India's Hotel Demand Is Outpacing Supply
Skift Take
- An HVS Anarock report on the Indian hotel market shows the number of hotel rooms in tier-II and tier-III cities increased to 38% of the total inventory at the end of 2022 from 33% four years ago.
- Hyatt Hotels and Sun Hung Kai Properties announced the opening of Andaz Nanjing Hexi in Greater China.
- RCI, part of Travel + Leisure Co, announced its new affiliation with two luxurious resorts in Vietnam: APEC Mandala Phu Yen and APEC Mandala Retreat Kim Boi.
An HVS Anarock report on the Indian hotel market shows the number of hotel rooms in tier-II and tier-III cities increased to 38% of the total inventory at the end of 2022 from 33% four years ago. The share of hotel rooms in metros went down to 19% during the same period. In 2022, 166 new hotels with 14,885 rooms were signed while 90 hotels with 5,702 rooms were rebranded. The sector closed the year with occupancy in the range of 59-61 percent, up 15-17 percentage points over the previous year and only 5-7 pp lower than the full year 2019. HVS Anarock expects India-wide occupancy to improve to 66% in 2023 with a 16-17 percent increase in Average room rate, pushing RevPAR almost 18% higher than the pre-pandemic result in 2019. They expect the consecutive rise in travel in smaller cities is likely to benefit hotel groups that have a fairly strong presence in mid-market and upscale segments such as Indian Hotels and Lemon Tree Hotels. The report predicts domest
