HVS ANAROCK Hotels & Hospitality Overview, August 2023
By Akash Datta, Dipti Mohan, and Dhwani Gupta
This monthly industry update highlights the key trends in the Indian hospitality industry.
Photo by HVS
Read the latest edition of the HVS ANAROCK monthly industry update, Hotels & Hospitality Overview (H2O), for the key trends in the Indian hospitality industry.
Key highlights include:
- Domestic air traffic in India increased by 24% in July 2023 compared to the same time the previous year.
- While air traffic has grown by 1.6% in July 2023 compared to July 2019, the average hotel occupancy rate in the country has declined by 3-5 pp.
- Hotel average rates, meanwhile, have remained consistently above 2019 levels, despite a drop in occupancy.
- In July 2023, Chennai was the only market to witness steady growth in both occupancy rate and average rates.
About HVS
HVS, the world's leading consulting and services organization focused on the hotel, mixed-use, shared ownership, gaming, and leisure industries, was established in 1980. The company performs 4,500+ assignments each year for hotel and real estate owners, operators, investors, banks and developers worldwide. HVS principals are regarded as the leading experts in their respective regions of the globe. Through a network of some 60 offices and more than 300 professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. hvs.com.