HVS ANAROCK Hotels & Hospitality Overview, April 2024

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

About Akash Datta

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].

About Dipti Mohan

Dipti Mohan, Associate Vice President - Research 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]

About Dhwani Gupta

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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