Industry experts said that Indians who hadn't planned in advance are willing to pay a premium. (Representational image: Unsplash)
The year-end and its parties have had Indians loosen their purse strings significantly with some willing to pay as much as Rs 7 lakh a night to stay in luxury hotels on December 31, Economic Times reported.
At a time when room rates for some branded hotels in the country have touched all-time highs for December 31, Indians seem to be okay with paying a premium to ensure that their last night of the year is spent at a spectacular stay.
"We have multiple queries for our Maharaja suite priced at Rs 7 lakh a night," Rajat Gera, the commercial director of Leela Palaces Hotels & Resorts, told the publication. "There is an influx of inbound tourism, which had been pretty stagnant and inconsistent so far. Domestic travellers book late and the influx of international tourists has led to rates going up substantially. Those who hadn't planned in advance are willing to pay a premium."
Rents at Leela Palaces Hotels & Resorts properties in Delhi, Jaipur and Udaipur are at record highs, he said adding that The Leela Palace Udaipur, which has no rooms available for December 31. During Christmas, the room rates at the hotel were more than Rs 1 lakh a night, as seen on Booking.com, the Economic Times reported.
Meanwhile, room rates for DoubleTree by Hilton Goa-Panaji, Hilton Goa Resort Candolim, and DoubleTree by Hilton Goa-Arpora-Baga are touching historic highs, Hilton Hotels' representative Akash Kalia told the publication. He listed the reopening of international borders and the re-establishment of routes by international airlines as the reasons for Goa remaining a "relevant" destination during this New Year celebrations.
"The state's unique year-end offerings contribute to its appeal," he said. "It's safe to say that, overall, the numbers for our properties are currently at an all-time high."
Agreeing with him, Akhil Arora, chief executive officer for Espire Hospitality Group, told the Economic Times that rates for the chain's ZANA Lake Resort in Udaipur are higher than last year's, with a two-night stay priced at Rs 55,000 plus taxes.
"It's certainly the peak of the market. Rates are probably at the highest than they have ever been for all leisure markets," Vijay Thacker, managing director of consulting firm Horwath HTL India, told the publication. "What is driving the rates is a combination of the propensity to spend among people and market positivity. People are willing to spend on leisure and luxury experiences. International arrival numbers are also higher than last year for the luxury segment. It's a demand-supply scenario."
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Indians ready to pay Rs 7 lakh to stay in hotels on December 31: Report - Moneycontrol
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