With the steady supply of new hotel rooms in the north of the city the rates of luxury hotels in south Mumbai have dipped low.
The Trident, Nariman Point which once commanded over Rs 10,000 a night, are now offering stays at around Rs 7,000 a night. The hotel, owned and operated by the Oberoi Hotels Group, is a prime property, facing the sea. Also, the executive club room at the ITC Grand Central, Parel is availabe for less than Rs 6,500 a night, whereas for an identical room at the ITC Maratha, Andheri, the rates start at Rs 10,500. New luxury properties that have come up in the suburbs include, Sofitel (BKC), Trident (BKC), Courtyard by Marriott (Andheri), Holiday Inn (Andheri), Hilton (Andheri) and Westin (Goregaon). Many more non-five star properties have also been developed.
The subsequent migration of offices of several key corporates has also led to a correction in room rates in luxury hotels in south Mumbai following reduced demand. Corporate traffic has moved to more affordable places, up north of the city.
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