Hospitality Insight
India Hotel Market Review 2024
2024 was a sumptuous feast, even if the Xacuti seemed to be under par. The India Hotel Market Review 2024, published by Horwath HTL, presents a comprehensive analysis of the country’s hospitality sector, highlighting its growth, challenges, and future opportunities.
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All India Occupancy was 63.9%; RevPAR crossed 5k for the first time since 2008 with growth of 11% over 2023
- All-India ADR was Rs. 7.9k; for 4 markets ADR was over Rs 10k. Seven of the top 10 markets, had Lux-UpperUp ADR at Rs 10k+; an eighth is moving closer
- Seven states in India contribute over 70% of national room revenue with Maharashtra solely contributing 20% of national room revenue
- Net supply growth in 2024 was 14.4k rooms
- Rooms demand per day up 29k rooms since 2019
- 105k rooms to be added by 2029
- The average size of new build hotels was 69 rooms; of conversions 46 rooms
- Market capitalisation of the sector has increased almost 12 times from Rs. 207 billion as of March 2015 to Rs. 2.5 trillion as at end January 2025
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