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:
- 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.
HVS ANAROCK Hotels & Hospitality Overview, August 2024— 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.
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