Evolution of hotel property management companies in India
The hotel industry in India has witnessed a significant transformation over the years, and hotel property management companies (HPMCs) have played a crucial role in this evolution. Here is a brief overview of the evolution of HPMCs in India: Early Years (1950s-1980s): During the early years of the hotel industry in India, most hotels were owned and managed by the government or large corporations. Private ownership and management of hotels were rare, and hotel property management companies did not exist at this stage. Emergence of HPMCs (1990s-2000s): The liberalization of the Indian economy in the early 1990s led to a surge in foreign investments in the hotel industry. This paved the way for the emergence of HPMCs, which were primarily focused on managing hotels owned by foreign investors. Expansion of HPMCs (2010s): With the growth of the Indian middle class and an increase in domestic tourism, HPMCs started expanding their operations to manage hotels owned by domestic invest...