RECORD BREAKING GOA LEADS THE WAY AS INDIAN HOTEL MARKET ENJOYS RAPID RECOVERY
The hotel market in India is enjoying rapid recovery, with Goa hotels seen as the most successful micro market in the country in recent times.
The month of June 2022 was particularly successful for Indian hotels. Research provided by HVS Anarock indicated that the hospitality sector in the country is growing on all performance indicators, from occupancy and average daily revenue to revenue per available room.
In fact, Indian hotels are outperforming when comparing June 2022 to June 2019, the last June period before the global Covid-19 pandemic. The average daily revenue remained stable when comparing May and June 2022. That said, in terms of occupancy rates and revenue per available room, there was marginal growth between 1% and 3% on a national level.
Goa leads micro markets in rapid recovery
Goa hotels occupancy has grown between 6% and 9%, when you compare June 2022 to June 2019. The increase in average daily revenue was reportedly the highest ever recorded in the county: between 30% and 40%.
During June 2022, Goa enjoyed the highest average rate in the country, between 8,500 and 10,500 Indian Rupees, followed by Mumbai with an average rate of between 7,500 and 9,500 Indian Rupees.
There are many markets which have exhibited signs of promising growth in June 2022, especially in terms of occupancy. New Delhi, Kochi, Pune and Kolkata have all been cited as some of the aforementioned markets.
The areas of Chandigarth and Pune enjoyed the highest occupancy rates, between 75% and 77%. Bengaluru was next with 74% to 76%.
Other key points from the report include the fact that domestic air traffic in India increased by more than 11% between the months of May and June, 2022.
This positive news comes just weeks after ITB Newsroom revealed that India‘s travel market could top $125 billion in 2027 from an estimated $75 billion in FY20, according to a new report.
Article source: https://news.itb.com/topics/hotels-resorts/indian-hotel-market-recovery/