HVS ANAROCK Hotels & Hospitality Overview, December 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 November 2023, domestic air passenger traffic in India recorded a 9% year-on-year increase.
- However, the nationwide hotel occupancy rate for the month declined over the same period in the previous year primarily due to the festive season, a trend particularly visible in Pune, Bengaluru, and Mumbai. The exceptional performance of nationwide occupancy in November 2019 before the pandemic, further accentuates the decline seen in 2023.
- In line with the season, Goa regained its spot at the top with the highest average rates (surpassing INR 12,000) followed closely by Mumbai (also exceeding INR 12,000).
- Kolkata saw a substantial 30% spike in its average rates from the previous month and a 23% increase compared to November 2022.
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.