AI Summit rush: Delhi hotel rates soar to ₹32L/night
What's the story
Delhi is witnessing a major surge in demand for luxury accommodations ahead of the highly-anticipated AI Impact Summit. The event, scheduled for February 16-20, will see tech giants like Sundar Pichai and Sam Altman grace the national capital. In light of this, some top-tier hotels have jacked up their room rates, with total costs reaching nearly ₹32 lakh per night, including taxes.
Price hike
Taj Palace room rates surge by 1,500%
A 'Garden Luxury Suite' at IHCL's Taj Palace, New Delhi, is priced at ₹27.55 lakh per night during the AI Summit. With taxes of around ₹5 lakh, the total bill comes to nearly ₹32 lakh for stays between February 16 and 20. The same room costs some ₹2 lakh a night including taxes on February 13-14. This means rates during the summit period are nearly 1,500% higher than Valentine's Day peak rates.
High demand
Most luxury-category rooms already sold out
As per the official website of Taj Palace New Delhi, most luxury-category rooms are already sold out for February 16-17. The unavailability extends to several room categories including Superior and Luxury rooms with Diplomatic Enclave view as well as premium options such as the Garden Presidential two-bedroom suite and the Presidential Suite with pool view.
Market trend
Rates at other top-tier hotels
The price surge isn't limited to Taj Palace. At Leela Palace in New Delhi, Maharaja Suite rooms are priced at ₹6.9 lakh a night for non-members and ₹5.9 lakh for members checking in on February 16. Even The Oberoi, New Delhi is offering luxury suites at ₹5.5 lakh per night during this period of unprecedented demand spike as global dignitaries descend on the capital city.
Special initiatives
Lalit and Eros Hotel preparing for global guests
Lalit in Delhi is nearly sold out for February 19-20, with several international leaders and delegates expected to attend the summit. Eros Hotel New Delhi is also preparing special initiatives for their global guests such as personalized check-in services, curated welcome packages, and exclusive networking events. Davinder Juj, General Manager at Eros Hotel said they will provide information on local attractions/transportation options to enhance their stay experience during this high-profile event.
Occupancy rates
Jaypee Vasant Continental operating at high occupancy levels
Jaypee Vasant Continental is also witnessing near-maximum occupancy with current levels hovering around 95% and only a small inventory remaining for the Summit dates. I P Singh, VP Operations at Jaypee Vasant Continental said hospitality demand has sharply escalated ahead of this high-profile international event due to strong influx of domestic/international delegates, technology leaders & corporate travelers attending it.
Spillover demand
Healthy occupancy levels reported across the board
Amit Kumar Singh, Founder of OPO hotels and resorts, also reported healthy occupancy levels during the AI Summit due to spillover demand from luxury and five-star hotels that are either sold out or operating at very high occupancies. Rajiv Mehra, General Secretary of FAITH (Federation Of Associations in Indian Tourism & Hospitality), noted a strong spike in demand for the February 17-21 window with occupancies upwards of 90% for those dates.