As per the HVS Anarock’s Hotels & Hospitality Overview report for October 2023, New Delhi hotels reaped rich dividends in September 2023 due to the G20 summit, boasting high occupancy and rates. The average room rates (ARRs) exceeded ₹11,000, showcasing a remarkable year-on-year (Y-o-Y) growth of over 60 per cent.
The report showed “five of the top 10 key markets experienced a Y-o-Y decline in monthly occupancy rates, even as the average rates continued to increase”.
“In September 2023, the country-wide occupancy rate fell short of the levels observed during the same period in 2022 and 2019,” the report emphasised.
In the realm of new hotel developments, the HVS Anarock report has documented the launch of 114 new hotel properties in the current year, adding up to 7,835 rooms. When it comes to fresh agreements, 207 additional hotels have been signed in 2023, contributing to a pipeline of over 17,573 rooms.
