HVS ANAROCK Hotels & Hospitality Overview, April 2024

Key highlights include:

• In March 2024, domestic air passenger traffic grew by more than 15% over March 2019, and nearly 6% over February 2024, indicating sustained growth in the sector.
• Despite the notable surge in domestic air traffic, hotel occupancy rates across the country experienced a seasonal decline from the previous month.
• However, the March 2024 performance on both the occupancy and ARR showed growth over last year same period.
• Chandigarh and Kolkata emerged as the top performers among the top 10 markets in the country with the highest year-on-year growth in occupancy rates.
• The average hotel rates in the country continued their upward trajectory, with Kolkata experiencing the most significant year-on-year growth, closely followed by Hyderabad.
• In destinations like Goa, Mumbai and New Delhi, average rates soared above INR 11,000, highlighting the robust demand