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.

Market Report

HVS ANAROCK Hotels & Hospitality Overview, December 2023

December 29, 2023

This is a monthly industry update that highlights the key trends in the Indian hospitality industry.

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.

Akash Datta

President - Consulting & Valuation

Akash Datta, HVS Senior Vice President - Consulting and Valuation, leads consulting engagements, encompassing market studies, feasibility studies, strategic planning, valuation, and forecasting. Akash has spent nearly 13 years in the hospitality industry having successfully worked with International Hotel and Consulting firms such as Hilton, JLL and HVS in South Asia and the Middle East. In 2005, Akash started his Consulting career with HVS as an analyst following which he undertook his MBA in International Hospitality Management with concentration in Real Estate Finance from IMHI ESSEC in Paris, France. Known for his industry insights, Akash works with leading companies, private clients, industry groups, and global networks. Contact Akash at +91 989 9517 404 or [email protected].

Contact Akash Datta

Dipti Mohan

Vice President (South Asia), Research & Corporate Communication

Dipti Mohan, Vice President - Research & Corporate Communication with HVS South Asia, is a seasoned knowledge professional with extensive experience in research-based content creation. She has authored several ‘point of view’ documents such as thought leadership reports, expert opinion articles, white papers, and research reports across industries including hospitality, real estate, infrastructure, cement, and construction. Contact Dipti at [email protected].

Contact Dipti Mohan

Dhwani Gupta

Associate (South Asia), Research

Dhwani Gupta, Associate - Research with HVS South Asia, studied literature for her undergraduate and believes that you can do anything with the right amount of research. After graduating, she pursued a course in Management and Liberal Arts which gave her a wider perspective of the world. As a result, the more difficult a topic is, the more fun she has writing it. Contact Dhwani at [email protected]

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