HVS ANAROCK Hotels & Hospitality Overview, August 2024
Read the latest edition of the HVS ANAROCK monthly industry update, Hotels & Hospitality Overview (H2O), for the key trends in the Indian hospitality industry.
Photo by HVS
Key highlights include:
- July 2024 saw a year-on-year growth of over 7% in domestic air passenger traffic in India.
- Nationwide occupancy rates increased by 3-5 percentage points year-on-year during the month, although they remained slightly below pre-pandemic levels.
- Pune and Chennai registered the highest occupancy rates for the month, ranging from 76-79%. Meanwhile, Kolkata, New Delhi, and Chandigarh led the growth in occupancy, each showing an increase of 6-8 percentage points compared to the previous year.
- Average rates saw significant year-on-year increases both nationally and in specific markets. However, Goa was an exception, with rates dropping by 3-5% compared to the previous year, while still remaining above INR 8,500.
- Despite a relatively modest rise in occupancy rates in July 2024, Mumbai continued to record the highest average rates, exceeding INR 10,500 - a 21-23% increase from the previous year.
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.