HVS ANAROCK shared the HVS ANAROCK Hotels & Hospitality Overview – November 2024.Year-to-date (YTD) October CY2024* saw strong momentum in hotel signings, with 33,407 keys signed across 333 properties, representing a robust 45% year-on-year growth in keys signed.

8,073 keys across 119 properties opened by YTD October CY2024*, with majority of the openings concentrated in Tier 3&4 markets. October 2024 witnessed a nationwide decline in occupancy rates from both the previous year and the previous month.

On the other hand, nationwide average rates increased by nearly 10% from the previous month and nearly 6% from October 2023.