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.
HVS ANAROCK Hotels & Hospitality Overview, November 2023— Source: HVS
HVS ANAROCK Hotels & Hospitality Overview, November 2023— Source: HVS

About HVS

HVS is the world's leading consulting and valuation services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 4,500 assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. Through a worldwide network of over 50 offices staffed by 300 experienced industry professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. For further information regarding our expertise and specifics about our services, please visit www.hvs.com.

Related