Rushabh Shah

Managing Director, Mumbai, India

Rushabh Shah serves as the Chief Operating Officer of Horwath HTL India, bringing over a decade of expertise in hospitality sector consulting since 2009.


Rushabh Shah serves as the Chief Operating Officer of Horwath HTL India, bringing over a decade of expertise in hospitality sector consulting since 2009. His extensive experience spans market analysis, feasibility studies, valuations, and appraisals, covering 45 Indian markets and three international destinations.

Rushabh has worked closely with bankers, investors, and both domestic and international hospitality chains, providing strategic consulting across various projects. His contributions include advising on expansion plans and entry strategies, leveraging his in-depth understanding of market dynamics and industry trends to deliver actionable insights and solutions.

With a diverse skill set that combines financial acumen, commercial expertise, and diligence evaluations, Rushabh adds significant value to Horwath HTL India’s consulting services. His ability to navigate complex projects and build strong stakeholder relationships ensures successful outcomes for clients, reinforcing his position as a trusted advisor in the hospitality sector.

Rushabh’s leadership and comprehensive knowledge continue to drive Horwath HTL India’s growth, making him a key figure in the company’s success and the advancement of the industry as a whole.

Rushabh Shah

Expert insights

Cutting edge insight.

Report

India Hotel Market Review 2023

In 2023, India's hotel sector continued its impressive growth trajectory, with key metrics showcasing significant improvements. The All-India Average Daily Rate (ADR) reached Rs. 7,479, marking a 31.6% increase from 2019. Supply growth hit a record high with 14,000 new rooms added, raising the total inventory to over 183,000 rooms across 2,553 hotels in 403 destinations. The sector's market capitalization surged to Rs. 1,282 billion, a remarkable 473% increase from 2015.

Vijay Thacker
Vijay Thacker
Managing Director, India
Report

India Hotel Market Review 2022

The Indian hotel market experienced a significant resurgence in 2022, marked by strong performances across various segments and regions. This year was considered exceptional by many in the industry, with numerous hotels achieving record-breaking results. According to a survey by Horwath HTL, 65% of respondents reported 2022 as their best year ever, while another 30% ranked it among their top three years.

Vijay Thacker
Vijay Thacker
Managing Director, India
Report

Asia Pacific Hotel Sustainability Trends 2021

The "Asia Pacific Sustainability Trends 2021" report offers an in-depth look at sustainability practices within the hotel industry across 15 countries in the Asia-Pacific region. Compiled from data provided by 2,356 hotels, this sixth annual report examines the evolution of energy and water usage, cost trends, and the adoption of sustainability initiatives, particularly in the context of the COVID-19 pandemic.

Robert Hecker
Robert Hecker
Managing Director, Singapore
Report

Asia Pacific Hotel Sustainability Trends 2022

Greenview and Horwath HTL are pleased to present the annual Asia Pacific Sustainability Trends 2022 report, which is published for the seventh consecutive year. This report presents results of the 2022 Horwath HTL Asia Pacific Hotel Industry survey. For this year’s report, a total of 2,586 hotels across 15 countries participated by contributing information about their uptake in sustainability practices as well as utility data from 2021 calendar year. The data is compared against a 2019 baseline to provide insight into the average changes in energy and water consumption and costs by country and service type pre and post pandemic. Additionally, sustainability practices undertaken by hotels were also analyzed to understand implementation status at the country level. Continuous spreading of awareness and scaling of solutions globally will enable further advancement in this region. We are proud to support the industry’s effort to benchmark best practices in sustainability, with the results of this report contributing towards publicly available industry-wide initiatives for hoteliers to understand their properties’ sustainability standing: the Cornell Hotel Sustainability Benchmarking study, Green Lodging Trends Report and Greenview Hotel Footprinting Tool. We would like to acknowledge and thank the Honorary Advisory Board for the Horwath HTL annual hotel industry surveys and the supporting Country Hotel Associations for their participation and strong support.

Robert Hecker
Robert Hecker
Managing Director, Singapore
Report

India Hotel Market Review 2021

The 2021 India Hotel Market Review, a collaboration between STR and Horwath HTL India, provides a comprehensive analysis of the industry's performance amid the ongoing pandemic. Despite numerous challenges, the market showed signs of recovery, primarily driven by domestic leisure travel.

Vijay Thacker
Vijay Thacker
Managing Director, India
Report

Asia Pacific Hotel Sustainability Trends 2020

The "Asia Pacific Sustainability Trends 2020" report provides a detailed examination of sustainability practices in the hotel industry across 16 countries in the Asia-Pacific region. Despite the challenges posed by the COVID-19 pandemic, the report reflects ongoing efforts to improve sustainability across various aspects of hotel operations, including energy usage, water conservation, and the adoption of eco-friendly practices.

Robert Hecker
Robert Hecker
Managing Director, Singapore