India’s hospitality industry has witnessed a growth of 15.1% in RevPAR from July to September (Q3 2023) over the same period last year. Furthermore, the sector witnessed a marginal 4.5% decline at pan-India level in RevPAR in Q3 2023 as compared to Q2 2023. Total no. of signings in Q3 2023 stood at 59 hotels with 4,669 keys. There were 12 hotels signed that were conversions of other hotels. Conversions constituted 23% of the inventory signed in Q3 2023.
The Hotel Momentum India (HMI) Q3 2023 outlines key insights from the sector including:
- All six key markets continued to witness a y-o-y growth in RevPAR in Q3 2023 compared to Q3 2022 primarily due to the pick-up in ADR levels
- Mumbai was the RevPAR leader in absolute terms in Q3 2023 with an 16.7% increase in ADR levels over Q3 2022
- Delhi saw the steepest increase in RevPAR growth in Q3 2023, with a 36.6% growth compared to the same period in the previous year
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