Indian hotels to witness decadal-high occupancy of 70-72% in FY24
Consistent improvement in consumer sentiments despite the inflationary environment, stable corporate performance, and domestic air passenger traffic inching above pre-covid levels augur well for travel and hotel demand.
New Delhi: India’s hotel occupancies are likely to see a spurt from the slow introduction of room supply which is likely to grow at a three-year CAGR of 3.5-4%, adding approximately 15,000-16,000 premium branded rooms. Gateway cities like Delhi and Mumbai are likely to top the occupancy chart above 75% this fiscal. Demand is expected to remain healthy across markets, although Bengaluru and Pune are likely to be laggards compared to other key cities.