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:
Domestic air traffic in India increased by 24% in July 2023 compared to the same time the previous year.
While air traffic has grown by 1.6% in July 2023 compared to July 2019, the average hotel occupancy rate in the country has declined by 3-5 pp.
Hotel average rates, meanwhile, have remained consistently above 2019 levels, despite a drop in occupancy.
In July 2023, Chennai was the only market to witness steady growth in both occupancy rate and average rates.
HVS ANAROCK Hotels & Hospitality Overview, August 2023— 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.
