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.
HVS ANAROCK Hotels & Hospitality Overview, December 2023— Source: HVS
HVS ANAROCK Hotels & Hospitality Overview, December 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.

Related