According to an exclusive report by Money Control, as the highly anticipated 18th G20 Heads of State and Government Summit approached, luxury hotels in Delhi experienced a surge in bookings and a substantial increase in prices. Scheduled for September 9th and 10th, this highly anticipated event will take place at a state-of-the-art convention complex at Pragati Maidan, New Delhi. Distinguished attendees include Indian Prime Minister Narendra Modi, US President Joe Biden, UK Prime Minister Rishi Sunak, Canadian Prime Minister Justin Trudeau, and Chinese President Xi Jinping.
The capital’s most prestigious hotels, including the Taj Mahal, Taj Palace, ITC Maurya Sheraton, Le Meridien, Shangri-La, The Lalit, Imperial, Oberoi, and Leela, have already reached full occupancy for the period between September 6th and 11th. Other establishments, such as The Claridges, Eros, and Pride Hotel, report full bookings from September 8th to 10th.
“Eros Hotel is expecting 100 percent occupancy during the G20 meeting dates,” announced Rubina Sharma, Director of Sales and Marketing at Eros Hotel, Nehru Place. The G20 meetings slated for September have triggered a substantial surge in bookings, as revealed by Atul Upadhyay, Executive Vice President of the Pride Hotels Group, with over 500 rooms designated for the event. They anticipate an occupancy rate exceeding 95 percent during the summit, compared to the previous 75 percent recorded in recent months.
Aashish Gupta, Consulting CEO of the Federation of Associations in Indian Tourism & Hospitality, pointed out that hotel occupancies in Delhi have already begun to rise due to G20-related activities. During the G20 meeting, it is expected that occupancy rates will be 30-50 percent higher compared to previous months.
While room rates have doubled in most premium properties, some have seen prices soar up to four times their usual rates. According to Nishant Pitti, CEO and Co-Founder of EaseMyTrip, Delhi’s hotel occupancy is projected to reach a decade-high of 70-72 percent, up from around 60 percent in 2014-15.
Not only premium hotels but also 3 and 4-star hotels are witnessing increased bookings and higher room rates due to the supply-demand dynamics. “Hotels in Aerocity and other NCR regions are expected to receive a significant number of spill-over bookings, especially from media teams traveling to Delhi,” added MP Bezbaruah, Secretary-General of the Hotel Association of India (HAI).
The G20 summit is providing a much-needed boost to the hospitality sector, which was severely impacted by the COVID-19 pandemic. During 2020, the average hotel occupancy rate remained at 33-36 percent, leading hotels to significantly reduce tariffs. The G20 presents an opportunity for the hospitality industry to recover some of its losses, with major players poised to reap substantial profits.