A look at the best available room rates compiled by dna from hotels operated by Taj, Oberoi, ITC, Marriott, Hyatt and Accor, among others, clearly shows a sudden spike in rates ranging between 40% to 375% (depending on the location and date).
Hotel operators in Mumbai are set to make a killing as the city gears up for the 'Make in India' Week to be held between February 13-18 at Bandra-Kurla Complex (BKC).
Most hotels in north Mumbai, spread across the suburbs of Bandra, Santacruz, Juhu and Andheri, have either run out of room availability or jacked up rates 3-4 times their normal rates to cash in on the booming demand during the week, which begins with the otherwise busy Valentine's Day.
A look at the best available room rates compiled by dna from hotels operated by Taj, Oberoi, ITC, Marriott, Hyatt and Accor, among others, clearly shows a sudden spike in rates ranging between 40% to 375% (depending on the location and date).
This apart, there are certain hotels where rooms are just not available on days prior to and during the mega event.
The 'Make in India' event, to be inaugurated by Prime Minister Narendra Modi on February 13, expects participation of over 1,000 companies and delegates from over 60 countries.
Benefiting the most are the two hotels located in BKC – Sofitel (being operated by the French hospitality major Accor group) and Trident (from the Oberoi group stable).
While Sofitel has hiked its room rate by 155% (online room rate on Friday February 5, over online room rate on February 12) the hotel has also put a sold-out tag for rooms between February 13 to 18 – that is for the entire duration of the 'Make In India' Week.
Rooms in the Trident hotel are not available on February 11, 12 and 18, while it has hiked room rates around 150% for other dates.
Breaking all records with a rate hike of upto 376% is the Taj Lands End hotel that overlooks the Arabian Sea and is located 7.8 kms off Bandra-Kurla Complex. Operated by the Tata group's hospitality arm, Indian Hotel Company Ltd (IHCL), the hotel's best available online rate on Friday (February 5) is Rs 9,450 (room only) that increases to Rs 18,450 on February 12, hiking nearly 95%.
However, for the next two days i.e. February 13 and 14, the room rate increases by 376% to Rs 45,000 per night over the base rate of Rs 9,450 on the same days the previous week. Thereafter, the room rates start correcting in the range of 110% to 28% over base rate of Rs 12,600 per night during the comparable days in the previous week.
Another reason for a peak hike in room rates at this hotel could be the fact that Valentine's Day also gets celebrated in the same weekend.
The three Marriott hotels – JW Marriott in Juhu and Sahar Road and Courtyard by Marriott in the vicinity of international airport – have also jacked up room rates to take advantage of demand for hotel rooms during that week. While the JW Marriott Juhu hotel has hiked room rates by 104%, the increase was between 13% and 50% for JW Marriott Sahar and between 92.5% and 98% for the Courtyard by Marriott hotel.
Surprisingly, the rate hike scenario with Hyatt Regency Sahar Road and Grand Hyatt, Vakola follows a slightly different pattern. Both hotels appear to be warming up to the increase from the day `Make In India' event kickstarts though a huge up-tick in the rate is seen two days before.
For instance, the best available rate at Grand Hyatt, Vakola, on February 4, of Rs 15,000 increases 121% to Rs 33,250 a week later on February 9 and 11. The room rates correct by 6% to Rs 14,000 on February 12 and increase between 46% and 83% to Rs 22,000 (over a base rate of Rs 15,000 and Rs 12,000 in the previous week). There is a declining trend again in the next few days with rates holding on to Rs 22,000 per night as compared to the base rate in the previous week that had shot up to Rs 33,250.
The Hyatt Regency hotel at Sahar Road follows an almost similar trend with room rates increasing by 40% a few days prior to the Make in India Week event, stagnating in between and then heading north all over again before starting to decline over room rates on the same days in the previous week.
Tobacco major's ITC Maratha hotel at Sahar Road in Andheri also saw rates increase during the comparable dates from Rs 8,550 to Rs 18,050 i.e. an increase of 111%. However, as the event progressed the percentage hike in room rates softened hovering in the range of 14% and 39% and later falling to Rs 7,695 post February 18, 2016.
The increase in room rates for the BSE-listed The Leela Mumbai was in the range of 43% to 68%.
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