Hospitality sector weathered GST, demonetisation storms well: Report
NEW DELHI: The hospitality sector in India survived the disruption caused by the introduction of a new tax regime and the impact of demonetization, as reflected in the better-than-expected number of hotel management, franchise and lease agreements signed in 2017, according to a new report by Jones Lang LaSalle shared exclusively with ET.
“Coming on the back of demonetization at the end of 2016 and GST (Goods and Services Tax) implementation in 2017, new hotel brand signings were expected to slow down, but the sector has weathered the storm well,” JLL Hotels and Hospitality Group said in the report. “With no significant policy changes expected to come in 2018, we except the pace of brand signings to increase from levels recorded in 2017.”
The India Hospitality Report 2017 states that last year turned out to be slightly better than 2016, with 173 hotel agreements signed compared with 170 deals a year earlier.