India Sees Double-Digit Room Rate Growth
Skift Take
In February 2024, major Indian hotel markets experienced near double-digit ADR growth and slightly higher occupancy rates, with notable increases in Hyderabad and Goa despite occupancy dips, and overall performance surpassing February 2019 levels.
HVS Anarock said the major hotel markets in India registered near double digit ADR growth in February. Occupancy rates were 1 to 3 percentage points higher while ADR surged. HVS said the Hyderabad hotel market had a 16 to 24 percent ADR rise despite a small dip in occupancy rates in February 2024. Goa also saw room rates rise despite a fall in occupancy. HVS said Indian hotels operated at an ADR in the range of INR 8800 to 9000 in February 2024, 7 to 9 percent higher than February 2023. On a month to month to month basis, ADR was 5 to 7 percent higher than January 2024. RevPAR was INR 6336 to 6600, up 9 to 11 percent compared to February 2023 and up 15 to 17 percent compared to January 2024. Chennai showed strong occupancy growth, up 6 to 18 percentage points over the same period last year. HVS Anarock said the ADRs and RevPAR numbers were 30% and 25%, respectively, higher than the February 2019 numbers.
ONYX Hospitality Group announced the expansion of its Sham
