India's hospitality industry has witnessed a growth of 15.8% in RevPAR from October to December (Q4 2023) over the same period last year.
India’s hospitality industry has witnessed a growth of 15.8% in RevPAR from October to December (Q4 2023) over the same period last year. Furthermore, the sector witnessed a significant growth of 31% in RevPAR at pan-India level in Q4 2023 as compared to Q3 2023. Total no. of signings in Q4 2023 stood at 82 hotels with 8,741 keys. There were 15 hotels signed that were conversions of other hotels. Conversions constituted 14% of the inventory signed in Q4 2023.
The Hotel Momentum India (HMI) Q4 2023 outlines key insights from the sector including:
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All six key markets continued to witness a year-on-year growth in RevPAR in Q4 2023, compared to Q4 2022 primarily due to the pick-up in ADR levels.
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Mumbai was the RevPAR leader in absolute terms in Q4 2023 with a 16% increase in ADR levels over Q4 2022.
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Bengaluru saw the steepest increase in RevPAR growth in Q4 2023, with a 31.9% growth compared to the same period in the previous year.
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