HVS ANAROCK Hotels & Hospitality Overview, November 2023
This is a monthly industry update that 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:
- In October 2023, India witnessed a notable 11% increase in domestic air passenger traffic compared to the corresponding period in the previous year.
- The onset of the ICC Men's Cricket World Cup in the country significantly bolstered hotel occupancy in various markets hosting the matches.
- Consequently, national hotel occupancy rates for October 2023 exceeded pre-pandemic levels by 1-3 pp.
- The heightened demand also contributed to a continual upward trajectory in average rates, particularly in the key markets hosting the cricket matches, where rates saw a year-on-year escalation ranging from 15% to 33%.
- Goa, conversely, saw a rise of only 1-3%, exhibiting the impact of large sporting events.
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.