According to the report from JLL, the Indian hospitality industry continued to experience Year-on-Year (Y-o-Y) growth in performance in Q1 2024 (January-March).
This growth was primarily fueled by an increase in Average Daily Rate (ADR) of 8.5% over Q1 2023, resulting in a RevPAR growth of 11.4%.
Well established & branded openings includes 36 hotels with 2,316 keys, of which 75% of the complete number of keys were in Level II & III urban communities, including Jaipur, Indore, Surat, & Ayodhya, to mention few, the report noted.
An increase in corporate travel, weddings, & Meetings, Incentives, Conferences, & Exhibitions (MICE) demand at the end of the fiscal year (FY24) were the major contributors to this growth.
The area likewise noticed a RevPAR development of 5.5% Quarter-on-Quarter (Q-O-Q) in Q1 2024, compared to Q4 2023. This can be credited to more elevated levels of corporate travel in Q1 2024 rather than Q4 2023 (October-December), which commonly sees a decline during the Christmas season, as per JLL’s Hotel Momentum India (HMI) Q1, 2024.
In Q1 2024, there were 90 hotel signings containing 9,710 rooms. In addition, 12% of the inventory signed in Q1 2024 came from 13 hotels that were converted from other hotels.
Chennai arose as the RevPAR development pioneer in Q1 2024 enrolling a development of 21.7% over Q1 2023, trailed by Hyderabad & Delhi with Y-o-Y development of 21.1% & 19% separately.
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