JLL, India’s leading real estate professional services firm, announced the appointment of Jaideep Dang as Managing Director of its Hotels & Hospitality Business. Based in Gurugram, this is Jaideep’s second stint with the Firm wherein he will lead the specialized Hotels & Hospitality practice.
Jaideep’s appointment underlines the Firm’s commitment to strengthening its hotels and hospitality focussed portfolio by building on existing and potential long-term strategic relationships with major Indian and global brands. In his earlier stint with the Firm from 2004 till 2011, Jaideep was instrumental in carving a premium positioning for JLL’s hotels & hospitality business. He also successfully built a niche client base and negotiated multiple management contracts for investors with global chains such as Hyatt, Carlson, Marriott and Frasers in India. He had also contributed significantly in developing innovative solutions that are attuned to meeting emerging industry trends and client requirements.
Jaideep has wide-ranging and extensive experience across business consulting, transactions, management contracts, feasibilities & appraisals and market research. Prior to joining JLL, Jaideep was working with one of India’s marquee hotel brands, The Oberoi Group, as Senior Vice President – Strategic Development for the India sub-continent, Asia and Africa.
Commenting on Jaideep’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.”
“He will focus on strengthening our transactional capabilities and leverage the larger JLL teams both in the country and other parts of the world for this. Jaideep will also help drive a One JLL approach to transactions and advisory mandates as well ensure trail opportunities for our other services,” he added.
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.