BW HOTELIER Jan-Feb 2026

51BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comRANJU ALEXgoes well beyond rewards for stays and food and beverage,” she says.CREATING A FUTURE-READY WORKFORCEAt this stage of transformation, Accor’s South Asia CEO says collective leadership is key to navigating the scale and complexity of India. “We look for leaders who combine strategic thinking with execution excellence, and who listen closely to owners, teams and guests.”Accor’s Heartists – the people at the heart of hospitality – are central to delivering memorable guest experiences. Creating a safe, supportive, and growth-oriented environment ensures operational excellence translates into exceptional service. Programs such as Inspire provide mentorship and cross-functional mobility, helping emerging leaders build long-term careers rather than short-term roles.Alex adds this extends beyond the organisation: “Through initiatives with institutions like IIHM, we are shaping the next generation of hospitality leaders in India.” By fostering learning, empowerment, and recognition, Accor is investing in both its people and the broader industry talent pipeline.DRIVING CHANGE THROUGH DIVERSITYDiversity and inclusion are central to her leadership philosophy. “Talent should be recognised and rewarded purely on merit, not influenced by gender, sexuality, background, or where someone comes from,” she says, emphasising on creating an environment where everyone has equal access to opportunity, growth, and leadership pathways. By fostering fairness, respect and accountability, inclusivity is embedded in every decision – from hiring and development to progression and leadership representation.The tangible goal is a workplace where diversity is normalised, inclusion is lived, and employees feel empowered to bring their authentic selves to work. Alex notes that when people can perform at their best, both the team and the guest experience benefit.LEGACY BEYOND THE ROLESuccess, for her, is defined by building an organisation that delivers on its vision. “It would mean having built an organisation that truly delivers on what it sets out to do,” she says. Alex believes goals should be ambitious enough to inspire yet achievable enough to motivate, a philosophy that continues to guide her leadership.The legacy she hopes to leave is one of action and impact – translating vision into reality, strengthening trust with owners and partners, and building confident, capable, futureready teams. If Accor South Asia is remembered for its performance, values, and people long after her tenure, that would be the most meaningful measure of success for her. For Accor in India, this is not merely expansion. It is reinvention at scale. And for Ranju Alex, the moment is less about arrival – and more about acceleration.Mercure Kathmandu Sukedhara Heights

52BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comBRAND DYNAMICSIHCL’S EXPERIENTIAL AMBITIONS WITH TREE OF LIFEEila Art Resort, Manali

53BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comTREE OF LIFETHE BRAND BENEFITS FROM SYNERGIES WITH THE IHCL’S ECOSYSTEM, SAYS DEEPIKA RAO, EXECUTIVE VICE PRESIDENT – NEW BUSINESSES & HOTEL OPENINGS, IHCLBY BHUVANESH KHANNAIHCL has continually evolved its brandscape to meet emerging traveller aspirations, with its brand architecture spanning the spectrum – from iconic luxury to lean luxe in the midscale segment. To strengthen its position in the experiential leisure segment, IHCL acquired a majority stake in Tree of Life’s operating company, Ambuja Neotia Group, in November 2024.“Tree of Life presented a compelling opportunity precisely because it embodies experiential and boutique hospitality – segments gaining strong traction with discerning guests seeking escapes that are intimate, authentic and rooted in nature and local culture. This moment, marked by a clear shift in traveller preferences toward immersive and slow-travel experiences, made it the right time to bring Tree of Life under the IHCL umbrella,” shares Deepika Rao, Executive Vice President - New Businesses & Hotel Openings.Though IHCL has several powerful brands across segments, Rao says Tree of Life uniquely contributes to its focus on experiential, boutique leisure in offbeat and drive-to TREE OF LIFE EMBODIES EXPERIENTIAL AND BOUTIQUE HOSPITALITY - SEGMENTS GAINING STRONG TRACTION WITH DISCERNING GUESTS

54BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comBRAND DYNAMICSdestinations. “It is designed for travellers who prioritise connection with place and curated, intimate stays. This distinctive value proposition complements and extends our brandscape,” she adds.SCALING AUTHENTIC EXPERIENTIAL HOSPITALITYFor IHCL, experiential hospitality is about curated authenticity – creating spaces that reflect the soul of the destination, whether through natural landscapes, cultural narratives or locally inspired experiences. The Executive Vice President - New Businesses & Hotel Openings at IHCL, says, “With Tree of Life, this means preserving the brand’s ethos of tranquil escapes that are intimate by design. As we scale toward 100 properties by 2030, our guiding principle will be thoughtful contextualisation – each property celebrating its locale rather than imposing a uniform template – safeguarding the brand’s authentic experiential promise.”GOVERNANCE AND GROWTH SYNERGIES AHEADRao opines that Tree of Life benefits from synergies with the IHCL’s ecosystem in areas such as procurement, distribution, loyalty, technology, quality assurance and governance. “It is housed within the New Businesses vertical, a business unit formed to seed, establish and scale emerging and reimagined hospitality formats for IHCL which includes, the reimagined Ginger, ama Stays & Trails, premium homestays and the culinary platform, Qmin,” says she, adding that under Accelerate 2030, the New Businesses vertical represents the non-linear growth engine for IHCL and is all set to deliver a 30 per cent revenue Compound Annual Growth Rate (CAGR). Aligned with IHCL’s Accelerate 2030 strategy, Tree of Life’s expansion will predominantly be asset-light, through a combination of management contracts and fully fitted operating leases that enable rapid scale with capital efficiency. At present, Tree of Life portfolio includes 26 resorts with 17 in operation. She also informs that elements such as pet-friendliness, personalised experiences and purpose-driven hospitality are intrinsic to the identity of Tree of Life. “These are not trend-led Tree of Life Inderpura Resort, UdaipurwatiWE ARE EMPHASISING ON CULTURAL IMMERSION, LOCAL HIRING, ~70 PER CENT ACROSS OUR 17 OPERATING RESORTS ENSURING PERSONALISED EXPERIENCES THAT DEFINE THIS SEGMENT

55BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comTREE OF LIFEfeatures, but reflections of the brand’s deeper commitment to guest-centric, experiential stays. As we expand, these will remain central pillars of the guest proposition, curated consistently across destinations in ways that resonate with local context,” she says.Sharing her views on whether Tree of Life will continue to focus largely on leisure-led, offbeat and secondary destinations, or will it foray into urban or gateway locations too, the Executive Vice President - New Businesses & Hotel Openings, opines, “The brand is rooted in the philosophy of travel and immersive leisure. The primary focus will continue to be on offbeat and drive-to destinations where its ethos naturally thrives. That said, we remain open to gateway locations that offer a compelling experiential narrative and align with the brand’s sensibilities. It is not about urban versus non-urban, but about the quality and authenticity of the experiential opportunity.”CRAFTING THE RIGHT TALENT MINDSETIHCL, says Rao, recognises that boutique hospitality requires nuanced skill sets – local sensibility and adaptive service mindset. As a step in this direction, it is investing in targetted training modules and leadership development programmes that blend operational excellence with Tree of Life’s cultural ethos. “We are also emphasising on cultural immersion, local hiring which is ~70 per cent across our 17 operating resorts ensuring personalised experiences that define this segment,” she informs.DEFINING SUCCESS FOR 2030 AND BEYONDIndia with its diverse geographical landscape across the vast coastline and the mountain ranges, the cultural richness of regional art and heritage as well as the many spiritual destinations make it an ideal and diverse market for experiential leisure tourism. “Tree of Life, with its presence in Pondicherry, Dharamshala, Manali, Mussoorie, Varanasi, Jaipur, Kumaon, Gangtok, Panheli and Binsar, offers a slice of India in these locales while preserving the environment and cultural heritage and fostering local livelihoods,” Rao concludes. Tree of Life Birdsong Chalets, DharamshalaTree of Life Sariska Manor in Tehla

LEAD STORY56BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comTHE LEELA ASCENDANTOUR NEXT PHASE IS ABOUT DISCIPLINED EXPANSION AND RICHER GUEST ENGAGEMENT, SAYS ANURAAG BHATNAGAR, CHIEF EXECUTIVE OFFICER, THE LEELA PALACES, HOTELS AND RESORTSBY BHUVANESH KHANNAAs India’s luxury narrative evolves, The Leela Palaces, Hotels and Resorts is charting its next decade with clear intent and a distinctly place-led philosophy in its 40th year. The strategy is to bring together thoughtful expansion, rigorous asset curation and a deepening of guest experiences, signalling a brand focussed not only on scale, but on crafting a sharper and more resonant expression of Indian luxury on the global stage.In India, The Leela’s portfolio is all set to grow from 14 to 23 hotels and 4,000-plus keys to 5,100-plus luxury keys with nine projects in the pipeline, deepening its presence across destinations rich in cultural, spiritual and experiential depth including Jaisalmer, Agra, Ayodhya, Sikkim, Bandhavgarh, Ranthambore, Srinagar and Mumbai’s BKC. Yet the ambition extends beyond increasing key count. Offerings such as Arq By The Leela and an expanding portfolio of branded residences signal a broader strategy: one designed to foster sustained engagement and build a more integrated luxury ecosystem. Internationally, Dubai represents a calibrated and confident step into one of the world’s most competitive hospitality markets. Underpinning this expansion is a sustained investment in people. Through initiatives such as the Leela Leadership Development HOW ANURAAG BHATNAGAR IS SHAPING INDIA’S MOST FOCUSSED LUXURY HOSPITALITY BRANDProgramme, the Leela Executive Accelerated Development programme and Shefs at The Leela, the brand is cultivating a future-ready leadership pipeline equipped to scale without diluting standards. For The Leela, growth is ultimately measured not in room count alone, but in enduring value creation – powered by teams who bring grace, craft and an unwavering sense of ownership to the guest experience.INDIA’S GROWTH FUELS LUXURY“What we are witnessing today is not a cyclical upswing but a structural shift in how luxury travel to and within India is being defined, with demand moving decisively towards experience-led, destinationdriven journeys. This is reflected in our performance. In Q3 FY26, The Leela delivered its strongest-ever quarter, with operating revenue of Rs 4,574 million and a 162 per cent year-on-year increase in profit after tax. RevPAR grew 20 per cent, outperforming the Indian luxury segment by over 2.7x year to date,” shares The Leela Palaces, Hotels and Resorts’ Chief Executive Officer Anuraag Bhatnagar, adding the operating EBITDA margins reached 52 per cent in Q3 FY26, among the strongest in the industry.He adds the travellers are increasingly investing in journeys that offer meaning, immersion and restoration, and India’s cultural, spiritual and natural diversity enables experiences that

ANURAAG BHATNAGAR57BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.com

LEAD STORY58BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comgo far beyond accommodation. And this is where the next phase of luxury demand is being shaped.THE NEW LUXURY EQUATIONWhat is most compelling today is how deliberately both segments are evolving and converging, feels Bhatnagar. “Indian luxury travel is no longer seasonal or occasion-led. Domestic guests account for a majority of our room nights, particularly at our leisure and palace destinations, where we see longer stays and higher spend across dining, wellness and experiences,” he notes.Bhatnagar adds that inbound travel is returning with sharper intent and greater depth at the same time, pointing to curated journeys such as The Leela Palace Trail, where international travellers opt for multi-city itineraries across New Delhi, Jaipur, Udaipur and the southern circuit of Chennai, Hyderabad, Kovalam and Ashtamudi. “These travellers are immersing themselves in India, and our portfolio is designed precisely for this convergence,” says The Leela CEO.CHOOSING DESTINATIONS WITH PURPOSEAs The Leela advances its expansion blueprint, its destination choices reflect a disciplined balance of cultural relevance, scarcity value and enduring brand creation. “Our location strategy is anchored in clarity of purpose and a long-term view of value creation. We focus on high-barrier destinations that demand depth of engagement, design excellence and sustained commitment to experience quality,” opines Bhatnagar.The strategy aligns with a clear shift in traveller motivation. Luxury travellers today are seeking restoration, cultural discovery and personal transformation, with demand moving beyond established metros into destinations with deeper heritage and spiritual significance. This is reflected in our growing presence The Leela PalaceUdaipurThe Leela Palace BengaluruAujasya by The Leela BreakfastTHE LEELA DELIVERED ITS STRONGEST-EVER QUARTER, WITH A 162 PER CENT Y-O-Y INCREASE IN PROFIT

ANURAAG BHATNAGAR59BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comacross Agra, Sikkim, Ayodhya, Bandhavgarh, Ranthambore, Srinagar and Mumbai. “The signing of The Leela Jaisalmer, our first luxury desert resort near the UNESCO-listed Jaisalmer Fort, exemplifies our approach to creating destination-defining assets. As we strengthen our domestic portfolio, our foray into Dubai represents a confident extension of Indian luxury to a global stage,” he adds.LUXURY WITH SPIRITUAL DEPTHAs spiritual and purpose-led travel gains momentum globally, The Leela is sharpening its focus on destinations that balance heritage, wellness and spirituality with its core luxury ethos. “This is where brand clarity matters most. At The Leela, our approach is rooted in deep reverence for the cultural and spiritual meaning of each destination, seamlessly integrated with uncompromising service standards,” says Bhatnagar.Across Agra, Ayodhya, Sikkim and Kerala’s backwaters, architecture, cuisine, wellness and ceremonial rituals are designed to reflect living traditions rather than curated spectacle. “Aujasya by The Leela integrates wellbeing through nutrition, movement and mindfulness, while The Leela Ceremonial Rituals create a sense of arrival grounded in cultural continuity,” he adds.Sustainability reinforces The Leela’s philosophy of Mindful Luxury. The Leela has committed to achieving Net Zero emissions by 2050, with an interim target of 35 per cent reduction in Scope (1+2) emissions by 2030. As of 2026, 65 per cent of the energy consumed across its Palace properties is sourced from renewable energy.Further strengthening this commitment, five of The Leela’s iconic Palace properties have achieved IFC EDGE Advanced certification, delivering up to 41 per cent energy savings and over 30 per cent water savings, alongside significant embodied carbon AS OF 2026, 65 PER CENT OF THE ENERGY CONSUMED ACROSS ITS PALACE PROPERTIES IS SOURCED FROM RENEWABLE ENERGYThe Leela Palace New DelhiArq By The Leela

LEAD STORY60BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comreduction. Together, these properties form South Asia’s largest EDGE Advanced-certified luxury hotel portfolio, demonstrating that luxury, responsibility, and authenticity are most powerful when embedded seamlessly through design and operations.BEYOND SUPPLY, TOWARDS DISTINCTIONAs India’s luxury landscape sees rapid supply expansion, The Leela believes true differentiation will rest not in scale alone, but in disciplined execution and brand clarity. “The Leela’s next phase of growth is anchored in being India’s only pure-play luxury hospitality brand, with disciplined capital allocation and a sharp focus on experience quality,” says the CEO.He points to sustained financial strength as evidence of this strategy. “Over the last five quarters, we have consistently delivered double digit growth and outperformed the India luxury segment,” he feels. This performance, he adds, is matched by guest advocacy, reflected in a Net Promoter Score of 86. Importantly, growth is increasingly experience-led. Around half of The Leela’s revenues now come from non-room experiences. “By building destination-defining assets, strengthening platforms such as Arq By The Leela and branded residences, and investing in our people, we are scaling with intent and distinction,” shares Bhatnagar.EXPERIENCE AS THE DIFFERENTIATORAs India’s luxury hospitality sector evolves, Bhatnagar believes one shift will outweigh the rest. “Destination-led experiences will be the most defining force shaping luxury hospitality in India. While premiumisation and affluent leisure travel are already well underway, travellers are increasingly choosing destinations based on depth, cultural context and emotional connection rather than brand familiarity alone,” says Bhatnagar, adding India is uniquely positioned for this transformation, and that The Leela has been building toward this moment for years. He opines, “Today, around half of our revenues are generated beyond rooms, through dining, wellness, celebrations and immersive programming. Our palaces, resorts and urban hotels are deeply rooted in their destinations, allowing guests to engage meaningfully with local culture, cuisine and rituals.” As journeys become more personal and purposeful, Bhatnagar feels that destination-led luxury will define long-term brand leadership.THE NEW INDIA ADVANTAGEAs India competes more directly with established global luxury destinations, its structural strengths are far more visible today than they were a decade ago. “The country today offers a far more complete and confident luxury proposition than it did a decade ago. Improved connectivity, better infrastructure and increased private capital participation have elevated the quality and consistency of hospitality experiences. At the same time, the Indian luxury consumer has matured, creating a resilient domestic demand base that supports year-round performance,” shares Bhatnagar.He believes what truly differentiates India is depth, “Few destinations offer heritage, spirituality, wellness, wildlife, adventure and contemporary urban luxury within a single country.” At The Leela, this is reflected in how travellers increasingly combine multiple destinations across our palaces and resorts, while our expanding pipeline across Agra, Ayodhya, Sikkim, Bandhavgarh, Ranthambore, Srinagar, Jaisalmer and Mumbai is strengthening India’s luxury travel circuit. This depth of experience is enabling longer, more immersive journeys and positioning India as a primary global luxury destination.CURATING AN EXCLUSIVE ECOSYSTEMArq By The Leela, says the CEO, was conceived in response to a shift from ownership-led luxury towards access, community and highly curated experiences. “While traditional hospitality serves moments in time, it is designed to build enduring relationships,” OVER THE LAST FIVE CONSECUTIVE QUARTERS, WE HAVE CONSISTENTLY OUTPERFORMED THE MARKETThe Leela Ayodhya

ANURAAG BHATNAGAR61BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comadds Bhatnagar. It offers a private, invitation-only environment where members engage through culture, cuisine, conversations and bespoke experiences. Since its launch in Bengaluru in September 2025, it has seen strong engagement across culinary collaborations, cultural programming and closed-door conversations. Planned expansions into New Delhi, Chennai and Mumbai reflect growing member demand and the relevance of private members’ clubs as contemporary cultural hubs. “It extends The Leela’s philosophy beyond the hotel, enabling sustained engagement rooted in discretion, personalisation and belonging,” he shares.THE DUBAI INFLECTION POINT“Dubai is one of the most competitive and sophisticated luxury hospitality markets globally, making it a natural choice for The Leela’s first international foray. It is a global crossroads with a discerning audience that values quality, consistency and differentiated experiences,” says Bhatnagar. He adds the brand’s entry is anchored in a thoughtfully positioned luxury property that combines contemporary design with The Leela’s service ethos, appealing to both international travellers and the global Indian diaspora. “This expansion follows the same disciplined, experienceled approach that defines our growth in India. Operating in Dubai allows us to benchmark ourselves against the best globally while presenting Indian hospitality on a world stage. It signals confidence, not experimentation,” he notes, adding it also reinforces the importance of clarity, discipline and consistency at every level. “Guest expectations are exceptionally high, sharpening our focus on service precision and operational excellence. These learnings translate directly into our Indian portfolio, from elevated arrival experiences and personalisation through The Leela Palace Service, to immersive wellness under Aujasya by The Leela and The Leela Ceremonial Rituals. This ensures our standards continue to evolve while remaining rooted in the warmth and refinement that define The Leela,” opines Bhatnagar. He informs this discipline is reflected in their performance as operating on a global stage validates the strength of Indian hospitality with The Leela’s intuitive service resonating strongly with international guests.As the hospitality landscape accelerates, clarity and discipline are essential to sustaining long-term value. At The Leela, growth and capital allocation are intrinsically linked. Scale is meaningful only when it strengthens brand equity, experience quality and earnings durability. “Our approach is anchored in a balanced portfolio of owned and managed assets, defined return thresholds and rigorous evaluation of opportunities. As we grow, expansion remains deliberate, ensuring it reinforces service standards, cultural depth and financial resilience rather than diluting them,” he feels.TRACKING POST-IPO MOMENTUMThe market response to The Leela’s Rs 3,500 crore IPO has been encouraging and validating. Since listing, it has continued to deliver consistent outperformance, culminating in the best-ever quarter in Q3 FY26. “Beyond performance, the listing has strengthened governance, transparency and long-term accountability. For us, the IPO was not an endpoint, but a milestone that reinforces confidence in our strategy, execution discipline and long-term value creation,” he informs.Bhatnagar adds the IPO has materially strengthened their balance sheet and enhanced financial flexibility. “Post-listing, our net debt to EBITDA stands at approximately 0.5x, providing capacity to fund growth while remaining conservative on leverage. Strategically, the IPO has reinforced our focus on destinationdefining assets, asset-light income streams and experience-led growth, ensuring scale enhances both brand equity and earnings quality,” he concludes. THE LISTING HAS STRENGTHENED GOVERNANCE, TRANSPARENCY AND LONGTERM ACCOUNTABILITY

COVER STORY62BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comA DECADE OF MODIFIED TOURISM:compelling operators to re-examine cost structures, diversify revenue streams and rethink the guest experience.Yet, despite undeniable progress, India’s hospitality story remains incomplete. Regulatory fragmentation continues to burden developers and operators. Infrastructure development remains uneven, with world-class connectivity in some regions and glaring gaps in others. Access to long-term, affordable financing remains limited, especially for independent and midsized players. More critically, policy momentum has not always translated into uniform execution on the ground. While central initiatives have been ambitious in design, their impact often varies widely across states and destinations. Tourism governance remains fragmented, with overlapping authorities and inconsistent standards. Environmental pressures, overcrowding in popular destinations and insufficient community integration threaten the sustainability of growth. The next phase of expansion will therefore demand not just more projects, but better planning, stronger institutions and deeper coordination.Against this backdrop, our Cover Story, A Decade of MODIfied Tourism: Gains & Goals brings together voices from across the industry – hotel executives, developers, investors and consultants – to offer a grounded assessment of where Indian hospitality stands today and the direction in which it should move forward. It is an attempt to move beyond celebration and critique alike, towards a more nuanced understanding of progress, limitations and possibilities. Over the past decade, India’s tourism and hospitality sector has quietly undergone one of its most consequential phases of transformation. Once viewed primarily through the lens of leisure travel and seasonal demand, the industry has increasingly been repositioned as a strategic lever for economic growth, regional development, employment generation and global engagement. Today, hospitality has evolved beyond being merely a service sector. It is an integral part of India’s broader infrastructure and nation-building story by becoming a central player in the country’s economics and diplomacy.But this shift is not accidental. Since 2014, tourism and hospitality have received sustained policy attention, with connectivity expanding through new highways, rail corridors getting upgraded and regional aviation growing like never before. Not to forget, programmes like UDAN, Swadesh Darshan, PRASHAD and the liberalised e-visa regime helping unlock previously under-served destinations and stimulate domestic travel at scale. Destination branding initiatives and campaigns too have further strengthened India’s visibility in an increasingly competitive global tourism marketplace.Equally significant has been the changing structure of the hospitality industry itself. Branded hotel chains have pushed deeper into Tier II and Tier III markets, pilgrimage centres and emerging leisure hubs. Technology has reshaped distribution, pricing and guest engagement. Sustainability, safety standards and service consistency have moved higher up the agenda. The pandemic, while devastating, forced a long-overdue reset – GAINS & GOALS

COVER STORY63BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comPUNEET CHHATWALChairman, FAITH and Managing Director & CEO, IHCLINFRASTRUCTURE FUELS THE NEXT BOOMIndia’s hospitality sector has fundamentally shifted. The last decade created the conditions for what we are now witnessing: sustained high demand, faster pace of new supply addition, infrastructure-led emerging destinations and evolving hospitality formats and business models. We are in an inflection phase where the sector is redefining what’s possible.India will continue to be among the fastest growing major economies on its path to becoming the world’s third largest global economy. The year 2026 will see the opening of new airports in key cities in India with Jewar Airport in NCR and Navi Mumbai. These new airports and recent expansion of capacity in Bengaluru, Goa and Hyderabad has boosted the travel infrastructure in the country’s key gateway cities. The road to 2030 will look different from what we have experienced so far. India’s hospitality sector remains underpenetrated and presents a strong opportunity for sustained growth across all segments. Over the next five years, an additional 100,000 branded hotel rooms are expected to come on stream, taking the country’s total branded supply to 300,000 rooms. This milestone will be reached in half the time it took to add the first 100,000 rooms with the upcoming capacity spread across segments from economy to luxury and across destinations of metros as well as emerging markets. The rise of Tier II and Tier III cities destinations is attracting both capital and travellers, driving regional development. The permanent shift in consumer behaviour, with travel becoming a non-discretionary spend, will sustain strong demand momentum. This, however, requires the support of favourable policy framework including infrastructure status for the sector, industry status across all states and marketing India as a global destination. The private sector, in turn, will need to develop the needed talent pool, embed technology into business processes and build a sustainability-first approach to both hotel development and operations. A concerted public private partnership is necessary to unlock the potential of India’s travel and tourism sector, making it a significant contributor to the country’s GDP growth and employment generation. THE PERMANENT SHIFT IN CONSUMER BEHAVIOUR WILL SUSTAIN STRONG DEMAND MOMENTUM

COVER STORY64BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comKB KACHRUPresident, Hotel Association of India (HAI) and Chairman – South Asia, Radisson Hotel GroupA DEFINING DECADE FOR HOSPITALITY, BUT THE AGENDA AHEAD REMAINS CRUCIALThe past decade has been an important and defining phase for India’s tourism and hospitality sector. Tourism has rightly been recognised as one of the five key pillars of the national economy, with hospitality playing a central role in translating this vision into jobs, investments and balanced regional development. The Prime Minister’s articulation highlighting tourism as one of the fastest-growing global industries, and the need for strong hospitality infrastructure, has set a clear direction for all stakeholders.While tourism has received increasing attention in the last several Union Budgets, it needs to be consistently accorded greater focus and enhanced resource allocation in successive Budgets – both at the Centre and state levels – through a sharper, mission-mode approach. From an industry standpoint, sustained policy support combined with investments in air, road and rail connectivity, expansion of e-Visa coverage and destination-led promotion will further strengthen the tourism ecosystem. From an entrepreneurial perspective, these measures have already boosted domestic tourism and brought visibility to emerging destinations, even as demand for accommodation continues to outpace supply – an imbalance that needs urgent attention.The Prime Minister’s role as a global ambassador for Indian tourism has been equally significant. His consistent messaging in India and overseas has reinforced confidence in the country’s tourism potential. Initiatives such as Dekho Apna Desh, Meet in India, India Says I Do and Heal in India have expanded India’s tourism narrative beyond leisure to include business events, weddings, wellness and medical tourism.The Tourism Minister, Mr Gajendra Singh Shekhawat, has been actively engaging with industry stakeholders, with a clear focus on wellness and medical value tourism, which will open new avenues for hospitality entrepreneurs.From the perspective of the Hotel Association of India (HAI), the past decade reflects strong intent and meaningful THE PRIME MINISTER’S ROLE AS A GLOBAL AMBASSADOR FOR INDIAN TOURISM HAS BEEN EQUALLY SIGNIFICANT

COVER STORY65BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comprogress, but also underscores areas where outcomes remain uneven. Industry-related benefits are still not adequately reaching investors. While the introduction of GST brought transparency and formalisation, the current structure – particularly tariff-linked slabs and the absence of input tax credit – continues to strain operating costs and restrict pricing flexibility. The lack of infrastructure status for hotels further limits access to long-term, affordable financing, especially for midscale and budget hotels that are critical for inclusive tourism growth.The industry also faces structural challenges such as high development costs, complex approval processes, shortage of skilled manpower, rapidly evolving consumer expectations, technology adoption and rising sustainability requirements. Inbound tourism, too, is yet to realise its full potential. India needs a stronger overseas marketing push to showcase new destinations, refreshed tourism products and the incentives available for investment.As we look ahead, the unfinished agenda is clear: rationalisation of GST with restoration of input tax credit, infrastructure status for hotels, recognition of foreign exchange earnings from tourism on par with other exports, effective single-window clearances and focused skill development initiatives. With continued collaboration between Government and industry, India’s hospitality sector can build on the progress of the past decade and move confidently towards sustainable, globally competitive growth, while creating millions of jobs for the country’s youth. SURENDRA KUMAR JAISWALPresident, FHRAIA DECADE OF PROGRESS, A FUTURE TO SHAPEIndia’s hospitality and tourism sector, over the past decade, has evolved into one of the most important pillars of the services economy. Under Hon’ble Prime Minister Narendra Modi’s leadership, tourism has steadily moved higher on the policy agenda and is now being recognised for its role in economic growth, employment generation, and regional development. From FHRAI’s perspective, this period reflects substantial progress, alongside challenges that require deeper structural attention.Hospitality and tourism today contribute close to nine per cent to India’s GDP and support millions of livelihoods across hotels, restaurants, transport, agriculture, handicrafts, and allied services. The sector’s economic impact extends well beyond direct employment, creating a strong multiplier effect that stimulates local economies and encourages entrepreneurship. Government-led efforts to strengthen air and road connectivity, liberalise visa regimes, promote domestic tourism, and develop destinations have expanded travel demand and helped spread tourism activity beyond metropolitan centres. This has been particularly visible in spiritual, cultural, and leisure destinations, where tourism has become a catalyst for local income and

COVER STORY66BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comDEEP KALRAChairman, World Travel and Tourism Council, India Initiative (WTTCII)REFORMING FOR INDIA’S HOSPITALITY FUTUREinfrastructure development.The pandemic years tested the sector’s resilience like no other period in recent history. Hospitality businesses faced prolonged closures, demand shocks, and workforce disruptions. Yet, the industry adapted quickly by implementing new safety protocols, redesigning operations, and responding to changing consumer expectations. Policy interventions and access to emergency credit provided partial relief, though the recovery has been uneven, with smaller and independent operators continuing to face financial stress.At the same time, long-standing constraints have limited the sector’s ability to scale sustainably. Ease of doing business remains a major concern, as hospitality enterprises continue to navigate a complex regulatory environment involving multiple licences, approvals, and compliance requirements that vary across states. These procedural hurdles increase costs, delay projects, and deter investment, particularly in smaller markets. Taxation has further added to operational pressure. High and dual GST rates on accommodation and food services affect affordability and place Indian hospitality at a disadvantage compared to competing tourism destinations in the south Asian region. Limited access to affordable, long-term finance and the absence of uniform industry recognition have also constrained growth in Tier II and Tier III cities, despite strong demand potential.Looking ahead, tourism and hospitality must be firmly positioned as a growth engine of the Indian economy. In a changing global and geopolitical environment, India is increasingly seen as a stable, diverse, and attractive destination. Unlocking this opportunity will require closer coordination between the Centre and States, regulatory simplification, rational taxation, and focused investments in infrastructure, skilling, sustainability, and digital adoption. Equally important is a sharper and more consistent domestic and international marketing approach that promotes India as a year-round destination offering rich, experience-led tourism.The progress of the past decade has laid a strong foundation. Addressing the unfinished agenda will determine whether Indian hospitality can transition from recovery to longterm global competitiveness and sustained economic contribution. Over the past decade, Indian hospitality has shifted from a cyclical, metro-led story to a more structural growth cycle, powered by strong domestic travel demand, improved connectivity, and a more entrepreneurial, asset-light mindset among hotel owners and operators. Homestays have also started to play a growing role in expanding accommodation supply. Demand today is far more broad-based: domestic travel continues to boom with every long weekend a reason for travel; outbound travel is steadily rising as Indians increasingly prioritise experiences; corporate travel has grown with economic expansion; and demand drivers such as weddings, sports, and emergence of concert economy are adding scale. Inbound tourism remains an area for improvement, with multiple competing countries taking strides to attract international tourists.This pricing power is clearly visible in operating metrics. ICRA reports that during the first nine months of FY26, occupancies were in the 69-71 per cent range, with average room rates at ` 8,100-8,200, up from ` 7,800-7,900 in the same HOSPITALITY ENTERPRISES CONTINUE TO NAVIGATE A COMPLEX REGULATORY ENVIRONMENT

COVER STORY67BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comperiod last year. Occupancy strengthened further in Q3 FY26 to 76-78 per cent. For the full year, ICRA expects premium hotel occupancies of 72-74 per cent with average room rates of ` 8,200-8,500. This is not a short-term spike, it reflects sustained demand depth and improved revenue management.What worked in the era is the combination of macro tailwinds and micro execution. Infrastructure upgrades and expanded road/air connectivity widened the viable map for hotels. In parallel, the industry professionalised: sharper brand architecture, stronger distribution, better revenue management and faster growth through management and franchise contracts.Capital followed. JLL Hotels & Hospitality Group’s deal tracking (as reported publicly) indicates transaction momentum of roughly $397 million in 2025 and an estimated $420 million in 2026, signalling investor confidence in India’s lodging fundamentals. Policy has also played an enabling role. The GST Council’s decision to keep accommodation priced up to ` 7,500 per unit per day at 5 per cent GST (without input tax credit) supported affordability for value-conscious travellers and widened demand.First, the approvals and licences. Despite “industry status” in many states, hotel projects still navigate 50-plus permissions/ licences across departments — often sequential, inconsistently interpreted and inspection-heavy. What is also missing is uniform, on-ground implementation of industry status—predictable delivery of notified benefits (utility tariffs/subsidies, land/allotment or pricing norms where applicable and other incentives)—alongside time-bound, digitised single-window clearances, standardised State checklists, risk-based inspections and “deemed approvals” where timelines are breached. WTTCII supported the Ministry of Tourism in structuring and consolidating inputs that helped bring tourism, hotels and hospitality within the Cabinet Secretary–led Deregulation 2.0 (2026) framework; this must now translate into measurable, time-bound reforms across States.Second is tax and reinvestment. The 5 per cent no-ITC structure can discourage upgrades, refurbishments and sustainability retrofits. We need a pragmatic solution that keeps hotels affordable while enabling reinvestment.Third is destination readiness. CRISIL Ratings points to ~20,000 branded room additions over this and next fiscal (about a 20 per cent supply increase) after 16,500 additions over the previous two fiscals, while expecting occupancies to remain steady and room rates to inch up. Room growth will only translate into competitiveness if destination basics: cleanliness, safety, public realm, mobility, 24x7 tourism economies and carryingcapacity management, improve in parallel. This will also contribute to the growth of inbound tourism in the country.Finally come the skills. The WTTC report Future of the Travel & Tourism Workforce (2025) flags a major global labour shortfall by 2035, with the largest absolute gaps forecast in China (16.9 million), India (11 million) and the European Union (6.4 million). India must get ahead through stronger skilling pipelines, higher women’s participation, leadership development and digital capability.India’s hospitality decade has been a story of scale and confidence, despite the pandemic shock of 2020-22 and the recovery thereafter. The next chapter must be about speed, consistency and destination quality, so entrepreneurship compounds, investments deepen and inbound tourism strengthens alongside domestic and outbound growth, allowing India to compete with the best. WHAT WORKED IN THE ERA IS THE COMBINATION OF MACRO TAILWINDS AND MICRO EXECUTION

COVER STORY68BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comMANDEEP S LAMBAPresident & CEO (South Asia), HVS ANAROCKWHAT WILL SHAPE INDIA’S TOURISM DECADE?For years, India’s tourism narrative revolved around what could be – untapped destinations, underexplored circuits, and a sector waiting to take off. That narrative is now dated. What is visible today is far more concrete: travel volumes that are holding up despite global uncertainty, investors returning with clearer intent, and destinations that are no longer theoretical dots on a map but functioning markets.Tourism already contributes an estimated 5-6 per cent to India’s GDP and supports over 84 million jobs, making it one of the largest employment-generating sectors in the country. However, this scale has not yet translated into a comparable global presence. In calendar year 2024, India recorded 20.57 million international tourist arrivals, including 9.95 million foreign tourist arrivals, placing the country 20th globally with a 1.4 per cent share of the world’s 1,465 million international arrivals.Unlike earlier phases, tourism today is receiving sustained policy focus at both the central and state levels. Governments are increasingly positioning the sector around employment creation, regional development, foreign exchange earnings, and destination promotion. Several state governments, in particular, have become far more proactive and competitive in pushing tourism-led growth, having recognised the cascading benefits it brings across the wider state economy and local livelihoods. This more assertive state-level approach, supported by central policy initiatives, is helping create a stronger and more enabling environment for tourism growth in the years ahead.FROM STANDALONE DESTINATIONS TO TRAVEL NETWORKSTraditionally, tourism in India grew around a small number of wellknown cities and leisure destinations. These places absorbed most of the demand, often running into capacity constraints, while many surrounding towns and regions remained off the main travel map. Growth was uneven, and travel itineraries were typically built around a single destination.This pattern is likely to change over the coming decade. Better highways, wider regional air connectivity, and faster rail links are making it easier for travellers to move across regions rather than in and out of one location. Trips will be increasingly planned as a series of stops, a city base combined with nearby religious centers, cultural towns, nature escapes, or experience-led destinations. Metros, state capitals and several Tier II cities are well placed to play this role, acting as anchors for travel across their surrounding regions. As this approach becomes more common, it could lead to longer stays, a wider spread of tourism spends, and greater visibility for destinations that have so far remained on the margins.DOMESTIC TRAVEL IS NO LONGER A CUSHION, IT IS THE ENGINEIf recent years have demonstrated anything clearly, it is that domestic travel is no longer a fallback for weak inbound demand. It is the engine of India’s tourism economy. What began as a post-pandemic rebound has settled into a durable behavioral shift. Indians are travelling more frequently, taking shorter breaks, and exploring a broader range of destinations.Domestic travellers today account for the vast majority of tourism activity and a substantial share of total tourism spending. This is being supported by steady income growth, with India’s per capita GDP reaching approximately US$ 2,000 in the decade ending 2020 and expected to double by the end of the decade ending 2030, providing a sustained boost to discretionary spending, including travel. Religious travel continues to anchor volumes, but it is increasingly complemented by destination weddings, wellness retreats, food-led journeys, sports and live entertainment events, and experienceoriented leisure. As this segment continues to mature, it will remain the primary driver of demand, shaping hotel development, destination positioning, and experience design across the country.INBOUND TOURISM WILL MOVE CLOSER TO ITS POTENTIALDomestic travel will continue to anchor India’s tourism economy, but inbound tourism is where the next phase of growth could be most visible. Today, India’s global ranking and relatively small share of international arrivals sit uncomfortably alongside its economic scale, cultural depth, and steadily improving infrastructure. This mismatch has been acknowledged at a policy level, most clearly in the Government of India’s long-term vision of reaching 100 million foreign tourist arrivals by 2047.We expect significant progress will be made towards this goal over the next decade. Easier visa regimes, expanded airport capacity, stronger international air connectivity, and more coordinated overseas promotion are already beginning to shape inbound travel conditions in

COVER STORY69BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comthe country. At the same time, the nature of inbound demand is changing. Travellers are no longer looking only at India’s headline monuments. They are increasingly drawn to culture, wellness, festivals, food, and nature-based experiences. These are areas where India has long had depth, and where more focused curation and management could translate interest into sustained demand.MICE, LIVE EVENTS, AND SPORTS AS TOURISM CATALYSTSMICE, live events and sports are likely to become some of the most visible drivers of tourism growth in the coming years. Recent experience has already shown how large meetings, exhibitions, concerts, and sporting events can move the needle quickly, lifting hotel performance in the short term while also improving a city’s visibility as a destination.This momentum is set to build further. Ahmedabad hosting the 2030 Commonwealth Games will be an important milestone, both for the city and for India’s broader events ecosystem, and will test the country’s ability to deliver complex, large-scale international events. At the same time, India is increasingly part of conversations around future mega-events, including potential bids for the Olympic and Asian Games, alongside a growing calendar of international concerts, sporting leagues, and conventions. Beyond the immediate demand they generate, such events tend to leave a longer imprint, accelerating infrastructure upgrades, reshaping destination perception, and encouraging repeat visitation well after the event itself has passed.INFRASTRUCTURE AND NEW AIRLINES WILL BE THE WIND BENEATH THE WINGSTourism growth in India has always followed improvements in connectivity. Continued investment in airports, highways, and rail networks, along with the entry of new domestic and regional airlines, will be the wind beneath the wings for the sector over the next decade. Better air links, faster rail services, and improved road access are already making it easier for travellers to reach destinations that were previously constrained by travel time and access. What will matter just as much is how well these networks come together on the ground. Last-mile connectivity, ease of movement within cities, and basic visitor infrastructure will increasingly shape how destinations perform. Those that link transport access with urban planning and visitor services are likely to see more consistent tourism growth, rather than sharp peaks followed by slowdowns.At the same time, some unresolved challenges risk dampening this momentum. The unaddressed air pollution conundrum in a few leading cities continues to hurt destination perception and needs meaningful and urgent attention. Recent reports highlighting poor hygiene and inadequate infrastructure during the India Open Badminton tournament in Delhi have also damaged India’s image as a host destination. Such episodes should serve as a wake-up call for sports organisers and government bodies alike, as they highlight the gap between improved connectivity and the on-ground experience faced by visitors.TECHNOLOGY AND DESTINATION MANAGEMENT WILL COME TO THE FOREAs visitor volumes increase, technology will begin to play a more practical role in how destinations are run. Its use will no longer be limited to bookings and marketing. Increasingly, data will be used to track visitor movement, manage peak periods, and improve the overall on-ground experience, as done in several other destinations globally. Used well, technology can help destinations spot pressure points early, spread demand more evenly across time and space, and respond more effectively as volumes grow. This, in turn, will result in a better experience for visitors. Destinations that build these tools into everyday planning and operations are likely to find it easier to manage growth in a steady, sustainable manner.FOCUS ON SUSTAINABILITY WILL SHAPE HOW DESTINATIONS GROWFocus on sustainability is increasingly influencing how tourism develops on the ground. In many destinations, it is no longer limited to environmental compliance alone. Day-to-day issues such as water availability, waste handling, pressure on local infrastructure, and community response to tourism activity are already affecting how destinations function and how quickly they can grow.As visitor volumes increase, destinations are being forced to think more carefully about pace and capacity. Places that factor in local conditions, involve communities in the tourism economy, and avoid overbuilding are more likely to see steadier performance over

COVER STORY70BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comRAHUL PANDITManaging Director & CEO of Advent Hotels International LimitedTOURISM: UNLEASHING INDIA’S JOBS ENGINEElephants are not raised on peanuts. India must create 10 million jobs annually to employ its youth and preserve social harmony. With 48 million employed and every rupee invested generating 35 per cent jobs than the economy’s average, tourism offers a transformational jobs engine for a nation hungry for growth. Yet, with a mere 0.05 per cent of the Union Budget allocated to tourism, India underserves a golden opportunity.Tourism contributes 6.7 per cent to India’s GDP. It is 15 per cent in the UAE and 20 per cent in Thailand. Were India to raise Tourism’s contribution to 15 per cent by 2035, the sector could employ 100 million people and add an incremental $1tn to GDP – roughly the output of a mid-size G20 economy. THE PARADOXIndia, with 44 UNESCO World Heritage Sites – and blessed with mountains, temples, palaces, and beaches should be a tourism superpower. Instead, it is held back by policy drift, patchy execution, and a neglect of the basics. Capacity is central to the problem. The estimated daily lodging demand is five million beds, yet India has barely 190,000 branded hotel rooms. Vietnam has more than 200,000; the UAE, 220,000; Thailand, 900,000; Japan, two million; and China, seven million. India’s weakness is most visible in international tourism. In 2024, it welcomed 10 million foreign visitors, while 30 million Indians travelled abroad, producing a net forex outflow. Peer comparisons are time. This approach is also beginning to make commercial sense. Better resource management, lower operating intensity, and more measured development can help control costs, protect assets, and sustain destination appeal. Over the next decade, sustainability is likely to be less about intent or positioning, and more about how everyday decisions are taken on planning, operations, and expansion.LOOKING AHEADIndia enters the next decade of tourism growth with strong fundamentals, clearer intent, and a more supportive ecosystem than ever before. With a current global share of just 1.4% of international arrivals, the opportunity to move decisively up the global tourism rankings is real. Domestic travel will continue to provide scale and resilience, inbound tourism will gather momentum, and infrastructure, events, technology, and policy support will act as powerful accelerators. If these elements move in tandem, the coming decade could mark India’s transition from a high-potential tourism market to one of the world’s most influential tourism economies.While the country has made significant progress in augmenting infrastructure across the spectrum to support tourism growth and its contribution to GDP, policymakers, politicians, bureaucrats, and other functionaries must recognise that a tourist encounters multiple touchpoints and moments of truth over the course of their journey in the country. Each of these helps in shaping their experience and overall view of the visit, and we need to deliver across every one of these moments of truth! sobering. Vietnam attracted 18 million visitors, the UAE 19 million, and Thailand 36 million.WHAT VIKSIT BHARAT REQUIRESThree reforms would unlock much of this potential. First, move Tourism to the Concurrent List to end the Centre-State coordination quagmire. Second, scale supply rapidly. Third, fix the last-mile experience.A SUPPLY SURGEIndia should aim to add one million branded hotel rooms by 2035. Fragmented incentives can be knitted into a national framework. Tenyear CGST reimbursements, modelled on the Northeast UNNATI scheme, will spur investment in Jammu and Kashmir, Uttar Pradesh, Madhya Pradesh and Bihar. Existing state incentives – Maharashtra and Assam’s 15-year SGST refunds and Odisha’s 30 per cent capital subsidy – could be standardised. Public land could be leased on 60-year DBFOT terms with modest upfront payments.Simultaneously, homestays should be scaled to 500,000 rooms through online Aadhaar-based registration and digitally self-certified tiered quality standards. Modest grants Rs 1 lakh / Rs 2 lakh per rural / urban room, tied to basic hygiene and safety norms, and paired with partnerships with branded operators, could formalise supply without stifling local enterprise.Financing need not be a constraint. A $10bn India Tourism Fund, structured as a sovereign-private InvIT, could anchor the

COVER STORY71BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comunderperforms on all four. A nationwide “Mission Cleanest Cities” could grade districts on civility, safety, and cleanliness (Sabhyata, Suraksha, Safai), with a slice of GST transfers linked to measurable outcomes.Decommissioned Agniveers could be deployed as tourist police. Pilgrimage queues should be digitised, as at Mumbai’s Siddhivinayak temple. Functional infrastructure – electric shuttles, shaded walkways, and multilingual signage – should be the norm, not an exception.BUILDING HUMAN CAPITAL Tourism is as much a social compact as an economic activity. Respect for heritage, cleanliness and women’s safety needs to be embedded in school curricula. Organised school tours to national sites – from Sabarmati to Sriharikota and the Statue of Unity – would foster civic consciousness, scientific temper, and national pride. Mawlynnong in Meghalaya – also known as Asia’s cleanest village and a zero-crime destination – illustrates how community ownership of heritage can translate into superior visitor experiences.Skills, too, must catch up. Vocational training should be rapidly scaled through hotel-school hybrids and stackable online certification overseen by the National Institute of Hospitality. POLITICAL WILLThe Union Budget last year promised infrastructure status for Tourism, the upgrading of 50 destinations, and the ‘Heal in India’ initiative. None has yet been meaningfully implemented. What is needed is sustained attention from the top. A Prime Minister-chaired Standing Committee on Tourism could cut through inter-ministerial silos and enforce delivery. For a nation that must generate millions of jobs each year, failing to fully mobilise tourism is not a policy oversight. It is a strategic error. Tourism must be funded adequately, aligned coherently, and executed relentlessly to unleash its full potential for nation-building. expansion. Select assets of ITDC and state tourism corporations could seed the fund, complemented by viability-gap financing from NaBFID and multilaterals such as the IFC, ADB and JICA. Saudi Arabia’s dedicated Tourism Development Fund can be benchmarked for charter and outcomes. FIXING THE LAST MILE Tourism succeeds or fails on last-mile quality: clean toilets, sufficient parking, safe streets for women, and efficient queues. India INDIA’S TOURISM: WHAT COMES NEXT?FARHAT JAMALChairman, Tourism and Hospitality Committee, IMC Chamber of Commerce and IndustryIndian tourism is entering its most consequential decade. The foundations have been laid – demographics, infrastructure momentum, digital adoption, and a renewed pride in India’s cultural identity. What lies ahead is not merely expansion, but transformation. The next ten years will determine whether India becomes a volume-driven tourism market or a globally admired, sustainably managed destination economy. The question is no longer whether Indian tourism will grow, but how intelligently it will do so.THE INDIAN TRAVELLER COMES OF AGEThe most powerful force shaping the future of tourism in India will be

COVER STORY72BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comthe Indian traveller. Domestic tourism has already demonstrated its strength, particularly during periods when international travel was disrupted. Over the next decade, it will evolve from being the industry’s safety net to its primary growth engine.A young population, rising middle class, increasing disposable incomes, better work-life balance, and growing exposure to global travel standards are creating a more discerning traveller. This consumer is no longer satisfied with basic accommodation and sightseeing. They seek value, experience, comfort, safety, and authenticity.Short breaks, self-drive holidays, weekend getaways, pilgrimage circuits, wellness escapes, and destination weddings will fuel consistent, year-round demand. Importantly, domestic tourism will help reduce seasonality, stabilise cash flows, and encourage investment in smaller towns and emerging destinations.INFRASTRUCTURE AS THE GREAT ENABLERIf demand is the fuel, infrastructure will be the engine.India’s unprecedented focus on physical infrastructure – airports, expressways, regional air connectivity under UDAN, high-speed rail, cruise terminals, ropeways, and last-mile connectivity – will redraw the tourism map of the country. Destinations that were once inaccessible or inconvenient will become viable, attractive, and investable.However, infrastructure alone does not guarantee success. Tourism growth must be accompanied by destination planning. Airports without skilled manpower, highways without rest infrastructure, and hotels without civic support systems will only create congestion and stress. The next decade must therefore focus on integrated destination development – transport, urban planning, utilities, and tourism facilities moving in tandem.FROM HOTELS TO HOLISTIC EXPERIENCESThe future of tourism will be experience-led, not asset-led.While hotel rooms will continue to grow, success will increasingly depend on what lies beyond the room. Cultural immersion, storytelling, culinary trails, local festivals, adventure activities, wellness offerings, and curated itineraries will define traveller choice.Heritage tourism, spiritual circuits, Ayurveda and yoga retreats, eco-tourism, wildlife experiences and rural tourism will see exponential growth. India’s advantage lies in its diversity – few countries can offer the range of experiences the country can within short travel distances.The winners will be destinations and operators who collaborate with local communities, artisans, guides, farmers, and performers – creating shared value rather than isolated luxury enclaves.SUSTAINABILITY MOVES FROM IDEALISM TO IMPERATIVEThe next decade will decisively prove that tourism cannot grow without responsibility. Water scarcity, waste management, environmental degradation, and carrying capacity are already visible challenges in several Indian destinations. Over-tourism threatens not only ecosystems but also the very visitor experience it seeks to promote.Sustainability will no longer be a marketing slogan; it will be a license to operate. Investors, lenders, regulators, and travellers will demand measurable commitments – renewable energy, water conservation, waste reduction, local sourcing, and community engagement. Destinations that proactively manage growth will thrive. Those that ignore sustainability will face reputational damage, regulatory intervention, and eventual decline.TECHNOLOGY AS THE INVISIBLE BACKBONEDigital transformation will quietly but decisively reshape tourism.From planning to booking, from check-in to feedback, technology will define convenience, personalisation, and efficiency. Artificial Intelligence, data analytics, dynamic pricing, contactless services, virtual previews and smart destination management systems will become mainstream.For Government and destination authorities, technology will enable better crowd management, safety monitoring and policy decisions. For operators, it will enhance guest experience, reduce costs, and improve yield management.At the same time, technology must enhance – not replace – human warmth. Indian hospitality’s greatest strength remains service and emotion. The future lies in blending high-tech with high-touch.

COVER STORY73BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comINBOUND TOURISM: QUALITY OVER QUANTITYWhile domestic tourism will lead growth, inbound tourism remains critical for foreign exchange, employment, and global positioning.The next decade offers India an opportunity to reposition itself – not merely as a budget destination, but as a premium, experiential, culturally rich country. Medical tourism, wellness tourism, luxury rail journeys, cruises, weddings, and curated heritage experiences can attract high-value travellers.Simpler visas, consistent policies, better destination marketing, improved safety perception, and professional guiding standards will be essential. India does not need to chase mass numbers alone; it needs to attract travellers who stay longer, spend more, and leave as ambassadors. HUMAN CAPITAL: THE DEFINING DIFFERENTIATORNo tourism roadmap is complete without people. The next decade will see massive demand for trained manpower across hotels, airlines, cruise operations, tour companies, events, and destination management. Skill development, continuous training, career mobility, and dignified working conditions will be critical.The industry must also change its narrative – tourism is not a stop-gap job but a respected, long-term career. Institutions, operators, and policymakers must work together to build talent that can compete globally while retaining Indian warmth and sensibility.GOVERNANCE, POLICY AND COLLABORATIONTourism growth cannot be fragmented. The coming decade will reward collaboration – between central and state governments, private sector, local bodies, communities, and investors. Stable policies, ease of doing business, transparent regulations, and longterm vision will attract sustained investment.Tourism must be viewed not as a soft sector, but as serious economic infrastructure – one that creates employment, preserves culture, and distributes growth geographically.CONCLUSION: A DEFINING DECADEThe next 10 years will shape Indian tourism for generations. India has the advantage of scale, diversity, and timing. What it needs now is discipline, foresight, and collaboration. If growth is managed thoughtfully – balancing ambition with responsibility – tourism can become one of India’s most inclusive and powerful engines of economic development. The opportunity is historic. The responsibility is even greater. INDIA’S HOSPITALITY SECTOR CHARTS US$ 1 BILLION INVESTMENT PATHGAURAV SHARMAHead of Hotels & Hospitality Group, India, JLL, and Senior Director, Hotel Capital Markets, Asia, JLLIndia’s hospitality sector has undergone a remarkable transformation over the past decade, evolving from a market plagued by oversupply to a dynamic, decentralised industry driving unprecedented growth across the nation. From JLL’s perspective, this sector’s evolution tells a compelling story of resilience and adaptation that fundamentally reshaped the industry landscape. Pre-2015, the industry grappled with significant challenges, particularly over-supply in many markets that constrained profitability and growth, creating a challenging environment for operators and investors alike. However, the post-pandemic period has witnessed a dramatic turnaround, with RevPAR growth exceeding 10 per cent year-on-year, demonstrating the sector’s remarkable recovery capacity. This recovery has been so robust that investments are projected to reach US$ 1 billion at asset level by 2028, reflecting renewed confidence in India’s hospitality market potential. The transformation has been underpinned by substantial infrastructure development that has fundamentally altered accessibility and connectivity across the country. India’s road network expansion of 59 per cent over recent years, coupled with the UDAN scheme boosting air connectivity to Tier II and Tier III cities, has fundamentally altered the hospitality landscape by opening previously underserved markets to tourism and business travel. Foreign Direct Investment liberalisation, allowing 100 per cent automatic route inflows in certain sectors, has further catalysed this growth by attracting international capital and expertise. The numbers speak volumes about this transformation: YTD (September 2025) data

COVER STORY74BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comreveal 85 hotels comprising approximately 7,978 keys opened and 263 signed representing 32,742 keys, with an impressive 70 per cent of hotel signings occurring in Tier II and Tier III cities, highlighting the sector’s successful decentralisation strategy that has moved beyond traditional metropolitan strongholds. The entrepreneurial landscape has been equally transformative, with digital disruption reshaping traditional hospitality models. Airbnb’s entry reshaped accommodation options by introducing alternative lodging concepts, while comprehensive digital transformation through mobile bookings and AI-powered personalization is changing the industry standard, fundamentally modifying how consumers discover, book, and experience hospitality services. Covid19, despite its devastating initial impact, accelerated the adoption of technology and wellness-focussed offerings, with experiential staycations emerging as a significant revenue stream that helped operators pivot during challenging times. Hotel chains responded strategically by enhancing loyalty programmes and customer engagement initiatives, while entrepreneurs leveraged online travel agencies and boutique concepts to create agile, profitable ventures in India’s expanding market, demonstrating the sector’s adaptability and innovation capacity. Several factors have driven the sector’s remarkable success over the past decade, creating a foundation for sustained growth. Domestic demand has proven remarkably resilient, reaching Rs 15.5 trillion in 2024, which represents 22 per cent higher than 2019 levels, propelling occupancy and revenue growth, particularly in premium hotel segments where Indian consumers increasingly seek quality experiences. Government initiatives like Bharatmala, creating 34,800 km of highways, significantly enhanced connectivity between major cities and emerging destinations, reducing travel times and opening new markets. Policy reforms including e-visa facilitation and UDAN’s expansion to 120 destinations drove international passenger growth by making India more accessible to global travelers while connecting domestic markets previously underserved by aviation infrastructure. This positive momentum attracted substantial investor confidence, resulting in record transactions and development pipelines, with Mumbai leading in occupancy and Average Daily Rates as of Q3 2025, demonstrating the continued strength of metropolitan markets alongside emerging opportunity zones. However, the journey hasn’t been without significant setbacks that provided valuable lessons for industry stakeholders. Over-reliance on certain markets created excess inventory pre2020, leading to intense competition and margin pressure that highlighted the need for geographic diversification. Covid19’s devastating impact resulted in a 5.8 per cent GDP contraction in FY21, significantly delaying recovery timelines and forcing operators to fundamentally rethink business models, cost structures and revenue strategies. Regulatory complexities involving multiple clearances and approvals required to open a hotel have caused persistent project delays, adding costs and uncertainty to development timelines that continue to challenge operators and investors. Poor last-mile connectivity in certain key destinations has inflated operational costs by requiring additional logistics and transportation solutions, while high staff turnover and skill shortages have continued to pressure margins amid rising energy and real estate expenses, creating ongoing operational challenges that require strategic attention. Despite remarkable progress across multiple dimensions, critical challenges remain that will define the sector’s future trajectory. Talent shortages persist as a fundamental constraint, with demand for trained professionals in management and service roles far outpacing supply, creating wage inflation and service quality concerns that threaten sustainable growth. Infrastructure gaps in Tier II and Tier III cities, over-tourism concerns in popular destinations, and compliance delays continue to hinder scalability, despite the National Infrastructure Pipeline’s substantial US$ 1.4 trillion commitment since 2019 that promises long-term improvements. Rising operational costs driven by inflation, energy expenses, and real estate appreciation, combined with intensifying competition from international hospitality brands and alternative accommodation providers, necessitate accelerated technology adoption, particularly AI for dynamic pricing and operational efficiency, alongside sustainable practices to meet evolving leisure and wellness travel preferences that increasingly define consumer expectations. The past decade has fundamentally reshaped India’s hospitality sector, successfully transforming structural challenges into growth opportunities while establishing a robust foundation for continued expansion across the nation’s increasingly diverse and accessible markets.

COVER STORY75BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comSUMBUL SIDDIQUISenior Director & Head, Hotels Capital Markets, Cushman & Wakefield IndiaINDIAN HOSPITALITY’S UNFINISHED AGENDATen years ago, Indian hospitality was neck deep under regulation and capital constraints. Today, it is a fierce entrepreneurial arena, thanks to infrastructure status FDI reforms, that rewrote the rules of the game. We have come far, but the real work remains unfinished.WHAT DELIVERED RESULTSInfrastructure Status revolutionised financing. Hotels could tap debt at 200-250 bps cheaper rates with 15–20-year tenures. A Rs 40 crore boutique developer in a Tier II city could borrow at 7-8 per cent institutional debt instead of 11-12 per cent bank loans. Domestic supply jumped 35 per cent in 2015 as Tier II and Tier III projects made financial sense. FDI opened the floodgates-$17 billion Automatic route approvals created PE funds exits at 12-15x EBITDA multiples for midsized chains: pure fantasy before 2014. Global players validated Indian assets while homegrown chain scaled. Domestic demand rewrote the economics. Post-Covid, 85 per cent of bookings turned Indian. Ayodhya, Varanasi and the $50 billion wedding circuit fuelled micro-entrepreneurs who mastered asset-light models, posting 15 per cent CAGR since recovery.WHAT DIDN’T WORK: HARD LESSONS FROM HYPERGROWTHThe journey has not been without its pitfalls. The rapid growth has sometimes led to over-saturation in urban markets, resulting in stiff competition and impact on profitability. Many businesses struggled to sustain operations, especially in light of the pandemic.Licensing Labyrinth persists despite NSWS rhetoric. Hotels require 100-plus approvals versus Singapore’s 15, with 18-24-month delays burning Rs 2-5 crore pre-opening.GST slabs create pricing absurdities. Distort pricing brackets force artificial rate gaming.Skill deficit kills consistency. With 1.1 million skilled workers needed and Tier II hotels bleeding 50 per cent-plus attrition, we cannot deliver world-class service despite 72-74 per cent occupancies.THE UNFINISHED AGENDA-ENTREPRENEURS’ REAL FIGHTThe unfinished agenda looms large, presenting both challenges and opportunities.Talent Crisis Worsens. Skilled worker shortage to create world class experiential service delivery.Infrastructure Gaps. ~ 30 per cent Tier II hotel capex funds backup systems (gensets, water treatment). Poor connectivity caps RevPAR 15-20 per cent below potential.Digital transformation lags in Tier II cities where entrepreneurs struggle with tech adoption amid poor connectivity.Moreover, the sector’s overreliance on domestic tourism, now 80 per cent of revenues, exposes it to economic downturns. Looking ahead, entrepreneurs must pivot towards resilient models: hybrid ecoluxury properties, agritourism, and metaverse experiences.ROADMAP FORWARDPlans needed to create single-window clearances within 12 months, and ESG incentives for coastal assets along with AI-driven skill programs address talent gaps. Dedicated hospitality SEZs in Tier II and Tier III cities to unlock midscale/ upscale hospitality asset potential.We have delivered12-14 per cent RevPAR CAGR against global 8-10 per cent benchmarks Completing this agenda of resolving land wars, talent pipelines, and digital infrastructure positions hospitality as a $3 trillion GDP pillar by 2047.As capital markets evolve, I am optimistic that India’s hospitality can lead globally if we tackle these hurdles head-on. Capital markets stand ready; Policy precision remains the final move.

COVER STORY76BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comAJAY K BAKAYAChairman, Sarovar Hotels & Director, Louvre Hotels IndiaHOSPITALITY GROWTH REDEFINED BY TIER II AND TIER III CITIESIndia’s hospitality growth is being driven by three structural trends: the rise of domestic leisure travel beyond metros, rapid infrastructure development improving access to smaller cities and the growing preference for branded, midmarket hotels offering reliable quality at accessible price points. Demand is increasingly coming from Tier II and Tier III cities, pilgrimage destinations and weddings. Sarovar Hotels is well positioned to leverage these trends due to its deep presence in non-metro markets, strong midmarket brand portfolio and asset-light expansion model. With a diversified footprint across business, leisure and emerging destinations, Sarovar is aligned with where demand is growing rather than where it has traditionally existed.In 2026, Sarovar Hotels will focus on a strong pipeline of new hotel openings, especially in Tier II and Tier III cities, upcoming leisure destinations and growing business hubs. The brand plans to enter new locations where travel demand is increasing but there are still limited branded hotel options. Along with expanding its footprint, Sarovar will continue to strengthen its core mid-market brands while introducing hotel formats that suit local demand, whether city-based business hotels or leisure and destinationfocussed properties. Overall, the focus will be on asset-light growth, faster stabilisation of new hotels, and creating sustainable, long-term value for hotel owners.The outlook for 2026 remains positive for the Indian hospitality industry, supported by strong domestic travel demand, improving air and road connectivity, and a gradual recovery in markets impacted by external disruptions in 2025. Opportunities will continue to emerge in non-metro cities, pilgrimage hubs, and leisure destinations, where branded supply remains limited. From an ease-of-doing-business perspective, streamlined approvals, better financing options, and growing acceptance of asset-light operating models are making hotel development more viable across states. Overall, 2026 is expected to be a year of steady growth, improved profitability and deeper market penetration for well-positioned hotel operators. OPPORTUNITIES WILL CONTINUE TO EMERGE IN NON-METRO CITIES, PILGRIMAGE HUBS AND LEISURE DESTINATIONS

COVER STORY77BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comDR JYOTSNA SURIChairperson & Managing Director, The Lalit Suri Hospitality GroupRESPONSIBLE TRAVEL TO SHAPE INDIA’S NEXT GROWTH WAVEIndia is experiencing more purposeful travel. Indians today are travelling for weddings, wellness, spirituality, business, adventure to reconnect with heritage and culture. Travel has become a way of celebrating life itself.Equally, luxury is being redefined. It is no longer just about scale or extravagance alone. Guests now seek warmth, authenticity and a sense of belonging. They want to stay in places that reflect the soul of the destination, where they feel respected, understood and emotionally connected. Sustainability, inclusion and responsible tourism are no longer optional; they are central to guest expectation, trust and loyalty.At The LaLiT, we have always believed that hospitality is about people before anything else. As a home-grown Indian brand with global standards, our hotels are rooted in their communities and cultural context. Our long-standing commitment to diversity, inclusion and sustainability has never been driven by trends - it has been part of who we are. In today’s environment, this gives us not just relevance, but deep emotional resonance with our guests. Our approach to growth is thoughtful and purpose-led. We will continue to strengthen our presence in key metropolitan markets, while expanding into Tier Two and Tier Three cities, pilgrimage centres and culturally significant destinations where demand for meaningful luxury is growing.The LaLiT portfolio is diverse. From luxury hotels and heritage palaces to resorts, wellness retreats and The LaLiT Traveller, each brand serves a distinct need while staying true to our core values. What binds them together is a people-first culture, authentic Indian hospitality and an inclusive spirit.Equally important is our investment in people because Hospitality is about people and not just hotels. Through leadership development, skilling initiatives and The LaLiT Suri Hospitality School, we are preparing the next generation of hospitality professionals. This is our way of giving back to the industry that has given us so much.India’s tourism potential remains immense. Infrastructure expansion, improved connectivity and strong domestic demand are creating a solid foundation for long-term growth. What is equally significant is the changing profile of the Indian traveller.Women are travelling independently in greater numbers, seeking safety, comfort and meaningful experiences. The 60-plus segment is travelling more actively, with a growing interest in wellness, culture and spiritual enrichment. Younger travellers are choosing experiences over excess - looking for authenticity, learning and connection.Experiential travel will continue to gain prominence,

COVER STORY78BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comfrom heritage and culinary journeys to wellness retreats and spiritual stays. There is also a growing preference for slower, more mindful travel, with many guests seeking digital detox, nature-led escapes and offbeat destinations. At the same time, sustainability and conscious travel are becoming central to decision-making, with travellers increasingly choosing brands that respect the environment, local communities and cultural heritage.Leisure, weddings and MICE will remain strong drivers of demand, but they are now shaped by these deeper motivations and evolving lifestyles. Travellers want journeys that feel personal, restorative and rooted in place.The future belongs to brands that understand this shift. At The LaLiT, our purpose has always been to develop destinations responsibly, empower people and create experiences that touch lives. This commitment to conscious, values-led hospitality continues to guide how we grow and how we contribute to India’s evolving hospitality story. ANIL CHADHAManaging Director, ITC Hotels LimitedHOW INDIAN TRAVEL IS EVOLVING BEYOND METROSA new phase of sustained demand, driven by three distinct shifts, has been witnessed by the hospitality sector in India. Travel is becoming increasingly experience-led, with guests seeking hotels rooted in local culture, cuisine, and regional identity. The demand is also expanding beyond traditional metros, supported by improved transport infrastructure, new aviation routes, and the growth of pilgrimage, heritage, and Nature-based tourism circuits. Also, premium domestic consumption is rising, with travellers gravitating towards brands that combine aspiration, wellness and responsibility.ITC Hotels is well-aligned with this transition. Our asset-right strategy has strengthened the pace of growth, enabling us to enter destinations such as Dharamshala, Bodh Gaya, Jaipur, Jabalpur, Jaisalmer, Sasan Gir, Dhari Gir, Tirupati, Vizag, Puri, Jawai, Kalimpong, Shankarpally and Solan with relevance and a long-term value creation mindset.We are investing steadily in technology, learning systems, and service innovation to enhance both guest journeys and operational efficiencies. Our objective is not simply to expand our footprint, but to contribute meaningfully to the evolution of Indian hospitality by building brands and destinations with character, cultural resonance, and impact.ITC Hotels continue to focus on market-aligned growth. The geographic diversification in Tier II and Tier III cities, leisure corridors, and emerging business hubs demonstrates strong hospitality potential. Brand Welcomhotel and Storii are well positioned to serve these markets, where authenticity, location, and experience matter more than

COVER STORY79BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comSUNJAE SHARMAManaging Director – India & South West Asia, Hyatt Hotels CorporationHOSPITALITY’S NEW GROWTH CURVEscale alone. Crafted to complement the company’s brand architecture, the new brand ‘Epiq Collection’ will focus on bringing together premium properties that will exemplify a sophisticated blend of social vitality and service distinction.Both luxury lifestyle and boutique segment are extremely important. Brand Mementos and Storii portfolios will continue to evolve in destinations where the hotel itself becomes integral to the guest journey.Similarly, we continue to strengthen our culinary leadership with stellar F&B brands – Bukhara, Dum Pukht, Avartana, Edo, Ottimo, Dakshin, Peshawri, K&K and the newest offering Cajsa. Our iconic cuisine brands are strategic differentiators and set benchmarks in both authentic and innovative gastronomic excellence.The outlook for 2026 remains positive. Domestic travel is resilient, inbound tourism is improving with returning global confidence, and aviation networks are expanding accessibility. State-level initiatives and targeted tourism policies are making several destinations commercially viable for responsible, highquality supply addition. Ease of doing business is also progressing through digital compliance systems and single-window mechanisms, with further simplification expected.For us, the contributing efforts remain focused on value creation. We are committed to destinations where hospitality can catalyse community, culture and engagement, building hotels and brands that endure and demonstrate the unity in diversity of Brand India. Entering a phase of structural maturity, the hospitality industry is being shaped by a stronger economy, improved infrastructure, and more discerning travellers. The most meaningful shift we are witnessing is not in how much people travel but in why they travel. Indians are exploring more frequently and choosing experiences that reflect their lifestyles, values and aspirations. Increasingly, it is the promise of a meaningful and well-designed experience and not simply the destination that shapes decisions.This evolution is especially visible in domestic travel. Leisure has moved beyond a once a year event and has become an intentional, restorative and more frequent part of how people spend time with their families and themselves. As travellers look beyond established metros, emerging cities and unconventional destinations are gaining momentum. With this shift, expectations have risen sharply. Digital discovery, seamless booking, contactless touchpoints and AI enabled personalisation have become fundamental. These trends are informing how we design offerings and guest journeys across our brands.Business travel is also transforming in ways that reflect a deeper understanding of how teams gather and collaborate. Meetings, incentives and large scale events are increasingly designed

COVER STORY80BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comto foster participation, creativity and cultural connection. Organisations are seeking destinations that allow teams to combine purpose with experience and create environments where people can learn, engage and build community. Hotels are becoming enablers of connection rather than simply venues for transactions, shaping how we think about design, service and flow.Celebrations remain deeply rooted in India’s cultural fabric, yet the way people come together is evolving in important ways. Weddings today can be expansive or beautifully intimate and across every scale personalisation has become the defining expectation. Couples and families want experiences that reflect who they are and what they value, shaping moments that feel thoughtful, expressive and truly their own. This is prompting hotels to rethink how spaces, services and guest journeys are designed so celebrations feel unique, seamless and emotionally resonant. At Hyatt, this approach comes to life as celebrations that feel #PerfectlyYours, supported by the care guests recognise through World of Hyatt. As we grow, we strengthen the World of Hyatt network which gives members more ways to earn and redeem and deepens our ability to personalise.Our strategy for India is shaped by these shifts and anchored in a purposeful approach to growth. We are committed to bringing the right brand to the right market, grounded in an understanding of local demand, cultural context and long term sustainability. Today, we operate 54 hotels across India and Southwest Asia through nine distinctive brands and over the next five years we aim to grow to 100 hotels through balanced expansion across major metros, high potential Tier II and Tier III cities and emerging leisure corridors.Equally important is how we build. Sustainability, design relevance and digital personalisation sit at the core of our development and operating philosophy. Our focus is not only on expanding our footprint but on shaping a presence that is resilient, relevant and aligned with how India will travel, gather and celebrate in the years ahead. ANURAAG BHATNAGARChief Executive Officer,The Leela Palaces, Hotels and ResortsCRAFTING PURPOSE-DRIVEN LUXURY EXPERIENCESAt a defining inflection point, the hospitality sector is experiencing more than a cyclical upswing. It is undergoing a structural transformation, powered by rising affluence, aspirational domestic travel, deeper global engagement with India, and a growing desire for experiences that feel personal and purposeful. Luxury today is no longer measured by scale, but by resonance and responsibility.At The Leela, our intent has always been clear. Indian luxury must be distinctive, not derivative. It must draw strength from our culture, our stories and our service ethos, while meeting the expectations of today’s discerning traveller. This clarity of purpose has positioned us well as demand for luxury travel continues to outpace new supply, particularly in high-barrier markets and destination-led leisure locations. In H1 FY26, our portfolio delivered industry-leading RevPAR growth at over 3x that of the luxury segment, with EBITDA margins of approximately 48 per cent and a Net Promoter Score of 86, reflecting strong guest advocacy and disciplined execution.Several trends are shaping the next phase of growth. Travellers are increasingly seeking deeper destination immersion rather than

COVER STORY81BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comitinerary-driven travel. Wellness has evolved from an amenity to a way of life. Multi-generational travel is gaining strong momentum, while dining, celebrations, curated experiences and other non-room offerings now play a central role in shaping the overall value of a stay. At the same time, asset discipline, operational excellence and capital efficiency have become as critical as storytelling and service philosophy.Our response to these shifts is guided by intent. We are expanding thoughtfully, with a focus on destinations that strengthen brand equity and long-term relevance. Today, The Leela operates 13 properties with 3,544 keys across 11 cities in India. With 10 hotels in the pipeline, we are on track to expand to 23 properties with over 5,000 keys over the next three years. Our growth is centred on highgrowth markets across heritage, spiritual, wildlife, wellness and urban gateway destinations, including Agra, Ayodhya, Bandhavgarh, Mumbai, Ranthambore, Sikkim, Srinagar, Dubai and Jaisalmer. These developments reflect our ability to combine iconic locations with partnerships shaped by long-term fit and capital-light structures, while retaining full control over brand experience and service quality.Equally important is how we extend the brand beyond the stay. Signature programmes such as The Leela Palace Service, Aujasya by The Leela, Icons of India by The Leela and Tishya by The Leela, among others, alongside curated culinary and wellness journeys, allow us to build emotional connections across every touchpoint. Arq By The Leela, our private members’ club, together with branded residences and curated journeys, marks our evolution into a multi-dimensional luxury ecosystem.As the industry enters 2026, portfolio performance reflects a continued emphasis on operating discipline and experience-led value creation. This is reflected in EBITDA growth in the high teens and a strengthened balance sheet, with net debt to EBITDA at 0.5 times. NIKHIL SHARMAManaging Director & COO – South Asia, Radisson Hotel GroupFROM REBOUND TO REINVENTIONThe country today stands at the forefront of a hospitality supercycle, where rising travel aspirations, infrastructure upgrades, and investor confidence are reshaping the very scale and purpose of hotels. What we are witnessing in India is not a short-term rebound, but a structural redefinition of how hospitality participates in India’s growth story.For Radisson Hotel Group, the nation remains one of our strongest global markets, with over 200 hotels in operation and development. Our footprint is increasingly anchored in Tier-II and Tier-III cities, making India our largest market in APAC and one of our fastest organically growing businesses worldwide.The year 2025 marked a clear inflection point. The sector has decisively moved from cyclical recovery to structural growth. Domestic tourism continues to be the backbone of this momentum, with leisure travel, weddings, and short-break getaways driving year-round demand. With over a billion domestic visits annually and improved regional air connectivity under UDAN, branded hotels are now operating successfully in destinations that were once considered commercially unviable.At Radisson Hotel Group, this shift translated into 59 signings over the last 18 months, including 33 in 2025 alone, and expansion into 47 new cities. Conversion-led growth played a critical role, allowing faster market entry while reducing capital intensity for owners.Leisure has also emerged as a premium category, supported by experience-led consumption rather than seasonality alone. Markets such as Hyderabad, Bengaluru, and Delhi NCR delivered strong double-digit RevPAR growth, reflecting the growing willingness of domestic travellers to trade up for quality, design, and curated experiences.Spiritual tourism has become one of the most structurally resilient demand drivers in Indian hospitality. Our expansion across destinations such as Puri, Shirdi, Prayagraj, Nathdwara, and Ujjain reflects this shift. Hotels in these markets now operate at strong, nonseasonal occupancies, driven by year-round pilgrimage rather than calendar-linked peaks.A PERSONAL VIEW ON THE DECADE AHEADAs the industry accelerates, I believe the next phase of Indian hospitality will not be defined by how fast we grow, but by how disciplined we remain while doing so. Scale without commercial logic, operational depth, or owner alignment will destroy more value than it creates. Not every market needs another branded hotel — but every hotel needs a clearly defined reason to exist.

COVER STORY82BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comSUDEEP JAINManaging Director, South West Asia, IHG Hotels & ResortsRECORD SIGNINGS SIGNAL A NEW ERAstrategic growth engines globally. With accelerating GDP growth, rising premium travel, and hospitality emerging as a serious institutional asset class, our ambition of reaching 500 hotels in India by 2030 remains both realistic and responsible. The government’s identification of high-potential tourism destinations, combined with airport and road infrastructure expansion, will further democratise travel and unlock new supply nodes. However, this decade will reward operators who balance ambition with discipline — deploying capital wisely, staying aligned with owners, and building hotels that are commercially resilient as well as experientially meaningful.India’s hospitality sector is not merely expanding; it is redefining its value. As operators, the responsibility now lies with us to ensure that growth is profitable, sustainable, and rooted in longterm relevance. At Radisson Hotel Group, I remain deeply committed to shaping that future — building talent, strengthening owner trust, and creating hospitality that reflects the confidence and complexity of a rising India. India’s travel sector has reached a defining moment. As we reflect on three consecutive years of record signings, it is clear that this is no fleeting surge, but a powerful, structural shift. A burgeoning middle class, transformative infrastructure, and an evolving travel mindset are converging to create a market defined by both scale and sophistication. Travellers today do not just seek a place to stay; they seek trusted brands that deliver consistent quality, authentic experiences, and a sense of belonging.The landscape is wonderfully complex. The midscale segment continues to be the engine of volume growth, serving the democratisation of travel. Yet, simultaneously, we see discerning travellers and a young, aspirational demographic As we move into 2026, Radisson Hotel Group’s development strategy is anchored around three priorities: balanced development, conversion-led expansion, and deeper regional penetration. These are supported by flexible franchise models that empower owners, shorten gestation cycles, and improve return visibility.We expect to cross 150 operating hotels in India in 2026 and will continue to scale brands across the spectrum — from Radisson Collection and Radisson Blu to Radisson RED and Park Inn & Suites — deploying the right brand for the right catchment rather than chasing uniformity. Our focus remains on pilgrimage circuits, leisure belts, and industrial hubs where domestic, SME, and multi-day event demand provides resilience. Alongside growth, we continue to invest in experience-led platforms that strengthen emotional brand affinity and create incremental revenue streams, as well as in responsible business practices, including renewable energy adoption and sustainable hotel design.India today represents one of Radisson Hotel Group’s top three fuelling demand in luxury and lifestyle hospitality. At IHG, we are uniquely positioned to serve this multi-layered demand. Our portfolio is a strategic advantage, spanning from the luxury of Six Senses and InterContinental to the trusted comfort of Holiday Inn and Garner.

COVER STORY83BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comThe next frontier of growth lies in the high-potential markets beyond the metros, where new models and refreshed brands will create the next wave of opportunities.The opportunity is both vast and varied. While the midscale segment is growing fastest, serving the nation’s rapidly expanding travel base, luxury and lifestyle hospitality are accelerating in parallel. Discerning travellers and a young demographic are driving demand for distinctive experiences. We meet this demand with our complete portfolio, from the iconic luxury of Six Senses and InterContinental to the vibrant premium experiences of voco and Crowne Plaza. The next wave of growth will extend beyond metropolitan hubs into emerging markets – a frontier where new models like franchising and branded residences will gradually take shape, and where we will be prepared. We are sharply focussed on execution, translating our industry-leading pipeline into openings, with a significant acceleration expected next year. Our conversion-friendly approach allows us to partner flexibly and at scale. We are backing this with increased local resources and a portfolio ready for every segment and need.Our strategy for 2026 is to lead this transformation by aligning precisely with these market currents. We will accelerate growth by staying ahead of trends, deepening our presence in VINEET MISHRA Vice President Operations, India & South Asia, AccorPURPOSEFUL GROWTH STRATEGYIndia is at a pivotal stage of growth, driven by rising domestic travel, improved infrastructure and increasing global interest as a destination. The focus is shifting from scale to experience-led, sustainable and purpose-driven hospitality. A key trend is expansion beyond metros into emerging leisure and cultural destinations, as travellers increasingly seek authentic, locally rooted experiences. This creates opportunities for hotels to integrate regional culture, cuisine and community engagement into their offerings.Traveller preferences are becoming more segmented, with guests aligning closely with brands that reflect their lifestyle and values, luxury and lifestyle, strengthening our midscale stronghold with our best-in-class Holiday Inn family, and expanding our Premium footprint with Crowne Plaza and voco. We will also selectively introduce new brands and advance our owner-partnership models, beginning with Garner, to offer even greater flexibility and reach.Finally, and most importantly, our success is rooted in our people-first philosophy. True hospitality goes beyond bricks and mortar; it is about nurturing sustainable ecosystems for our colleagues, owners, and communities. As we scale, we are equally committed to developing the next generation of Indian hospitality leaders, ensuring our growth is responsible, inclusive, and lasting.The outlook for 2026 is exceptionally bright. We foresee another record year for signings and a significant acceleration in hotel openings. This vibrant growth will naturally invite healthy competition and thoughtful consolidation, reinforcing the value of global brand partnerships, strong systems, and operational rigor.With over 82 hotels in our pipeline for the next three-five, our ambition is clear. We are not merely adding rooms; we are building the future of travel in India. Through our trusted brands, our empowered people, and our unwavering focus on execution, IHG is ready to lead this next chapter – creating limitless possibilities, rooted in resilience.

COVER STORY84BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.commarkets rather than scale alone. We are expanding across metros, high-potential leisure destinations and fast-growing Tier 2 and Tier 3 cities, supported by improved connectivity and rising domestic travel.This year will see the opening of Grand Mercure Amritsar Airport Road, Novotel Bhopal and Mercure Bhubaneshwar, along with the signing of Sofitel Rishikesh Narendra Nagar, among others.Entering untapped and under-served markets remains a priority, including spiritual and pilgrimage destinations such as Nashik, Prayagraj, Varanasi and Rishikesh, as well as fast-growing cities like Indore, Jim Corbett, Alibaug, Amritsar and Vadodara. These markets offer strong opportunities to introduce globally recognised brands while remaining locally relevant and culturally rooted.Brand diversification across luxury, premium, midscale and economy will continue to strengthen Accor’s leadership in India’s hospitality market. whether in luxury, lifestyle or efficient midscale segments. Accor’s diversified brand portfolio enables us to address this demand with clarity, while maintaining strong brand identities and global standards.Sustainability has become central to long-term growth. Responsible operations, energy efficiency and community impact are essential to building trust and loyalty. At Accor, sustainability is embedded across our operations to ensure resilient and futureready growth.Our strategic focus remains on disciplined expansion, operational excellence and talent development. India continues to be one of Accor’s most important markets, offering exceptional potential across metros, resorts and emerging cities.Looking towards 2026, our priorities are anchored in focused expansion, portfolio diversification and long-term value creation. Our development pipeline emphasises quality growth across strategic AMAN NATHFounder and Chairman, Neemrana HotelsTHE POWER OF QUIET LEADERSHIPAs India’s hospitality landscape evolves, Neemrana continues to chart its own distinctive path. Rather than chasing headlines or projecting ambitions prematurely, the organisation believes in leading through action. Its philosophy is simple: let results speak first, and the industry will follow. This quiet confidence has shaped its approach to growth.Where others see limitations, Neemrana sees possibility. From forgotten towns to overlooked heritage sites, it has built markets where few believed they could exist. As a result, opportunities arrive regularly, with new proposals flowing in every week. Yet expansion is never rushed. Each property is chosen with care, developed patiently, and infused with passion and purpose.Looking ahead to 2026, Neemrana remains optimistic. At a time when much of the world is turning inward, India is opening new frontiers. The ambition is bold yet grounded: to position the country among global tourism leaders and welcome more visitors than its population itself.

COVER STORY85BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comIndia’s travel landscape is being shaped by evolving consumer behaviours alongside strong domestic demand and infrastructureled growth. Beyond the continued rise of Tier II and III cities, there is clear momentum in multi-generational travel, longer leisure stays, and purpose-led trips centred on wellness, faith, and family gatherings. Travellers today seek destinations and accommodations that cater to diverse age groups, flexible room configurations, and consistent quality, while still offering strong value. At the same time, road trips, weekend getaways, and blended business-leisure travel continue to drive demand across emerging markets. Wyndham Hotels & Resorts is uniquely positioned to capitalise on these trends through a deliberate strategy of placing the right brand in the right market, always with the local traveller and demand patterns at the centre. With 14 of 25 global brands established in India, we offer a broad spectrum of choices across economy, midscale, upscale and luxury segments. This depth allows us to tailor offerings for families, multi-generational groups, business-leisure travellers and domestic tourists alike. Our franchise-led model, strong owner partnerships, global distribution strength and loyalty ecosystem further enable us to scale efficiently while delivering brand-backed, locally resonant experiences across both established and emerging destinations.For 2026, Wyndham’s strategic priorities in India are anchored in strategic, market-aligned growth rather than scale alone. The Indian hospitality market remains significantly undersupplied in branded hotel rooms relative to its population, with approximately one branded room for every 3,000 people. This gap highlights a substantial opportunity for quality operators to meet growing domestic and international travel demand. To capitalise on this opportunity, we are strengthening our development pipeline in high-growth Tier II and Tier III cities, emerging leisure destinations and key spiritual and cultural hubs. With 14 brands operating in the region, we are well-equipped to match each market with the most relevant brand or our other brands catering to midscale and value-driven segments. This portfolio-led approach allows us to address diverse customer needs while ensuring strong owner confidence and long-term sustainability. Alongside geographic and brand expansion, Wyndham continues to pursue growth through partnerships and conversions. This approach enables faster expansion, lower financial risk, and the ability to focus on supporting hotel owners, enhancing guest experiences, and delivering RAHOOL MACARIUSMarket Managing Director, Eurasia, Wyndham Hotels & ResortsTHE RISE OF WELLNESS, FAITH AND FAMILY TRAVELconsistent quality across our network in India.Looking ahead, India remains a strategic growth market. We anticipate sustained domestic and outbound travel demand, with opportunities across emerging destinations, Tier III and Tier IV hubs evolving into Tier II markets, highway corridors and spiritual and cultural destinations. These markets are experiencing rising demand for branded, high-quality accommodation, and Wyndham is committed to scaling through diverse formats, including branded residences, highway hotels, and lifestyle-led properties, to deliver consistent, memorable experiences for families, multi-generational travellers, and business and leisure guests.Government initiatives to improve tourism infrastructure and connectivity continue to enhance the ease of doing business, supporting faster and more efficient expansion. With a disciplined approach, strong owner partnerships, and a commitment to operational excellence, 2026 presents an exciting opportunity to deepen Wyndham’s presence, expand our portfolio, and strengthen our position as a leading global hospitality brand in India.

COVER STORY86BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comSEEMA ROYArea Managing Director of South Asia, Middle East & Africa, Preferred Hotels & Resorts WHERE STORIES SHAPE STAYSThe luxury travel growth in India is being driven by a shift toward more intentional, experience-led journeys. Affluent Indian travellers are moving beyond traditional markers of luxury and instead seeking experiences that feel personal, culturally rooted and emotionally meaningful. This evolution closely reflects insights from Preferred Hotels & Resorts’ recently released Luxury Travel Report, developed with The Harris Poll, which shows that modern luxury is defined by uniqueness and thoughtful curation rather than sheer grandeur.Two trends stand out. The first is the rapid rise of multigenerational travel, with over 70 per cent of luxury travellers planning trips that include multiple generations. This is increasing demand for properties that offer space, flexibility, and experiences that resonate across age groups. Preferred Hotels & Resorts is well positioned to meet this need through the continued expansion of its Residences Collection, which now includes more than 70 luxury serviced apartments, villas, and suites globally. The second key driver is heritage-led travel. According to the report, over nine in ten luxury travellers want historic experiences integrated into their journeys, signalling a strong appetite for hotels that allow guests to engage meaningfully with the past. This is reflected in a new wave of restoration-led openings within our portfolio, including properties such as Serras Sevilla in Spain, Romègas Hotel in Malta, and Palais Jamaï Fès in Morocco, each reimagining historic landmark for modern travellers while preserving their cultural legacy.Alongside these trends, wellness and sustainability have become baseline expectations rather than differentiators. Overall, luxury travel in India is moving toward depth, storytelling, and relevance. With a global portfolio of independent hotels that offer individuality, authenticity, and a strong sense of place, Preferred Hotels & Resorts is uniquely positioned to deliver the kind of meaningful, memorable experiences today’s luxury travellers increasingly demand.Our growth strategy for 2026 continues to be anchored in relationships and shared values. As a family-owned and familymanaged company, we prioritise trust, alignment and long-term partnerships over scale for scale’s sake. Every new addition to our portfolio must reflect our commitment to authenticity and quality. In India and South Asia, we see strong potential in markets such as Hyderabad, Gurgaon, and select micro-markets in Bengaluru, alongside continued demand in established leisure destinations including Goa, Rajasthan, Kerala, the Maldives, and Sri Lanka. These markets align well with growing demand for distinctive, experience-led luxury and independent hotels that offer a strong sense of place.The Indian hospitality sector delivered a strong performance in 2025, and we expect this momentum to continue into 2026. Domestic travel remains resilient, supported by luxury leisure, corporate transient demand, MICE, and destination weddings, while international arrivals continue their steady recovery. In many markets, demand is outpacing supply, creating significant headroom for both development and rate growth.India’s cultural richness positions it as a destination that should be on every traveler’s repeat list, not just a bucket-list experience, particularly as travellers seek deeper, more immersive experiences. Opportunities are especially compelling in emerging hubs, where infrastructure is improving and demand is accelerating. India’s talent pool that is larger than many other parts of the world further strengthen the sector’s long-term prospects.While the ease of doing business has improved meaningfully, continued collaboration between government, developers, operators, and the wider travel ecosystem will be essential to unlocking the next phase of sustainable, high-quality growth. With the right alignment, 2026 has the potential to be a defining year for India’s hospitality landscape.

COVER STORY87BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comSOUVAGYA MOHAPATRAManaging Director – India, Nepal, Bhutan & Sri Lanka, Atmosphere Core NEW MARKETS, NEW BRANDS AND NEW MOMENTUMStrong economic growth, improving infrastructure and evolving traveller preferences are driving robust momentum across the travel and accommodation landscape. Expanding aggressively across India, Nepal, Bhutan and Sri Lanka, Atmosphere Core is positioning itself through sustainability, experiential branding and technology integration to capitalise on these emerging opportunities.Economic factors like 6.8 per cent GDP growth in 2024 and rising middle-class disposable incomes fuel demand across hotel segments in India. Infrastructure developments, including better air connectivity and projects like the Delhi-Mumbai Industrial Corridor, unlock new markets. A surge in domestic tourism, weddings, corporate travel and digital nomads further boosts the hospitality sector.Evolving technologies enhance guest experiences, with adoption expected to rise manyfold in AI services. Personalisation through data analytics and CRM systems is prioritised across the country. VR/AR virtual tours and self-service tech differentiate properties, aligning with tech-savvy youth preferences.Eco-friendly operations and sustainable practices have become key differentiators, appealing to conscious luxury seekers. Government initiatives on tourism ease and visa policies support green investments. Trends emphasise meaningful, low-impact experiences amid growing environmental awareness.We have been able to position ourselves successfully in luxury segments across South Asia. Atmosphere Core targetted to sign 25 properties by 2025 in India, Nepal, Bhutan & Sri Lanka has been achieved, with 23 properties signed in India, and one each in Sri Lanka and Nepal, shifting our focus to execution and operations. Our ethos, the philosophy of Joy of Giving, sustainability commitment and well-tested Maldives-honed expertise in luxury resorts enable tailored all-inclusive experiences for domestic tourism, MICE, weddings, bleisure and corporate segments. Emphasis on unique destinations, cultural storytelling, and tech-enabled services positions us to compete in highgrowth areas.We are gearing up for an ambitious expansion in 2026, with plans to open new properties and enter emerging regional markets in India, Nepal, Bhutan, and Sri Lanka by this year. Atmosphere Core is set to unveil multiple resort openings in 2026, including a stunning 56-key property nestled in a 40-acre coffee plantation – Stillwood Retreat A Signature Atmosphere, a 51-key gem in Nepal - Aarunya Nature Resort Banepa, and the luxurious 181 all-villa oasis with pools in Jaipur – OZEN VILLAS JAIPUR. We are hopeful about launching additional properties as long as construction stays on schedule. Each location will feature amenities like ELE|NA spas, event venues, and wellness centres, enhancing both leisure and corporate experiences.Our debut in Northeast India through Guwahati opens the door to a vibrant tourism hub, along with expansions in Maharashtra, Andhra Pradesh (including Tirupati, Visakhapatnam and Amaravati), and key destinations like Rishikesh, Mussoorie

COVER STORY88BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comand Chandigarh. We are also exploring further sites in Andhra Pradesh, such as Araku Valley, and proactively scouting for more opportunities. These strategic moves are aimed at high-growth areas throughout South Asia and beyond.Recently, we launched the new ONE Atmosphere brand, focussing on extended-stay serviced apartments in urban, leisure and metropolitan areas across South Asia, Southeast Asia, and the Gulf. This new addition complements our existing brands, which cater to the growing work-live-travel sector and offer home-like amenities, underscoring our commitment to flexible, design-led living.As we look ahead to 2026, we are optimistic about the growth of the hospitality sector in India, driven by exciting new market entries and favourable business reforms. The hospitality industry in India is set to experience impressive double-digit RevPAR growth, largely thanks to an increase in business travel, domestic leisure activities, MICE events and weddings. Meanwhile, Nepal has a strategic focus on ASEAN markets through the ‘Nepal ASEAN Tourism Year’, particularly in the areas of spiritual, wellness and cultural tourism. We are aggressively expanding, with plans to operate several new properties in India, Nepal and Sri Lanka by 2026-27, including key destinations like Coorg, Jaipur, and Banepa in Nepal.We are also setting our sights on Northeast India, with an upcoming property in Guwahati and another in the picturesque Darjeeling hills of Kurseong, slated for 2026-2027. The region boasts a variety of tourism opportunities, from the pilgrimage sites and beautiful beaches of Andhra Pradesh to the adventure tourism in Nepal and cultural attractions in Bhutan and Sri Lanka. With strong domestic demand and a resurgence in international travel, we are confident that the luxury experiential travel sector will see sustained revenue growth.India’s reforms in 2025, such as the implementation of digital IBC platforms and new Regional Directorates/ RoCs starting in first quarter of 2026, are set to reduce costs and speed up compliance processes. The hospitality sector stands to benefit significantly from tools like the NIDHI database, e-visas for 167 countries, and efficient single-window systems that streamline approvals. My gratitude to the state and Central governments in India for fostering excellent tourism policies and processes that facilitate the swift execution of hotel projects. ARJUN BALJEEPresident, Royal Orchid Hotels LimitedSTRONG TAILWINDS FOR HOSPITALITY AHEADIndia’s hospitality sector continues to benefit from strong structural tailwinds. Rising domestic travel driven by higher disposable incomes, improved air and road connectivity, and a growing preference for experiential and leisure-led stays are reshaping demand. The rapid expansion of religious, wellness and Tier II and Tier III city tourism has further broadened the market. Additionally, government initiatives focused on infrastructure development, tourism promotion, and ease of doing business have strengthened long-term industry fundamentals.Royal Orchid Hotels Limited is well positioned to capitalise on these trends through its asset-light expansion strategy, diversified brand portfolio, and strong presence across business, leisure, and pilgrimage destinations. Our focus on operational efficiency, technology-led guest engagement, and curated hospitality experiences allows us to address evolving consumer preferences while maintaining margin discipline.Looking ahead to 2026, ROHL’s priorities remain firmly anchored in sustainable and scalable growth. A key focus area ECO-FRIENDLY OPERATIONS AND SUSTAINABLE PRACTICES HAVE BECOME THE KEY DIFFERENTIATORS

COVER STORY89BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comis the continued strengthening of our development pipeline, with new signings across strategically important domestic markets, particularly in underpenetrated Tier II and Tier III cities.We see significant opportunity in entering untapped and emerging destinations, where demand is accelerating but quality branded supply remains limited. Brand diversification will also be central to our strategy, with targetted growth across mid-scale, premium, and lifestyle offerings to cater to distinct traveller segments. At the same time, we will continue to invest in talent development, digital transformation, and operational excellence to support longterm value creation.The outlook for 2026 remains positive for the Indian hospitality industry. Demand growth is expected to outpace supply in several markets, supporting healthy occupancy levels and pricing. India’s improving business environment, increased investor confidence, and continued policy support for tourism and infrastructure will further enhance growth prospects.For ROHL, 2026 represents an opportunity to consolidate gains, deepen our national footprint, and reinforce our position as a leading Indian hospitality brand. With a resilient business model and a clear strategic roadmap, we remain confident in our ability to deliver consistent growth while adapting to a dynamic operating environment. VISHWAPREET SINGH CHEEMAPresident, Lemon Tree Hotels LtdSHAPING THE NEXT PHASE OF HOTEL EXPANSIONStrong and sustained momentum continues to define the travel and accommodation landscape, supported by robust domestic demand, the steady revival of corporate and bleisure travel, and a growing preference for branded, reliable hotel experiences across metropolitan hubs and emerging urban centres. Travel today is no longer defined solely by destination, but by comfort, consistency and value. Guests increasingly seek dependable brands that deliver quality experiences across price segments and geographies.Lemon Tree Hotels is well positioned to capitalise on this shift through its diversified portfolio spanning upscale, upper-midscale, midscale and economy segments, alongside a rapidly expanding national footprint. Its presence across key business centres and Tier II and Tier III markets enables the company to serve a broad spectrum of travellers. An asset-light expansion strategy supports efficient scaling while preserving operational discipline and guest-centric service standards.India’s domestic tourism market continues to expand rapidly as more households travel for leisure, business and short breaks. Heavy traffic and overcrowding at leisure destinations during long weekends reflect the country’s growing travel appetite. What began as “revenge tourism” in the immediate post-pandemic phase has now become a sustained behavioural norm.To meet this demand, Lemon Tree Hotels currently operates over 120 hotels across more than 80 destinations. Its network includes

COVER STORY90BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comproperties in locations such as Baddi (Himachal Pradesh), Chandausi (Uttar Pradesh), Mukteshwar (Uttarakhand), Dapoli (Maharashtra), Hubli (Karnataka), Hisar (Haryana), Somnath and Jamnagar (Gujarat), and Kota and Banswara (Rajasthan), where organised hospitality presence remains limited. This widespread footprint underpins the brand’s positioning of being “everywhere” and enables it to capture demand in underserved markets.Post-pandemic, corporate travel has witnessed a steady resurgence, complemented by the rapid growth of the bleisure segment, where professionals combine business trips with leisure stays. This trend supports consistent weekday and weekend occupancy. Lemon Tree’s multi-city presence allows it to respond effectively to this pattern. Multiple properties in Bengaluru, Hyderabad and Delhi are strategically located to serve both business and leisure travellers. Similarly, Keys properties in Udaipur are situated in commercial zones while benefiting from the city’s tourism appeal. Hotels in Jaipur cater to corporate travellers who often extend their stays for leisure. Lemon Tree Hotel, Chandausi, serves as a hub for the local commercial ecosystem, the Moradabad brass industry, and religious tourism linked to Shri Kalki Dham.Technology has become a central driver of guest choice and operational efficiency. Online bookings, mobile check-ins, personalised experiences and data-driven pricing models are now integral to modern hospitality. Lemon Tree Hotels is undertaking a comprehensive digital transformation, deploying analytics, modular technology platforms and data-led revenue management systems to enhance performance, optimise pricing and improve guest satisfaction across its network.Sustainability and responsible business practices have also gained prominence as climate change and environmental challenges become increasingly visible. Travellers today favour brands that demonstrate strong commitments to environmental stewardship, social responsibility and inclusive employment, in line with broader ESG expectations.Lemon Tree Hotels has embedded these principles into its operations well before sustainability became a mainstream industry focus. Inclusive hiring, eco-friendly practices, waste reduction, and energy and water efficiency form core elements of its brand identity. Sixteen owned hotels currently hold IGBC certification, and the company aims to extend this certification to all 41 owned properties. As of November 30, 2025, women employees constituted 12.4 per cent of the workforce, differently abled employees accounted for 4 per cent, and EcoSoc employees represented 13 per cent of its nearly 9,000-strong team across owned and managed hotels.Looking ahead, Lemon Tree Hotels has built a strong development pipeline of over 130 hotels, translating into approximately 10,000 rooms. This expansion is being executed through a balanced mix of owned, managed and franchised properties. The company continues to focus on strengthening a capital-efficient growth model across ownership, lease and management formats, prioritising faster ramp-ups and asset-light development.Simultaneously, significant investment is being directed towards portfolio upgrades. Large portions of the network, including the Keys brands, are undergoing renovation, a process initiated in the previous financial year and continuing into the next. These upgrades are expected to enhance guest experience, improve average room rates (ARR), strengthen occupancy levels and drive higher revenue per available room (RevPAR).Geographically, Lemon Tree remains focused on deepening its presence in markets where it already enjoys strong brand recall and operational scale. At the same time, it is actively pursuing opportunities in untapped and underserved regions, particularly across Tier II, Tier III and emerging Tier IV locations, as well as industrial and pilgrimage centres. Improved infrastructure, rising corporate movement and increasing domestic travel make these markets increasingly attractive.The company has signed hotels with partners in several smaller towns and emerging destinations that remain largely unexplored by organised hospitality players. Upcoming and recently signed locations include Chirang (Assam), Malshej Ghat (Maharashtra), Sankhwas Garh (Rajasthan), Pavagadh (Gujarat), Rajahmundhry and Bapatla (Andhra Pradesh), Mahoba (Uttar Pradesh) and Khurpatal (Uttarakhand). A substantial proportion of the future inventory is concentrated in Tier II, III and IV cities.Through a combination of disciplined expansion, technological adoption, sustainability leadership and market diversification, Lemon Tree Hotels continues to build a resilient, future-ready hospitality platform. Its balanced approach positions the company to respond effectively to evolving traveller expectations while aligning with India’s long-term tourism and economic growth trajectory.

COVER STORY91BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comATUL JAIN COO, BWH Hotels - India, Bangladesh and Sri LankaGROWTH WITH CONFIDENCE, CLARITY AND PURPOSEWith renewed confidence and a clearer sense of direction, the hospitality industry enters 2026 having moved beyond recovery towards resilience. A structurally stronger market is now emerging, driven by robust domestic travel, expanding infrastructure, improved connectivity and more disciplined long-term investment strategies. Domestic tourism continues to anchor this growth. Indians are travelling more frequently and venturing beyond traditional gateways driving consistent demand across pilgrimage centres, tier II and III cities, highway locations and emerging leisure destinations. Travel today is no longer seasonal or episodic, it is steady and purposeful. At the same time business travel is regaining momentum supported by manufacturing growth, logistics hubs, industrial corridors and the gradual return of MICE activity. This balanced mix of leisure and business demand is creating healthier occupancies and more stable hotel performance across markets. As we look ahead, one shift stands out clearly is the need for sharper brand and product alignment. Today’s traveller is informed and discerning with clear expectations around experience, service and value. Whether it is luxury, lifestyle, extended stay or midscale success depends on aligning the right brand with the right market. For hotel owners this means making deliberate choices. Technology adoption, asset-light models and closer owner-operator collaboration are now central to sustainable growth. Operational agility and cost discipline have become essential, particularly in emerging markets. At BWH Hotels, our focus for 2026 is deliberate and owner centric. We are prioritising disciplined growth over rapid expansion. With a portfolio of 18 brands spanning Luxury to Midscale, we are well positioned to match the right brand with the right asset and location. Our role is to support owners with strong global distribution, access to a proven loyalty platform and brand standards that are practical, scalable and aligned with local market realities. Our expansion strategy remains selective and demand driven. High-potential tier II and III cities, pilgrimage destinations, leisure markets and emerging business hubs continue to be key focus areas, particularly where branded supply is still evolving. Across these locations, luxury, upscale, lifestyle, uppermidscale and midscale-Lite formats will each play a distinct role in meeting diverse traveller needs and investor objectives. Banqueting and social events are also playing an increasingly important role in hotel performance. Weddings and large celebrations are steadily moving toward professionally managed hotel venues with destination-style experiences gaining preference. For many hotels banqueting has become a stable and meaningful revenue stream strengthening overall asset resilience. Looking ahead, the fundamentals remain strong. In many markets demand continues to outpace supply supporting sustainable rate growth and healthy occupancies. For me, 2026 is about focus and execution, developing hotels that deliver long-term value for owners while remaining relevant to India’s evolving travel landscape. India’s hospitality story today is not just about growth, it is about building with confidence, clarity and purpose.

COVER STORY92BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comHARSHVARDHAN NEOTIAChairman, Ambuja Neotia GroupTHE FUTURE BELONGS TO INTEGRATED DESTINATIONSA clear shift is underway in India — from standard accommodation to integrated experiences shaped by culture, landscape and wellbeing. This shift has influenced how we think about capital allocation and growth. Our strategic focus has moved from standalone hotel assets to integrated environments where hospitality, real estate and community coexist in harmony. The goal is not just more rooms, but places that feel of their surroundings and respond thoughtfully to local context and terrain.Eastern India, specifically West Bengal, features strongly in our thinking. The region’s diverse geography, thriving cultural fabric and growing demand from both domestic and international travellers present a compelling runway for hospitality and related real estate. As a result, we are actively planning and developing a meaningful cluster of hotels and experiential stays across the Eastern region, extending beyond traditional urban centres to include hill, heritage, and coastal contexts that enrich the travel experience.Through our ongoing partnership with IHCL (Taj Group) and other collaborations, we have several properties operating and a robust pipeline of hotels in Eastern India that reflect this intent – not just in numbers, but in how they respond to place and context.INVESTMENT CLIMATE Driven by a strong domestic travel base and a growing preference for experiential stays over conventional hotels, India is well placed to remain a compelling hospitality investment market in 2026. The demand is increasingly shaped by scenic locations, Nature-led retreats, curated food and beverage experiences, and leisure homes and villas that support longer, more immersive stays.From a capital perspective, returns are strongest where hospitality is integrated with lifestyle and real estate. Mixeduse formats, branded residences and leisure-oriented villas tend to deliver more balanced long-term value, while F&B has emerged as a key driver of both experience and destination identity.FROM A CAPITAL PERSPECTIVE, RETURNS ARE STRONGEST WHERE HOSPITALITY IS INTEGRATED WITH LIFESTYLE AND REAL ESTATE

COVER STORY93BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comRAHUL CHAUDHARYManaging Director & CEO, CG Corp Global and CG Hospitality HoldingsSHIFTING TRAVEL, SHIFTING STRATEGIESA structural reset is underway in India’s hospitality industry, shaped more by long-term shifts in travel behaviour and demand patterns than by cyclical recovery. The most defining post-Covid development has been the rapid ascent of the midmarket segment. Now the sector’s strongest performer, it consistently delivers higher occupancy, pricing power and resilience. Across CG Hospitality’s portfolio, midmarket properties have achieved average room rate growth of 15–20 per cent, with outsized momentum in emerging destinations.This momentum is being fuelled by India’s expanding middle class, which has become the backbone of domestic travel demand. Travellers today are more experienced, more mobile and increasingly inclined to explore newer destinations within the country. As Tier I cities approach saturation, Tier II and Tier III cities, along with far-flung leisure and spiritual destinations, are seeing sustained growth. This shift is directly shaping CG Corp’s capital allocation and portfolio mix – prioritising scalable mid-market formats, underpenetrated markets and locations with structurally underpinned demand rather than cyclical spikes.Alongside this, wellness, experiential and adventure-led travel has moved to the forefront of leisure demand. Modern travellers are seeking immersion—into nature, culture, spirituality and personal wellbeing – rather than conventional hotel stays. Resorts today are defined by the depth of experiences they offer, from integrated wellness programmes and healthier lifestyles to outdoor adventure and spiritual journeys. Religious tourism, particularly to destinations such as Kedarnath, Badrinath and other pilgrimage circuits, has seen a sustained surge over the past five years, supported by improving infrastructure and growing aspirational travel.Global hospitality brands are also sharpening their focus on India. International operators such as Marriott, Hilton Regulatory processes have steadily improved, particularly around land use and digitisation, giving India an advantage over more saturated global markets. Our approach remains selective, focussing on destinations where hospitality can respond naturally to landscape and culture and where collaboration helps manage risk while sustaining returns.The opportunity ahead lies in building experience-led assets that align place, food, leisure living and hospitality into a cohesive and enduring proposition.LOOKING AHEAD We see value creation emerging where brand strength meets local character and narrative. The most meaningful opportunities lie in three areas.First, asset repositioning and heritage revitalisation. Legacy destinations often carry an emotional equity that new builds cannot replicate. Thoughtful upgrades that enhance comfort, access and immersion, such as reimagined river journeys or curated arrival experiences, can quietly enrich the stay while remaining true to the spirit of the place.Second, under-penetrated spiritual and ecological circuits. There is a clear gap in quality hospitality across India’s cultural and Nature-led destinations. Addressing this through context-sensitive developments, shaped by landscape and local life, allows value to be created without overwhelming the setting. Third, measured brand diversification through partnerships. Collaborations such as our association with IHCL enable us to combine local understanding with consistent service sensibilities, while remaining flexible to regional nuance.Over time, the most durable value will come from integrated environments, where hospitality, wellness, and community living come together naturally. These are places that evolve with care, tell a coherent story, and create relevance well beyond the stay itself.

COVER STORY94BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comHOSPITALITY HAS NOT BEEN TREATED AS A PRIORITY SECTOR, BUT THIS DYNAMIC IS BEGINNING TO CHANGEand Accor are expanding aggressively, strengthening operating platforms and deepening investment commitments. This not only elevates service standards but also lays the foundation for a steady rise in inbound tourism through global loyalty networks. While domestic demand will remain the primary driver, inbound travel is expected to gain momentum over the next decade. Luxury hospitality, meanwhile, continues to hold its ground as a stable, long-term segment in major markets, supported by a clientele that remains largely insulated from economic volatility. INVESTMENT OUTLOOKIndia’s hospitality investment environment is steadily becoming more conducive, even as policy evolution continues. Historically, hospitality has not been treated as a priority sector, but this dynamic is beginning to change through strong state-led initiatives. Several state governments are actively promoting tourism as a key economic engine, offering incentives, land access, tax benefits and streamlined approvals to attract investment. While central-level reforms are progressing more gradually, industry advocacy and coordinated efforts are helping improve overall ease of doing business.From a comparative global perspective, markets such as Thailand highlight the impact of unified tourism policy, simplified visa regimes and global event-led promotion. India’s scale and complexity make this transition more challenging, but the fundamentals remain compelling. Demand visibility is strong, sustainability-led development is gaining traction, and returns on capital are improving – particularly in well-selected mid-market, leisure and experiential assets. The long-term outlook for hospitality investment in India remains robust over the next 10-15 years.In terms of value creation, opportunities lie across multiple levers rather than a single growth path. New hotel development in underpenetrated Tier II and Tier III markets offers strong upside as infrastructure continues to expand. Wellness, experiential and adventure tourism represent highpotential segments capable of delivering differentiation and premiumisation. Asset repositioning – upgrading existing hotels to align with evolving traveller expectations – offers a capital-efficient route to unlocking value. Brand diversification, particularly through strategic partnerships with global operators, enables faster scale, operating efficiencies and access to international demand pools.CG Corp’s strategy reflects this balanced approach. Partnerships with global players such as Marriott are enabling accelerated expansion, with a clear ambition to scale to 500 hotels over the next five years. Simultaneously, investments in wilderness and adventure tourism through platforms such as Taj Safaris are being expanded, while wellness brands like The Farm are being positioned for growth across India and internationally, with plans to develop 20-30 properties over time. An emerging opportunity with significant potential is branded residences – integrated residential-hospitality formats that allow for capital recycling and align well with evolving lifestyle aspirations.Together, these shifts signal a more mature, diversified and opportunity-rich phase for India’s hospitality sector – one where disciplined capital deployment, experience-led differentiation and long-term market conviction will define sustainable growth.

COVER STORY95BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comSHWETANK SINGHMD & CEO, Chalet Hotels LimitedDOMESTIC TRAVEL TAKES THE LEADIndia’s hospitality sector is entering a more mature phase of its cycle. After several years of demand-led expansion, the focus has clearly shifted from rapid growth to disciplined execution. While the supply–demand balance remains favourable, growth is normalising, and the emphasis today is on quality of earnings rather than sheer scale.For us, this translates into deliberate and measured capital allocation. We remain focussed on tight leverage thresholds, clear return hurdles, and assets where our owner-operator capabilities create a sustained operating advantage. Growth is pursued only where it strengthens margins, preserves balance-sheet flexibility, and enhances long-term optionality.Demand continues to be underpinned by structurally deeper domestic travel and the steady return of corporate and MICE activity, creating a resilient base even as international long-haul remains uneven. Our portfolio strategy reflects this, with a balanced mix of Tier I city hotels that anchor weekday corporate demand and select resort or leisure assets that smooth weekend and shoulder-day performance.Geographically, the centre of gravity is expanding beyond the traditional metros. Leisure corridors, supported by improving connectivity and rising domestic affluence, are emerging as compelling growth markets. We prefer early, well-priced entry into such locations to capture long-term upside while maintaining development discipline.At the same time, value creation is increasingly driven beyond the room. Premiumisation today is about experiences - wellness, dining, events and curated offerings that enhance pricing power, deepen engagement and lift total revenue per guest. Mixed-use adjacencies remain a strategic strength, providing annuity income, development synergies, and a natural buffer across cycles.Overall, the environment rewards operators who combine capital discipline with operational depth. Our long-term strategy is anchored in selective growth, strong execution, and platforms that compound value sustainably over time.INVESTMENT LANDSCAPEIndia’s hospitality investment climate going into 2026 remains structurally attractive and continues to strengthen relative to most global markets. Demand fundamentals are robust, with industry growth running at nearly twice the pace of GDP. Leisure demand is being structurally supported by rising per capita incomes, favourable demographics and a clear shift in travel behaviour. More frequently, shorter holidays have been enabled by improving domestic infrastructure. Travel within India has become easier and less frictional, while outbound travel continues to face visa and travel time constraints, further anchoring demand domestically. Business travel, corporate movement, MICE activity, and expat-led demand are also steadily rebuilding, creating a well-balanced and resilient demand base.On the supply side, while announced pipelines appear large, execution on the ground remains challenging. In reality, supply additions consistently lag projections, and we expect demand to outpace supply for the next three to four years. This dynamic is translating into improving returns on capital. Stable occupancies, operating leverage, and disciplined cost structures are supporting profit growth. For owner-operators, efficient capital deployment is a key differentiator—optimising gross built area per room, minimising dead spaces, and leveraging shared amenities meaningfully enhance returns. At Chalet, our area efficiency metrics are among the strongest in the sector, supporting superior capital productivity.The regulatory environment is gradually improving. Licensing processes are becoming more streamlined and policy support, including infrastructure status, has been constructive, although challenges around land approvals and environmental clearances remain. Financing conditions are healthy, with cost of capital at reasonable levels, reflecting improving credit depth and

COVER STORY96BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.cominstitutional participation.Overall, while India is still evolving on ease of doing business, the direction of travel is clearly positive. When compared with global markets, India offers a rare combination of sustained demand growth, improving return profiles and manageable execution risk. For wellcapitalised, disciplined operators with a long-term perspective, the risk-reward equation in Indian hospitality remains compelling.LOOKING AHEAD We see three clear avenues for value creation. First, organic hotel development in major urban markets, where early positioning ahead of commercial and infrastructure development allows us to capture occupancy and rate upside as demand matures.Second, selective acquisition and repositioning of leisure and resort assets where operational discipline can unlock value. The Westin Rishikesh is a strong illustration. Post-acquisition, we reduced staffing intensity from 2.27 to 1.67 employees per room and repositioned the asset at a higher operating standard. That combination of cost discipline and product enhancement drives sustainable margin expansion.Third, commercial real estate development on owned hotel land, executed at effectively zero land acquisition cost. Thereby, building in complementary assets which serve as a great captive business to our hotels whilst the hotel gives a halo effect to the rentals. RAJNEESH MALHOTRACountry Head – Hospitality, Asset Management & Business Development, Adani RealtySTOP BUILDING, START REPOSITIONINGA series of structural shifts is redefining India’s hospitality industry. Domestic demand is now structural rather than seasonal, powered by leisure, business, wedding and spiritual travel. Tier II and III cities have become key growth engines, enabled by stronger connectivity and rising incomes. In Tier I markets, sustained demand–supply gaps are reinforcing pricing power and RevPAR growth. At the same time, rising institutional capital, increased consolidation and M&A activity, and the growth of integrated mixed-use developments are reshaping the sector. As the market matures, franchising is emerging as a preferred route for scalable, asset-light expansion.INVESTMENT ECO-SYSTEMIndia’s hospitality investment climate for 2026 remains highly favourable, supported by sustained domestic demand, a strong MICE recovery and improving inbound travel. The sector continues to demonstrate high occupancies and steady ARR growth, reinforcing durable pricing power. Returns on capital remain compelling as demand consistently outpaces supply across Tier I and emerging Tier II and Tier III destinations. The key constraint is the absence of infrastructure status, which limits access to longtenor, low-cost capital — an area where global peers are more favourable. India’s improving infrastructure, regulatory simplification and rising institutional investment position it among the world’s most attractive long-term hospitality markets.

COVER STORY97BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comOPPORTUNITIES FOR VALUE CREATION I have a slightly contrarian view: Instead of prioritising aggressive new builds or rapid Tier II/III expansion, the sharper value opportunity lies in deep asset repositioning across Tier I and highdemand leisure markets where assets are dated despite strong fundamentals. Focus on under-performing, renovation-ready hotels, execute targeted PIPs and reflag into fewer, stronger brands to unlock pricing power and operating synergies. Lean into franchise-led, owner-controlled mid-scale models to capture margin upside. Complement this with mixed-use conversions, which deliver quicker cash flows at lower capex. Fix, Reflag, Consolidate — before Building: near-term multiple expansion through turnarounds and consolidation can outperform development-led returns as RevPAR growth normalises. RANJIT BATRACEO, Ventive Hospitality LimitedDIVERSIFIED DEMAND,DURABLE RETURNS Three structural shifts are reshaping India’s hospitality market: structurally higher demand, accelerating premiumisation, and a widening gap between quality supply and evolving guest expectations. Demand is being propelled not only by leisure travel, but also by GCC-led office expansion, MICE, weddings and lifestyle tourism, especially in corridors such as Pune–Mumbai and Bengaluru. Simultaneously, rising spend on experiences, F&B and wellness is elevating the importance of TRevPAR over rooms-led metrics. These dynamics favour ownership-led, premium platforms with scale, operating leverage and balance-sheet strength. For Ventive, this underpins a luxury-weighted portfolio, focus on supplyconstrained markets, disciplined capital deployment, and longduration assets built to compound value.INVESTMENT CONDITIONSHeading into 2026, India stands out as a structurally attractive hospitality market because demand growth is outpacing quality supply, especially in luxury and upper-upscale segments. Occupancies are still below global benchmarks, yet pricing power is improving – creating headroom for returns. Compared to mature global markets, India offers higher growth but requires deeper execution capability due to regulatory and development complexity. This naturally favours scaled, well-capitalised platforms. From Ventive’s perspective, strong margins, resilient F&B-led cashflows, annuity income and low leverage materially improve risk-adjusted returns. Markets like Maldives add a scarcity-led, dollar-linked earnings stream that is difficult to replicate globally, further strengthening portfolio resilience.OPPORTUNITIES FOR VALUE CREATIONValue creation over the next phase will be less about adding rooms indiscriminately and more about improving capital efficiency per asset. The strongest opportunities lie in three areas:First, asset repositioning and expansion, where demand already exists and incremental capital drives outsized EBITDA.

COVER STORY98BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comSecond, selective development in supply-constrained, demand-rich corridors — particularly those linked to GCC growth, infrastructure upgrades and year-round travel.Third, experience-led diversification through F&B, wellness and branded residences, which materially lift TRevPAR and asset durability. In leisure markets like Maldives, scarcity and scale continue to create asymmetric value versus capital invested.Value creation in hospitality today is less about building more rooms and more about getting more out of every guest. Properties that deliver strong food, social spaces, and wellness experiences tend to see better engagement, repeat visits, and steadier revenues. Across markets, disciplined asset management and thoughtful capital allocation matter more than aggressive expansion. Diversification across demand drivers – business, leisure and social travel – also helps smooth cycles. As the sector evolves, the winners are likely to be those who focus on operational excellence, guest relevance, and long-term asset quality, rather than short-term growth or headline expansion. NATHAN ANDREWS Business Head of Hospitality, DS GroupREFITS OVER GREENFIELD IN 2026As India’s hospitality market matures, saturation in key destinations is forcing operators to rethink expansion strategies. Larger players are increasingly acquiring smaller, asset-light hotel companies and their brands, reflecting a move towards faster, more scalable growth models.From a hotel owner’s perspective, this consolidation narrows the choice of operators available and effectively makes geographical exclusion zones virtually meaningless. Consequently, owners are required to assess a project’s viability over a much shorter period, as the competitive landscape in any given region can change considerably in the medium term.INVESTMENT LANDSCAPE As we look at 2026, the outlook appears similar to 2025, with continued strong domestic demand in both the FIT and MICE segments. Weddings continue to play a significant part in revenue forecasts. However, the lack of long-term institutional funding, the scattered industry status and the impact of GST remain dampeners.The decline in the Indian Rupee is also a cause for concern, as it negates any real increase in ADRs in dollar terms and makes imports, which are essential to the industry, more expensive. LOOKING AHEADBrownfield projects or refits of underperforming assets in markets with existing demand remain the safest bet for value creation as we look ahead at 2026. Greenfield projects, while offering potential, carry the risk of mistiming the market cycle due to their long gestation periods. Similarly, opportunities in under-penetrated markets are often constrained by dependencies on external factors, such as infrastructure development, which are beyond the control of hotel developers.

COVER STORY99BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comThere have been three clear structural shifts in India’s hospitality market. These include the demand becoming broader and more resilient, driven by domestic travel, MICE, weddings and corporate movement beyond the top metros; the sector getting increasingly institutional, with capital focussed on returns, scalability and large-scale platforms rather than standalone assets; and development moving towards a more capital-efficient formats.Our strategy at Embassy Parks REIT is to drive capital allocation toward mixed-used hotel clusters within our business parks, partnerships with leading global brands with strong distribution. This enables to compound capital through highquality assets providing a high yield with strong cash flow visibility and long-term value creation.INVESTMENT LANDSCAPE We remain very positive on India’s hospitality investment environment for 2026 and beyond. The demand growth today is structural and not just cyclical, supported by infrastructure expansion, aviation connectivity, corporate travel and domestic tourism. Importantly, pricing power has returned to the sector, with RevPAR growth being driven more by rates than occupancy.From a capital perspective, India offers superior growth and risk-adjusted returns compared to most mature global markets. While regulatory processes at local levels still need simplification, RAGHU SAPRAHead of Hospitality, Embassy Parks REITBUILDING VALUE THROUGH INTEGRATED HOSPITALITYthe overall direction is improving with better digitisation and transparency. We believe India will continue to be one of the most attractive large hospitality investment markets globally.LOOKING AHEAD We believe India’s major metros remain under-penetrated relative to the demand likely to be unlocked over the next five-10 years. As a commercial REIT-led platform, our primary value creation lies in developing hotels within our office parks as part of integrated mixed-use ecosystems and we also believe scaled platforms will outperform standalone assets. Accordingly, our strategy is focussed on disciplined capital deployment, operating leverage and brand-led growth to drive superior long-term returns. MAJOR INDIAN METROS REMAIN UNDER-PENETRATED RELATIVE TO THE DEMAND LIKELY TO BE UNLOCKED OVER NEXT FIVE-10 YEARS

COVER STORY100BWHOTELIER JANUARY-FEBRUARY 2026 www.bwhotelier.comSANDEEP NAGPALSenior Vice President and Head of Marketing, India, CventTURNING VISIBILITY INTO DEMANDThe hospitality sector is being reshaped by three macro forces: a sustained rise in domestic leisure and experiential travel, the rapid expansion of MICE and business events into Tier II and Tier III cities, and a clear shift toward digital-first discovery, comparison, and booking. Hotels and venues are no longer competing only on inventory; they are competing for attention and trust across a highly competitive, fragmented, omnichannel landscape. In this context, technology-enabled platforms are emerging as critical infrastructure, helping the industry translate visibility into predictable demand. Cvent is one such player within this broader ecosystem. It connect hotels and venues to 145,000-plus event planners and travel managers, providing data-driven insights to optimise MICE and transient pricing, positioning, and distribution. Hospitality demand has fundamentally shifted: in such a competitive market, occupancy can’t be left to chance. It must be driven in a deliberate, strategic way where platforms like Cvent help make demand more targetted, transparent and measurable, so visibility turns into revenue and long‑term relationships.CONSUMER BEHAVIOURToday’s guest, whether a corporate event planner, a transient business traveller, or a family booking a weekend break, expects frictionless discovery, instant relevance, and highly personalised experiences. Their expectations are shaped by consumer tech platforms, not just by peer hotels. This is as true in India’s gateway cities as it is in fastgrowing tertiary markets.To keep pace, the industry is increasingly turning to data, AI, and richer digital content to bring properties and experiences to life before the guest ever arrives. Behavioural signals, AI-driven recommendations and immersive visual tools such as detailed venue content and virtual or 3D walkthroughs support smarter, more confident decision-making. For hotels and venues, this translates into fewer unqualified enquiries and a higher proportion of high-intent, wellmatched demand.For travellers and planners, it means faster, more informed choices and experiences that are better aligned with their needs. Critically, the consistency of experience is increasingly underpinned by systems and standards rather than by individual effort alone. Our role – and that of other technology partners – is to help orchestrate that consistency across digital touchpoints, from discovery and evaluation TODAY’S GUEST EXPECTS FRICTIONLESS DISCOVERY, INSTANT RELEVANCE AND HIGHLY PERSONALISED EXPERIENCES