India’s hospitality industry has witnessed a growth of 15.4% in RevPAR from January to June (Q2 2023) over the same period last year. Furthermore, the sector witnessed a 16.6% decline at pan-India level in RevPAR in Q2 2023, compared to Q1 2023 due to a dip in travel during the summer period. Total no. of signings in Q2 2023 stood at 69 hotels with 7,010 keys. There were 16 hotels signed that were conversions of other hotels. Conversions constituted 23% of the inventory signed in Q2 2023.
The Hotel Momentum India (HMI) Q2 2023 outlines key insights from the sector including:
- All six key markets continued to witness a y-o-y growth in RevPAR in Q2 2023, compared to Q2 2022 primarily due to the pick-up in ADR levels
- Mumbai was the RevPAR leader in absolute terms in Q2 2023 with a 15.8% increase in ADR levels over Q2 2022
- Chennai saw the steepest increase in RevPAR growth in Q2 2023, with a 31.4% growth compared to the same period in the previous year
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