According to JLL’s Hotel Momentum India (HMI) report for Q3, 2023, the performance of the Indian hospitality industry in Q3 2023 continued to show impressive Year-on-Year (Y-o-Y) growth. This growth was primarily fuelled by a substantial increase of 15.6 per cent in the Average Daily Rate (ADR) compared to Q3 2022, resulting in a commendable 15.1 per cent growth in Revenue per Available Room (RevPAR). The third quarter experienced a remarkable surge in ADR, mainly attributed to the hosting of various international events in key cities. However, it is worth noting that there was a slight decline of 4.5 per cent in RevPAR during Q3 2023 compared to the previous quarter, Q2 2023.
