Listed hotel chains, developers line up nearly 10,000 room signings in October

Hotel chains and property developers have signed up as many as 10,000 rooms across India in October, and most of them are not in the big cities, according to Mint data.

Three listed companies, Indian Hotels Co. (IHCL), Lemon Tree Hotels and Brigade Group, account for more than 7,000 of those rooms.

The deals are aimed at smaller cities, airport districts and pilgrimage towns, where chains see their next stretch of growth.

Indians travelling within the country are behind the rush. The tourism ministry says India recorded 4.29 billion domestic tourist visits in 2025, up 45.6% from a year ago.

But a signed deal is not a hotel you can book. An expert at HVS Anarock consultancy said that a new hotel typically takes three to five years to open.

The biggest single deal is Lemon Tree’s tie-up with developer Omaxe, under which it will run about 4,000 rooms. IHCL, which owns the Taj brand, signed eight hotels with over 2,000 rooms with Adani Airport Holdings.

"Branded hotel room penetration is still exceptionally low for an economy of India's size, and hotel capacity needs to develop alongside the airports, expressways, business districts and tourism infrastructure being created across the country," Mandeep S. Lamba, president and chief executive officer (South Asia) at HVS Anarock, told Mint.

The country expects to have 350,400 branded rooms by 2030, driven primarily by a growth in domestic demand and an expanding number of projects coming up in tier II and tier III cities, as per HVS Anarock.

The IHCL-Adani agreement, announced on 29 October, spans eight hotels across Mumbai, Ahmedabad, Lucknow and Guwahati. Adani will develop the hotels, while IHCL will operate them. IHCL also signed three Gateway hotels in October in Agra, Alwar, and Lucknow, adding another 569 rooms to its room pipeline.

Large developer tie-ups gain momentum

Hotel signings are agreements under which property owners appoint hotel chains to operate or franchise their properties under an established brand.

Lemon Tree's agreement with Omaxe, announced on 16 October, is its largest single operating arrangement to date. Once operational, Carnation Hotels—its management arm—will operate around 4,000 rooms across eight locations, including Lucknow, Vrindavan, Amritsar, Ghaziabad, Greater Noida, Kaushambi and Faridabad. The upcoming hotels will be located in transit hubs, pilgrimage destinations and commercial districts.

Hotel companies are increasingly partnering with large developers that have the land and capital to build properties, while operators bring their brands and management expertise.

"More recently, hotel companies have been signing at least three to four hotel deals with the same promoters and developers. This helps the hotel management companies as the development risks are increasingly being taken by large real estate and corporate groups," said Rattan Keswani, independent hospitality consultant and industry veteran.

Other listed and unlisted hotel companies are also adding inventory. ITC Hotels has signed a 30-room Storii by ITC Hotels property at Sanjay Dubri National Park in Madhya Pradesh in early October, while its first-half FY27 signings covered 20 hotels with more than 1,600 rooms.

International chains, as well as unlisted players, are also looking at signings. Marriott International has signed an agreement with Himalayan Bliss Spa & Resorts for a 120-room Le Méridien resort in Rishikesh, while Hyatt signed agreements last week with Saraca Hotels & Resorts for four properties across Lucknow and Corbett.

Radisson Hotel Group has signed 600 keys in October across locations such as Tadoba, Bhubaneswar, Puri, Coorg, and Ujjain.

Business travel adds to demand outlook

Demand from business travel is adding another layer to this expansion. India recorded around 66 million sq. ft. of office absorption in the first nine months of 2026, a record for the period, according to HVS Anarock. The growth of global capability centres (GCCs), in particular, is generating demand for accommodation for project teams, training programmes and visiting executives. Hotels are therefore becoming an increasingly relevant part of integrated commercial developments and airport districts, Lamba said.

Till June 2026, 28,268 rooms were signed in the country, reporting an 8% increase over the same period in 2025, according to HVS Anarock. But Lamba cautioned that announced rooms do not always translate into immediate supply. These figures are generally affected by project and administrative delays, as well as difficulties in obtaining clearances from state governments.

Varuni Khosla is a journalist with Mint, where she covers the consumer economy with a focus on hospitality and tourism, luxury, the business of sports, art, and the alcohol and food and beverage industries. Based in New Delhi, she reports on how brands and cultural sectors grow, shape consumer demand and compete in one of the world’s fastest-evolving markets.<br><br>Varuni has been a journalist since 2009 and brings more than 17 years of experience reporting on India’s business landscape. She specialises in covering the industries shaping India’s consumption economy, and is widely recognised as a key voice in these areas.<br><br>Over the years, she has closely tracked the rise of India’s luxury and hospitality sectors, the transformation of advertising and marketing as brands respond to digital platforms and changing audiences, and the economics of sport, from sponsorships and leagues to the expanding commercial ecosystems around teams, athletes and media rights. Her reporting on the business of art explores the growing global market for South Asian art and the role of collectors, galleries and auction houses.<br><br>Her stories frequently draw on exclusive conversations with founders, executives and industry leaders, combining market data with on-the-ground reporting to offer readers insight into the companies and trends shaping India’s evolving consumption economy.

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