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How India's Richest Wedding is Boosting Mumbai's Hotel Industry?

02/09/2024

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Gurpreet Kaur

India’s biggest wedding ceremony is going to happen on July 12, 2024.

Weddings play a significant role in the Indian economy, and when such events involve the richest families like Ambani’s, the whole world has its eyes on them.

Reports indicate that Mukesh Ambani spent nearly 1259 crore on the pre-wedding festivities of his youngest son, Anant Ambani, and his fiancée, Radhika Merchant.

Jefferies, an investment banking and capital market firm, estimated that Indians spend nearly twice the money on weddings as they would on education.

As the wedding celebration is in full swing, the hoteliers in the Bandra Kurla complex have increased their hotel prices.

Usually, a hotel charges around Rs 13,000 for one night’s stay. Now hoteliers are charging Rs 91,350 for the same room for one night.

A report from the Economic Times states that almost all the hotels are booked up this month from July 11-12, including ITC Grand Central, Oberoi Mumbai, Holiday Inn, Taj the Tree, etc.

The hoteliers increased their room prices because they understood the nature of the wedding and the guests Ambani had invited to make this grand celebration a memorable event.

According to the Times of India, ET talked to a spokesperson at Luxury Suite, who said, "Almost all the luxury hotels have sold out their rooms for a week for this grand avenue, and they'll be back to normal rates after this wedding."

He further said that international hotel chains follow a dynamic pricing model and adjust their prices as per market demand and the nature of guests that are coming.

The prices of hotels continue to soar for a week, and experts state that high-class weddings result in accommodation being booked for a whole week (July 11 – July 14).

As the wedding invites high-profile guests, even premium hotels, including Sofitel BKC, have skyrocketed their prices. On July 11, they offered the same room for one night at Rs 13,000, while on July 12, their prices increased significantly to Rs 30,150.

On July 13, there was a sudden rise in prices, reaching Rs 40,950. The prices will be at full capacity, and the same room will be available for Rs 91,350 on July 14.

As the wedding attracts guests from every corner of the world, hoteliers have increased their room prices by 25-30%. There are presidential suites that even charge up to Rs 5 lakh for a single night.