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.
Key Highlights
- Occupancy and Revenue Trends: National occupancy improved to 43% in 2021, with the second half of the year (H2-21) reaching 51%. Revenue per Available Room (RevPAR) increased to Rs. 1,924, with H2-21 at Rs. 2,455. These figures, however, remain below 2019 levels.
- Leisure Sector Performance: Leisure travel saw significant growth, with resorts experiencing high occupancies and major Average Daily Rate (ADR) gains. Lux-UpperUp ADR for Udaipur and Himachal Pradesh was close to Rs. 17,000, while Rajasthan, Uttarakhand, and Goa ranged between Rs. 11,600 and Rs. 12,500.
- Challenges: The lack of corporate and inbound travel continued to impact city hotels, resulting in lower occupancies and ADRs. The extended closure of spas, staffing issues, cash flow stress, and debt service stress were notable challenges faced by the industry.
- Recovery Drivers: Domestic demand, weddings, and small MICE events drove recovery when operations were permitted. Tier 2 and Tier 3 markets performed well, and several new destinations gained prominence.
Market Performance
- Regional Insights:
- Mumbai: Occupancy at 54.5%, ADR at Rs. 4,863. The Lux-UpperUp segment performed better with ADR crossing Rs. 8,000 in December.
- Delhi: Occupancy at 49.5%, ADR at Rs. 4,359. Recovery was slower due to the severe second wave in Q2-21.
- Gurugram: Occupancy at 43.8%, with ADR remaining below 2019 levels.
- Bengaluru: Occupancy at 35.6%, ADR at Rs. 3,600, significantly impacted by the lack of corporate travel.
- Chennai: Occupancy at 44.3%, ADR at Rs. 3,833, leading the southern Indian cities in performance.
- Hyderabad: Occupancy at 43.6%, with ADR below 2019 levels.
- Kolkata: Occupancy at 49.1%, ADR at Rs. 4,000, performing well despite the absence of MICE business.
- Pune: Occupancy at 39.5%, ADR at Rs. 3,400, significantly impacted by the IT sector working from home.
- Ahmedabad: Occupancy at 52.5%, one of the few markets with over 50% occupancy.
- Goa: Occupancy at 49.8%, ADR at Rs. 7,300, significantly driven by leisure travel.
- Jaipur: Occupancy at 49.7%, ADR at Rs. 5,058, with strong performance in the Lux-UpperUp segment.
- Kochi: Occupancy at 22%, ADR at Rs. 3,000, continuing to struggle with low demand.
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