Demand for five-star hotels in Delhi has surged ahead of the 18th BRICS Summit, pushing room rates higher as official delegations, business travellers, international media and other visitors prepare to arrive in the capital.
Several prominent hotels, including properties operated by The Leela Palace, Taj Group, Radisson Hotel Group and ITC, are virtually sold out, according to searches on Google Hotels. The limited rooms still available are being offered at rates starting at about Rs 1 lakh a night.
The surge in demand is concentrated around the summit dates, with travel platforms also reporting higher searches and room rates.
"Average room rates across our portfolio are pacing more than 25% higher YoY. The upcoming BRICS Summit in New Delhi is contributing to heightened demand, particularly in the days around the event, with shorter booking windows further supporting rate growth," Nikhil Sharma, managing director and chief operating officer, South Asia, Radisson Hotel Group, told NDTV Profit.
Sharma said Radisson was seeing stronger momentum across September, with the BRICS Summit adding to demand in Delhi. He expects demand to remain strong as the event approaches, with more travellers likely to make last-minute bookings.
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EaseMyTrip also reported a sharp increase in hotel demand in Delhi around the summit, particularly in the premium and five-star segment.
"With a large volume of demand converging around a limited window and premium inventory being constrained, hotel tariffs have moved up substantially, particularly at five-star properties. Some of the available rooms are now commanding six-figure tariffs during the peak dates," Rikant Pittie, chief executive officer and co-founder of EaseMyTrip, told NDTV Profit.
Ixigo reported a similar increase in demand, with delegates and other visitors arriving ahead of the event and extending their stays.
"Searches for five-star properties in the city [are] increasing by 50%. Hotel rates have risen by more than 100% week-on-week, with several already sold out for September 12-13. Available rooms are starting at around Rs 1 lakh and going up to Rs 2.4 lakh per night," Aloke Bajpai, co-founder and group chief executive officer of ixigo, told NDTV Profit.
The summit is creating a concentrated increase in demand over a limited period, adding pressure to the supply of premium hotel rooms in Delhi.
India is hosting the BRICS Summit for the second time. It previously hosted the summit in 2021, when the event was held virtually because of the Covid pandemic.
The 18th BRICS Summit will bring state heads and senior officials from countries across Asia, Africa, the Middle East and Latin America to India.
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