Hotels Annual Review September 2009

Published by: CRISIL Ltd.

Published: Oct. 1, 2009 - 160 Pages

Table of Contents

Sections

Demand to revive in 2010-11; but RevPAR growth to be moderate due to intensifying competition

Executive summary

1.0 Snapshot - Business and leisure destinations

Higher rates no longer sustainable, moderate pricing to prevail

2.0 Business destinations

Ahmedabad

Bengaluru

Chennai

Hyderabad

Kolkata

NCR

North Mumbai, Navi Mumbai hotels

South and Central Mumbai hotels

Pune

3.0 Leisure destinations

Agra

Goa

Jaipur

Kerala

4.0 Project economics

Feasibility of hotels being commissioned across key business destinations in 2009-10

Cost assumptions

Hotels in North Mumbai and Delhi to generate positive returns earlier than rest

Hotels in North Mumbai, Delhi and Bengaluru likely to generate higher returns

Figures

1.0 Snapshot - Business and leisure destinations

01 ARR index

02 RevPAR index

03 Supply growth in key destinations

04 RevPAR outlook business destinations (A)

05 PAR outlook business destinations (B)

06 PAR outlook leisure destinations

2.0 Business destinations

01 Ahmedabad - Category wise break up of existing supply

02 Ahmedabad - Area wise supply

03 Ahmedabad hotels - ARRs and occupancy rates

04 Ahmedabad hotels - Room availability and demand

05 Bengaluru - Category wise break up of existing supply

06 Bengaluru - Area wise supply

07 Bengaluru hotels - ARR and occupancy rates

08 Bengaluru hotels - Room availability and demand

09 Chennai - Category wise break up of existing supply

10 Chennai - Area wise supply

11 Chennai hotels - ARRs and occupancy rates

12 Chennai hotels - Room availability and demand

13 Hyderabad - Category wise break up of existing supply

14 Hyderabad hotels - Area-wise supply

15 Hyderabad hotels - ARRs and occupancy rates

16 Hyderabad hotels - Room availability and demand

17 Kolkata - Category wise break up of existing supply

18 Kolkata hotels - Area-wise supply

19 Kolkata hotels - ARRs and occupancy rates

20 Kolkata hotels - Room availability and demand

21 NCR - Category wise break up of existing supply

22 NCR hotels - Area-wise supply

23 Delhi hotels - ARRs and occupancy rates

24 Delhi hotels - Room availability and demand

25 Gurgaon hotels - ARRs and occupancy rates

26 Gurgaon hotels - Room availability and demand

27 North Mumbai - Category wise break up of existing supply

28 North Mumbai hotels - Area-wise supply

29 North Mumbai hotels - ARRs and occupancy rates

30 North Mumbai hotels - Room availability and demand

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

32 South and Central Mumbai - ARRs and occupancy rates

33 South and Central Mumbai - Room availability and demand

34 Pune - Category wise break up of existing supply

35 Pune hotels - Area-wise supply

36 Pune hotels - ARRs and occupancy rates

37 Pune hotels - Room availability and demand

3.0 Leisure destinations

01 Agra - Area wise supply

02 Agra hotels - ARRs and occupancy rates

03 Agra hotels - Room availability and demand

04 Goa hotels - Area-wise supply

05 Goa hotels - ARRs and occupancy rates

06 Goa hotels - Room availability and demand

07 Jaipur - Area wise supply

08 Jaipur hotels - ARRs and occupancy rates

09 Jaipur hotels - Room availability and demand

10 Kerala - Area wise supply

11 Kerala hotels - ARRs and occupancy rates

12 Kerala hotels - Room availability and demand

4.0 Project economics

01 Net margins

02 Interest coverage ratio

Tables

2.0 Business destinations

01 Ahmedabad - Premium segment: Supply projections

02 Bengaluru - Premium segment: Supply projections

03 Chennai - Premium segment: Supply projections

04 Hyderabad - Premium segment: Supply projections

05 Kolkata - Premium segment: Supply projections

06 NCR - Premium segment: Supply projections

07 Gurgaon - Premium segment: Supply projections

08 Noida - Premium segment: Supply projections

09 North Mumbai - Premium segment: Supply projections

10 South and Central Mumbai - Premium segment: Supply projections

11 Pune - Premium segment: Supply projections

3.0 Leisure destinations

01 Agra hotels - Premium segment: Supply projections

02 Goa - Premium segment: Supply projections

03 Jaipur - Premium segment: Supply projections

04 Kerala - Premium segment: Supply projections

4.0 Project economics

01 Project IRR across destinations

Sections

1.0 Hotel industry - A snapshot

2.0 Industry structure

Industry characteristics

Distribution channels

3.0 Industry costs

Operating costs

Employee costs

F&B costs

Capital costs

Segment-wise contribution margin

4.0 Classification of hotels

Classification by segment

Classification based on the number of properties operated

5.0 Hotel concepts

Ecotel

Resorts

Motels

Floatels

Boutique hotels

Timesharing industry

Service apartments

6.0 Player Profiles

Asian Hotels Ltd

Key developments

Bharat Hotels

EIH Ltd

Hotel Leelaventure Ltd

ITC Ltd

Indian Hotels Company Ltd

7.0 Tourism in India

Charts

2.0 Industry structure

01 Value chain: Players in the hospitality industry

3.0 Industry costs

01 Classification of hotels

02 Classification by segment

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

Figures

1.0 Hotel industry - A snapshot

01 Hotels - Market size

2.0 Industry structure

01 ARR and occupancy rates

02 Month wise occupancy rates (2007-08)

6.0 Player Profiles

01 Room inventory mix (2008-09)

02 Room inventory mix (2008-09)

7.0 Tourism in India

01 India’s travel and tourism industry between 2002 and 2008 (Rs billion)

02 Domestic tourists 2001-02 to 2007-08

03 Foreign tourist arrivals

04 Foreign exchange earnings

Tables

1.0 Hotel industry - A snapshot

01 Number of hotel rooms by category

2.0 Industry structure

01 Revenue break-up (%)

3.0 Industry costs

01 Hotels: Indicative cost of construction

6.0 Player Profiles

01 Asian hotels - Key financial indicators

02 City-wise properties of Asian Hotels

03 Bharat hotels: Key financial indicators

04 City-wise properties of Bharat Hotels Ltd

05 Upcoming properties

06 EIH Ltd - Key financial indicators

07 EIH properties (including associate companies)

08 Planned addition of properties

09 Hotel Leelaventure - Key financial indicators

10 Planned addition of properties

11 ITC Properties

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

13 Room inventory break-up

14 Planned addition and expansion of properties

15 Indian Hotels Company properties

7.0 Tourism in India

01 Top 10 states attracting domestic tourists

02 domestic destinations attracting foreign tourists

Sections

1.0 Industry structure

2.0 Demand-supply

3.0 Regulations

4.0 City profiles

5.0 Player overview

6.0 Players

7.0 International

Charts

1.0 Industry structure

01 Apartment Hotels - Star classification criteria

02 Hotels - Classification criteria for heritage categories

2.0 Demand-supply

01 Hotels - Factors infuencing room demand

02 Hotels: Factors infuencing room demand from leisure tourists

03 Hotels: Factors infuencing room demand from business travellers

3.0 Regulations

01 Foreign investment and collaboration - Norms for automatic approval

02 Hotels - Regulatory authorities

Figures

2.0 Demand-supply

01 Tourist arrivals (nos.)

Tables

1.0 Industry structure

01 Hotels - Statutory size of rooms

02 Hotels - Star classification criteria

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

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

05 Global Distribution System (GDS) providers

06 Hotels - Brands

07 Apartment hotels in India

2.0 Demand-supply

01 Foreign tourist arrivals - By metro

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

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

04 Tourist arrivals - By nationality

05 Tourist arrivals - By purpose of visit and nationality

06 Tourist arrivals - By state

3.0 Regulations

01 Tourism sector - Fund allocation

02 Central taxes

03 Taxes - State-wise luxury tax

4.0 City profiles

01 Agra - Market segmentation of premium hotels

02 Bengaluru - Market segmentation of premium hotels

03 Chennai - Market segmentation of premium hotels

04 Delhi - Market segmentation of premium hotels

05 Goa - Market segmentation of premium hotels

06 Jaipur - Market segmentation of premium hotels

07 Kolkata - Market segmentation of premium hotels

08 Mumbai - Market segmentation of premium hotels

09 Hyderabad - Market segmentation of premium hotels

10 Pune - Market segmentation of premium hotels

11 Performance of key hotels across cities

5.0 Player overview

01 Companies - Financial performance

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

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

6.0 Players

01 EIH - Trends in income and expenditure

02 EIH - Trends in key constituents of expenditure

03 EIH - Trends in key constituents of income

04 EIH - Trends in forex earnings and expenditure

05 Hotel Leelaventure - Trends in income and expenditure

06 Hotel Leelaventure - Trends in key constituents of expenditure

07 Hotel Leelaventure - Trends in key constituents of income

6.0 Players

08 Hotel Leelaventure - Trends in forex earnings and expenditure

09 Indian Hotels - Trends in income and expenditure

10 Indian Hotels - Trends in key constituents of expenditure

11 Indian Hotels - Trends in key constituents of income

12 Indian Hotels - Trends in forex earnings and expenditure

7.0 International

01 World - International tourist arrivals (inbound tourism)

02 Travel & tourism demand (2008-2017)

03 World - International tourism receipts

04 Outbound tourism by generating regions

05 International tourism top spenders

06 Hotels - Ranking (2000 to 2007)

07 World - Top tourist destinations

08 World estimates and forecasts

09 Travel and tourism industry employment

Abstract

Pricing pressure over the medium term as supply will outstrip demand growth The hotel industry in India witnessed robust growth from 2003-04 to 2007-08, with ARRs registering a CAGR of 24 per cent. The slowdown in the economy and high room rates caused a dip in occupancy rates in some destinations such as Mumbai and NCR, and demand swayed towards mid-market hotels. Consequently, ARRs have started to decline from the second half of 2008-09.

Going forward, despite an expected revival in 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 propel growth. Business destinations are poised to see higher growth in room inventory compared to leisure destinations. Between 2008-09 and 2013-14, room availability is anticipated to grow at a CAGR of 11 per cent across business destinations, while demand is expected to grow at a CAGR of 10 per cent. Consequently, occupancy rates will be lower than seen in the last few years.

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