The branded and organised hotel sector in India closed with a nationwide occupancy of 67.5% (the highest in a decade) in 2023-2024, with an average daily rate of Rs 8,055, the highest ever, as per the 27th edition of the Indian Hospitality Trends & Opportunities Report released Wednesday by Hotelivate.
The also resulted in a consequent RevPAR (revenue per available room) of Rs 5,439, which was marginally shy of the lifetime high achieved in 2007-2008.
Mumbai led the occupancy rates surge at 79%, closely followed by New Delhi at 78.7% and Hyderabad at 75.1%.
For the second consecutive year, Hyderabad recorded one of the highest RevPAR growths in the country,
bolstered by a 26.2% rise in average rates.
As per the report, five-star deluxe hotels stood out with an exceptional 147.4% increase in RevPAR over a 24-month period, the highest among all categories. Five-star hotels followed with a robust 131% growth, while four-star hotels
experienced a significant 99.3% rise.
Hotels charging average rates of Rs 7,500 or more have increased from 23% (354 hotels) in 2022-23 to 30% (517
hotels) in 2023-24.
The participation base for the report included 1,742 hotels with a total inventory of 1,80,403 rooms.
Manav Thadani, founder chairman, Hotelivate said it is 'remarkable' that India's hospitality sector is poised for 'significant' growth, with an anticipated, unfiltered 49% increase in hotel room supply. "Key markets such as Bengaluru, Mumbai, and Goa are leading this expansion, with 77% of the proposed supply currently in active development. This trend reflects a positive outlook for the industry, fuelled by rising tourism, business travel, and infrastructure improvements," he said.
"As of March 2024, the overall branded pipeline for the next five years stands at 88,706 keys, regardless of
construction status," he added.
Achin Khanna, managing partner, strategic advisory at Hotelivate said the industry continues to perform well.
"With half of fiscal 2024-25 gone, there is overall growth over a phenomenal 2023-24 already, with the expectedly stronger winter months ahead However, in most markets, growth has tapered, and in some it has indeed declined," he added.
The also resulted in a consequent RevPAR (revenue per available room) of Rs 5,439, which was marginally shy of the lifetime high achieved in 2007-2008.
Mumbai led the occupancy rates surge at 79%, closely followed by New Delhi at 78.7% and Hyderabad at 75.1%.
For the second consecutive year, Hyderabad recorded one of the highest RevPAR growths in the country,
bolstered by a 26.2% rise in average rates.
As per the report, five-star deluxe hotels stood out with an exceptional 147.4% increase in RevPAR over a 24-month period, the highest among all categories. Five-star hotels followed with a robust 131% growth, while four-star hotels
experienced a significant 99.3% rise.
Hotels charging average rates of Rs 7,500 or more have increased from 23% (354 hotels) in 2022-23 to 30% (517
hotels) in 2023-24.
The participation base for the report included 1,742 hotels with a total inventory of 1,80,403 rooms.
Manav Thadani, founder chairman, Hotelivate said it is 'remarkable' that India's hospitality sector is poised for 'significant' growth, with an anticipated, unfiltered 49% increase in hotel room supply. "Key markets such as Bengaluru, Mumbai, and Goa are leading this expansion, with 77% of the proposed supply currently in active development. This trend reflects a positive outlook for the industry, fuelled by rising tourism, business travel, and infrastructure improvements," he said.
"As of March 2024, the overall branded pipeline for the next five years stands at 88,706 keys, regardless of
construction status," he added.
Achin Khanna, managing partner, strategic advisory at Hotelivate said the industry continues to perform well.
"With half of fiscal 2024-25 gone, there is overall growth over a phenomenal 2023-24 already, with the expectedly stronger winter months ahead However, in most markets, growth has tapered, and in some it has indeed declined," he added.
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