Akash Datta | December 01, 2023

By Akash Datta, Dipti Mohan, Dhwani Gupta

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.

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