Indian hotel companies are experiencing a sharp correction in share prices due to the Iran war and broader geopolitical tensions, leading analysts to cut operating profit expectations and valuations, despite structurally positive medium-term prospects.
According to multiple sources close to the development, Mercedes-Benz is already in talks with multiple developers in Gurugram for a luxury branded residence project.
"There are complaints and reports in social media and media about overcharging by some five-star hotels for items like bananas and eggs. This is a serious and unfortunate matter," Paswan told reporters in New Delhi.
The strident support from the hotels comes at a time when the industry is itself caught off guard with a sharp dip in both in-bound traffic from foreign markets, reduced domestic traction as well as a total shut-down of MICE business that has led the country top players by market cap to lose over half their value in just a little over a month.
Hotels are also relying on couples who had earlier planned destination weddings but are now considering options within the country.
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