India Premium Hotel Inventory Demand to Increase
Skift Take
- STR reported China hotel RevPAR for the week ended 11/5 was up 4.4% year over year.
- China’s Covid cases continue to surge with 8,824 new domestic cases reported on Wednesday. The state-run Xinhua news agency said authorities need to take a more targeted approach to tackling Covid outbreaks.
- Ratings agency Icra said they expect premium hotel inventory in India to increase 3.5% to 4% in the current fiscal year with an addition of around 15,500 rooms amid a recovery in demand.
STR reported China hotel RevPAR for the week ended 11/5 was up 4.4% year over year. When compared to a similar week in 2019, RevPAR was down -44.7% which tells a better story of what is going on there. Year over year, absolute occupancy for this past week was 49.6% while the comp week in 2021 absolute occupancy was 45.6%.
China’s Covid cases continue to surge with 8,824 new domestic cases reported on Wednesday. The state-run Xinhua news agency said authorities need to take a more targeted approach to tackling Covid outbreaks and rectify any extra “layers” of measures. Thousands of government officials have been punished for perceived failings in the nearly three years of the pandemic. The state run agency praised the implementation of measures in some major cities such as Zhengzhou in the central province of Henan. They can say what they want but any province that has been able to contain Covid has just been lucky. Beijing is fighting a losing ba
