The Indian hospitality industry registered a 15.4% year-on-year growth in revenue per available room in the first quarter of the current fiscal, a new report by property consultancy JLL revealed on Thursday. This came on the back of a 16.4% growth in average daily rates.
However, the quarter recorded a dip in occupancy levels with reduced corporate travel as summer holidays kicked off. This resulted in a 16.6% quarter-on-quarter fall in revenue per available room during the period under review.
“The performance of the sector in the coming quarters looks promising on the back of resurgence of domestic corporate demand, MICE (meetings, incentives, conferences and exhibitions), weddings, and other social events,” said Jaideep Dang, Managing Director, Hotels and Hospitality Group, JLL India.
Furthermore, the upcoming quarter is betting positively on the Group of 20 nations’ meetings across multiple cities in the country.
While proposals for 69 hotels comprising 7,010 rooms were signed in the quarter, around 16 hotels saw conversion during the period.
“Hotel brands continue to be optimistic towards the Indian market not only in the mid-market space but also in the luxury space, with the signing of the first Radisson Collection and Waldorf Astoria hotels in Hyderabad and Jaipur respectively,” the report noted.
Published 10 August 2023, 23:03 IST