Annual India Hotel Market Review Report 2023

By Vijay Thacker on February 1, 2024

Annual India Hotel Market Review Report 2023

The 2023 Annual India Hotel Market Review Report, is an analysis of the Indian Hotel market performance for 2023 prepared by Horwath HTL India which is based on data sourced from STR. India’s hotel sector is enjoying an Amrit Kaal (Era of Elixir), with another year of record results and growth.

  • All India Occupancy at 63.6%; near complete RevPAR recovery on all India level compared to 2019 and growth of 30% over 2022;
  • All-India ADR of Rs. 7.5k; 3 markets with ADR over Rs 10k. On market-wide basis, Udaipur and Goa occupied the top 2 spots, followed by Mumbai
  • Eight markets with 5-digit Lux-UpperUp ADR
  • Supply growth by 14k rooms, the highest in any year; net pipeline up by 23k
  • Current + pipeline inventory crosses 250k rooms; 2,553 hotels; 403 destinations
  • Rooms demand per day up 65% and 19% respectively compared to 2015 and 2019
  • Sectoral Market capitalisation at Rs 1,282 billion on 31 Dec 2023, up 473% from 31 Dec 2015.
Vijay Thacker

About the author

Vijay Thacker vthacker@horwathhtl.com