New Delhi, July 13 -- After several years of record-breaking room rates, India's top hotel chains are pushing back against suggestions that they have reached their ceiling. Instead, hotel executives said the country's premium hospitality market remains underpriced compared with global peers and is entering a phase where protecting room rates, rather than chasing occupancy, has become the dominant strategy.

"India is still significantly underpriced versus Europe, North America and many Asian luxury markets," Vikramjit Singh Oberoi, managing director and chief executive officer of EIH Ltd, which owns the Oberoi and Trident group of hotels, said on a recent earnings call. While luxury hotels globally now charge upwards of $1,000 ( Rs.96,000...