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Investing.com -- Hyatt Hotels Corp (NYSE:H)., the Chicago-based hotel chain, plans to triple its number of properties in India in the next five years, according to Bloomberg. This expansion is driven by a surge in domestic travel and increased spending by affluent residents on events such as weddings, pilgrimages, and concerts.
Currently operating 50 hotels across India, the company intends to add 100 more to its portfolio. Sunjae Sharma, managing director of India & Southwest Asia at Hyatt, disclosed this plan to Bloomberg News. A portion of this expansion will happen this year, with six new properties slated for opening in cities such as Kochi in southern India and Jaipur in the north.
According to Sharma, the increase in domestic travel following the Covid pandemic has elevated India to the fourth-largest hospitality market globally. This puts India on par with Mexico and just behind China and the US. The company's ambitious expansion plan reflects this growing market potential.
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