Brazil, Russia, India and China are called the BRIC countries. These are former "3rd world" economies that are experiencing rapid economic growth, have large populations and have generated some of the largest investor returns in the world for the last 5-10 years.
With occupancy rates in some Indian hotels approaching 60% (at 90% last year) the growth in the hospitality industry is quickly slowing down.
From Business Standard
"The total number of hotel rooms planned is being cut by 40 per cent and many developers are putting their portfolio on sale due to the decreasing business traffic, rise in interest rates and economic slowdown. Nearly 50,000 hotel rooms were planned in the country and that number may not be built by developers as business traffic has fallen 30 per cent in the last couple of months and lending rates for developers have increased significantly"