JLL India appoints Jaideep Dang to spearhead its hotels and hospitality business
Dang's appointment underlines JLL's commitment to strengthening its hotels and hospitality focused portfolio
JLL has appointed Jaideep Dang as managing director of its Hotels & Hospitality Business. Based in Gurugram, India this is Dang’s second stint with the firm wherein he will lead the specialised hotels and hospitality practice.
Dang’s appointment underlines JLL's commitment to strengthening its hotels and hospitality focused portfolio by building on existing and potential long-term strategic relationships with major Indian and global brands.
Dang has wide-ranging and extensive experience across business consulting, transactions, management contracts, feasibilities & appraisals and market research. Prior to joining JLL, Dang worked with The Oberoi Group, as senior vice president - strategic development for the India sub-continent, Asia and Africa.
Commenting on Dang’s appointment, Ramesh Nair, CEO & Country Head, JLL India said, “The Indian travel and hospitality industry has emerged as one of the key growth drivers within the services sector, and the importance of hotels as an asset class within the overall real estate sector cannot be undermined. With clients valuing our work and expertise across different real estate asset classes, we want to be seen as the partner of choice for hospitality consulting mandates. With his ability to develop and nurture long standing relationships with Indian and international hotel chains, developers and investors, Jaideep’s return to the JLL India fold provides us with a significant advantage in taking our hospitality business to the next level.”
Jaideep Dang, managing director – Hotels and Hospitality Group said, “The hotels sector in India is experiencing healthy growth on the back of increased foreign tourist arrivals and growing domestic demand. Average rooms rates as well as occupancy ratios across all hotel segments has witnessed upward movement in all key business and leisure markets in India.
“On the other hand, new branded hotel supply is also adding up, albeit cautiously, which is a healthy scenario for new hotels as they look into the future to accommodate this growing demand. Nearly 65% of this new supply in the last few years has been in the mid to upscale segments. A large part of the new hotel supply is part of mixed use developments. With land prices rising, this trend of mixed use hotel developments will be the future. The timing could not have been better for investors to explore opportunities to buy existing and under construction hotel assets, both in business as well as leisure segments,” he added.
The Indian hospitality sector is set to witness significant growth upside in the performance of hotels in most key markets across India with occupancy levels gradually increasing on back of better demand from increased office absorption, a 7.3% year-on-year growth in foreign tourist arrivals during January to July 2018, a booming domestic travel market and a slowdown in additional room inventory.