The Peoples’ Hotel
Rhea Silva, Founder & Managing Director, Chototel is a London based entrepreneur with experience in both affordable housing and hotels. She explains the concept of these super budge hotels.
Global presence and operations
The global growth strategy is to have a presence in fast-growing urban centres where the demand for affordable accommodation is predicted to rise within the next decade. We have identified that the greatest demand and possibilities for scale exist in developing economies such as Nigeria and China where rapid urbanization is taking place, as young people move into cities in search of better job opportunities. These individuals are looking for rental housing without the constraints of deposit and committed tenures, and a solution like Chototel is in high demand. A similar demand for hassle-free, affordable accommodation also exists in developed economies worldwide. Consequently, we are also looking at sites in Bristol in the United Kingdom and Ajman in the UAE.
Reasons for setting up pilot “super-budget” hotel in India
The first hotel in India is located in Nagothane near Mumbai, and is expected to welcome its first guests in June this year. The hotel will provide clean, comfortable accommodation with uninterrupted utilities from just US$2/day.India is the world’s fastest growing economy and has the smallest urban population with respect to the overall population. India’s 1200 million people are all moving towards the urban clusters and they will need accommodation until they can eventually buy a home. India was ripe with opportunity considering the sheer demographics and its underdeveloped rental housing sector.
To read more: http://realtyplusmag.com/the-peoples-hotel/