Hospitality Sector and Enabled Me to Gain Knowledge About the Park Group of Hotels
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INDEX S.No Contents Page No. 1. Acknowledgement 2 2. Industry Details 3-5 3. Company Specifications 6-9 4. Vision 10 5. Mission 11 6. Ethics & Corporate Social Responsibility 12-15 7. History & Milestone 16-21 8. Strategic Business Units 22-32 9. Management Team 33-35 10 Products 36-39 11 Mergers & Acquisitions 40-41 12 SWOT Analysis 42-46 13 Recommendations & Suggestions 47 14 Bibliography 48 ACKNOWLEDGEMENT It is with the feeling of satisfaction and sense of achievement that I am drafting this acknowledgement note. I am really thankful to my mentor Mr. Siddharth Kaul who has supported me in this project. I would also like to thank the management department of my college which gave me the opportunity to get an overview of the hospitality sector and enabled me to gain knowledge about The Park Group of Hotels. Last but not the least I am thankful to my family and friends for their valuable suggestions and support. …..Romana 2 HOSPITALITY SECTOR- INDUSTRY DETAILS Indian tourism and hospitality sector has reached new heights today. Travelers are taking new interests in the country which leads to the upgrading of the hospitality sector. Even an increase in business travel has driven the hospitality sector to serve their guests better. Visiting foreigners has reached a record 3.92 million and consequently International tourism receipts have also reached a height of US$ 5.7 billion. Hospitality Industry is closely linked with travel and tourism industries. India is experiencing huge footfalls as a favorite vacation destination of foreigners and natives and the hospitality industry is going into a tizzy working towards improving itself. Fierce competition and fight to rank on the number one position is leading the leaders of this industry to contemplate on ideas and innovate successful hospitality products and services every day. India has emerged as an attractive tourist destination with an increasing number of multi- national hospitality companies investing in India. There has been a steep increase in hotel occupancy levels, with the industry expected to grow at 15% per year. To sustain its growth and continue to attract overseas travelers to India, the industry is exploring the latest customer-centric next generation technologies. According to sources, India’s hotel pipeline is the second largest in the Asia-Pacific region and the industry is set to be the second largest employer in the world by 2019. It is also estimated that the hospitality industry in India will contribute US $187.3 billion to the GDP by 2019. Today’s guests arrive at a hotel with a high level of expectations - a hotel room needs to be their home away from home, and offer new services. The industry’s biggest challenge currently is maintaining a balance of achieving a healthy bottom line while enhancing the guest experience, creating guest loyalty and attracting new guests. The key to creating the new guest-centric environment is to integrate the right technologies in the right way to create a ubiquitous and efficient network that can support guest services and hotel operations. The hospitality industry is composed of a variety of sectors. As stated in earlier sessions there is the food and beverage sector, the accommodation sector, the entertainment sector, etc. At this point it is also important to note that the hospitality industry is divided into two categories. These are the commercial category and the non-commercial category. To put it simply the commercial category includes establishments that operate for profit. The non-commercial category comprises establishments that operate on a not for profit bases. The non-commercial establishments are usually subsidised by governments and in many cases supported by private enterprise. An example of a non-commercial organisation is the Salvation Army. Examples of the commercial category Restaurants Hotels 3 Takeaway / fast food shops Motels Bistros Examples of the non-commercial category Hospitals (food services) Relief agencies e.g. The Salvation Army (food services) The Armed Forces (the army, the navy and the air force) School canteens Prison canteens Sectors within the Hospitality Industry Food and beverage services, e.g. restaurants, cafes, bistros, clubs etc Accommodation, e.g. hotels, motels, resorts, bed and breakfast etc Entertainment, e.g. theatre, musicals, live band shows etc Functions and event management, e.g. corporate functions, expos etc Recreation services, e.g. health and fitness centres, golf clubs etc Gaming facilities, e.g. casino type hotels, casino type resorts etc The Indian hospitality industry is likely to see strong demand and continued growth in the coming years as key players like Indian Hotels and EIH, and international brands such as Carlson and Marriott have outlined bullish future plans. "Hospitality in India is uniquely positioned to benefit from the India growth story," Pankaj Karna Managing Director Maple Capital Advisors said, adding that "the sector is expected to see strong demand and continued growth." Giving details about the future plans of some of the key players of the industry, the report by Maple Capital Advisors in association with Tourism Finance Corporation of India said that Indian Hotels, which runs the Taj Group of hotels is planning to construct 50 budget hotels under the Ginger brand over the next four years. EIH, which runs the Oberoi group of hotels, would develop 750 additional hotel rooms under the Trident brand over the next two-and-a-half years. Meanwhile, the international hotel brand Carlson is planning to increase its presence in India to 78 hotels by 2012, from 28 in 2009 with an investment of USD 35 million. Besides, Marriott has plans to open 30 hotels in India over the next three years. Some of the other mid market and budget segment hotels have also outlined bullish future plans like Ibis Hotels is planning to develop 2,909 hotel rooms by 2012, Sarovar Hotels (3,014 rooms by 2012), Keys Hotels (3,000 rooms by 2013), Lemon Tree Hotels (3,492 rooms by 2013) and Peppermint Hotels (1,500 rooms by 2013), the report said. "Both domestic and international players have planned large-scale investments in the hospitality industry thus the demand supply gap is expected to be bridged significantly even though this may not be pan India and evenly distributed," the report added. The market will see a good mix of Indian and international hotel chains and is expected to become even more organised across categories in the coming years, the report added. The travel and tourism market in India reached USD 91.7 billion in 2009, registering a compound annual growth rate (CAGR) of 16.4 per cent over the past five years. The market is expected to touch approximately USD 266.1 billion by 2019 on the back of continued economic growth. 4 Earlier India was a third world country, then it became emerging market and now it has become the growth market, and with there are many opportunities laying for tremendous growth and hotel industry is one of those industries which is able to in cash these opportunities. Hotel industry is thriving along with tourism and airline industry. Major players are o Asian Hotels Limited o Indian Hotels Company Limited o Eih Limited o India Tourism Development Corporation o Hotel Leela Venture o Royal Orchid Hotels Ltd o Taj Gvk Hotels And Resorts Limited o Jaypee Hotels Ltd o ITC Hotels Limited These players are giving a new façade to Indian hotel industry and making brand of India in global market as well. But recent bomb blast and terrorist attack is need to pay heed. If Indian hotels can not give assurance of safety to the consumers they will be in mess. Implement security system in the hotels must be the first priority of hotels. Hospitality is all about offering warmth to someone who looks for help at a strange or unfriendly place. It refers to the process of receiving and entertaining a guest with goodwill. Hospitality in the commercial context refers to the activity of hotels, restaurants, catering, inn, resorts or clubs who make a vocation of treating tourists. Helped With unique efforts by government and all other stakeholders, including hotel owners, resort managers, tour and travel operators and employees who work in the sector, Indian hospitality industry has gained a level of acceptance world over. It has yet to go miles for recognition as a world leader of hospitality. Many take Indian hospitality service not for its quality of service but India being a cheap destination for leisure tourism. With unlimited tourism and untapped business prospects, in the coming years Indian hospitality is seeing green pastures of growth. Availability of qualified human resources and untapped geographical resources give great prospects to the hospitality industry. The number of tourists coming to India is growing year after year. Likewise, internal tourism is another area with great potentials. 5 PARK HOTELS- COMPANY SPECIFICATIONS The Park Hotels are operated and owned by Apeejay Surrendra Group. Designed around business and leisure travelers, The Park New Delhi is located in the heart of the city center, with easy access to Government and commercial districts. At the Park, attention to detail and contemporary touches to the 224 rooms and suites bring out the best in luxury, style and comfort. The Residence, deluxe floor, is gorgeous with the latest amenities and a display of classy artworks. Renowned for the multi-cultural restaurants, delicacies to suit all palates are provided. The Business Services are ideal to host successful banquets and conferences. Hotel Specifications The Park, New Delhi offers an array of elegant designer Superior Rooms with a pleasant ambience. The Residence is their deluxe floor comprising rooms and suites that come along with the latest technology and flawless aesthetics.