- The rise of cuisine-focused luxury tourism, which caters to high net-worth individuals (HNWIs), has contributed to the recent success of Nepal’s hotel industry.
- Profit levels for Nepal’s luxury hotels reached record heights due to a high volume of banquets and other events.
- Nepal’s central bank has reported an increase of international tourists so far in 2023.
Profit levels for Nepal’s luxury hotels have seen a recent surge due to the high volume of banquets and other luxury activities, offsetting the slow pace of tourism growth, according to a recent report.
According to a recent fiscal report from Nepal’s central bank, foreign tourist arrivals witnessed a noteworthy upsurge in the last fiscal year – 862,992 visitors compared to 374,147 in the preceding fiscal year.
Nepal is globally recognised for the Himalayan mountain range, unique cuisine and ancient religious temples, particularly in in the capital city, Kathmandu.
The Nepal Stock Exchange also recently released a Q4 company analysis report, which indicated that the country’s luxury hotel sector has seen higher levels of profit in the last fiscal year than before the Covid-19 pandemic.
The report indicated that wealthy hotel owners have started hosting exclusive, cuisine-focused events, which has led to international HNWIs booking large hotels more frequently.
The report observed that The Soaltee Hotel had a record net profit of £3.27m in the fiscal year ending mid-July, rising by 83.40% compared to the same period in 2022. The report also stated that The Soaltee Hotel collected a total profit of £13.4bn, representing an increase of 64.28%.
International HNWIs wishing to visit Nepal and experience its unique culture, such as the ancient temples of Kathmandu, should use a safe international payments service to book experiences.
Industry experts from Nepal’s luxury hotel industry suggested that the influx of wealthy European tourists has increased the demand for luxury events such as banquets and ceremonies hosted by five-star hotels.
Binayak Shah, president of Hotel Association Nepal, the apex body of hotels and resorts in Nepal, expressed his optimism about the successful profits of hotels and claimed that demand for banquets has greatly impacted sales.
The five-star Hyatt Regency Kathmandu hotel chain suggested that the company’s net profit had grown year-on-year to £2.2m as a direct result from the easing of international travel restrictions.
The Oriental Hotel Limited, a five-star property listed on the Nepal Stock Exchange, saw its net profit skyrocket in the last fiscal year to an impressive £10.6m due to increased interest from international HNWIs.
As the global climate alters, colder luxury travel destinations have become more attractive to HNWIs who would have previously opted for hotter destinations in Australia or the US.
Wealthy individuals visiting Nepal from overseas should use a safe money transfer method so that their money is securely transferred.
HNWIs interested in experiencing the luxurious dining and hotel industry in Nepal can use our online money transfer comparison tool to compare foreign exchange rates.
