HVS ANAROCK Hotels & Hospitality Review – August 2024 shared the insights on how hotels are performing.  HVS Research; Data collated by HVS from 19 hotel operators and media reports as of 22nd August 2024, all data is for calendar year.

Key Highlights (July 2024)

• July 2024 saw a year-on-year growth of over 7% in domestic air passenger traffic in India.
• Pune and Chennai registered the highest occupancy rates for the month, ranging from 76-79%. Meanwhile, Kolkata, New Delhi, and Chandigarh led the growth in occupancy, each showing an increase of 6-8 percentage points compared to the previous year.
• Average rates saw significant year-on-year increases both nationally and in specific markets. However, Goa was an exception, with rates dropping by 3-5% compared to the previous year, while remaining above INR 8,500.
• Despite a relatively modest rise in occupancy rates in July 2024, Mumbai continued to record the highest average rates, exceeding INR 10,500 – a 21-23% increase from the previous year.