According to the HVS Anarock’s Hotels & Hospitality Overview for August 2024, the nationwide hotel occupancy rates have shown remarkable stability, maintaining a strong position comparable to pre-COVID levels, signalling the robust recovery of India’s hospitality sector. Kochi and Hyderabad emerged as standout performers, leading the country with the highest year-on-year (YoY) growth in occupancy rates, a clear indication of the rising demand in these key markets.
Across most regions, average room rates (ARRs) have experienced significant increases, largely fuelled by a surge in demand and the sector’s enhanced pricing power as it bounces back from the COVID’s challenges. Mumbai recorded the highest YoY growth in average rates, reflecting its dynamic market recovery. Not far behind, Hyderabad and Kochi also saw substantial growth in ARR, showcasing their potential as emerging hotspots for both business and leisure travellers.
