Marriott International and Prestige Group, has announced the signing of agreements to open six new hotels across India wherein, Prestige Group would build new hotels across the W, JW Marriott, Tribute Portfolio and Moxy brands across India’s Southern belt, representing nearly 1,000 rooms across four brands. Prestige Group, plans to open the W Bengaluru, Tribute Portfolio Resort Bengaluru, Tribute Portfolio Hotel Kochi Maradu, JW Marriott Bengaluru Prestige Golfshire Resort & Spa, Moxy Chennai and Moxy Bengaluru, all of which are expected to open between 2021 and 2025.
“We are continuously striving to expand our market reach, strengthen our growth and set new hospitality benchmarks. Our portfolio of 120 hotels across 16 brands reinforces our commitment to India, which remains a key focus market for Marriott International. We are thrilled to be introducing Moxy, our 17th brand in South Asia with such an experienced and hotel developer like the Prestige Group”, said Rajeev Menon, President – Asia Pacific (excluding Greater China), Marriott International.
Irfan Razack – Chairman & Managing Director, Prestige Group said, “There are not many industries in the world that have the resilience and optimism of the hospitality sector in India. The hotel industry has been one of the primary businesses driving the economic growth of the country. Projected to be worth INR 1,210.87 billion by 2023, the Indian hospitality sector today is witnessing an upward trend across mid-scale, upscale and luxury segments. Renewed interest in the sector from leading global investors and steady infrastructure development in metros as well as tier II and tier III cities are driving the demand. Similarly, industry-friendly government policies, including the GST reduction from 28 per cent to 18 per cent for premium and luxury hotels, reduction of corporate tax and UDAN, the regional airport development and Regional Connectivity Scheme (RCS) aimed at making air travel affordable and widespread, are paving the way for robust market demand. The future holds immense promise.”