourism by generating regions C-46

05 International tourism top spenders C-47

06 Hotels - Ranking (2000 to 2007) C-47

07 World - Top tourist destinations C-50

08 World estimates and forecasts C-50

09 Travel and tourism industry employment C-50

Documents

Research Industry Information Report Hotels Contents