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Corporate Travel, Weddings Drive Strong Quarter For Indian Hotels
23.05.2024 - 04:27 / skift.com / Bulbul Dhawan
The Indian hotel sector delivered a strong first quarter due to an increase in corporate travel and weddings, real estate services company JLL shared in its Hotel Momentum India report.
“During the quarter, there was a robust demand for hotel rooms in both business and leisure destinations. The occupancy levels in key business markets were strong,” the company said in a statement.
The momentum of the first quarter is expected to continue in the April-June quarter as business travel, conferences and meetings, and weddings are set to drive the busy period.
“The first quarter has set the ball rolling for the hotel sector’s strong performance throughout 2024. Healthy consumer sentiments and domestic corporate travel will continue to be the key drivers. Key business and leisure locations are witnessing strong demand,” said JLL managing director for hotels Jaideep Dang.
Hospitality overview: In the first quarter of 2024, 9,710 rooms across 90 branded hotels were signed. An additional 13 hotel conversions were also signed, accounting for 12% of the signings in the first quarter.
During the quarter, 36 hotels were also opened, with 75% of the total keys having been opened in tier-2 and tier-3 cities, a market that is driving the hotel boom in India.
Strong metrics: The industry’s revenue per available room (RevPAR) recorded an annual growth of more than 11% during the quarter, according to JLL.
Hospitality advisory firm HVS Anarock’s monthly report for March 2024 revealed that the average RevPAR during the month was between INR 5,103 – INR 5,395 ($61.28 – $64.79), up 10% as compared to March 2023.
The quarter also witnessed an average of occupancy rate of 70%.
Radisson Hotel Group has entered into a strategic partnership with NILE Hospitality to expand its midscale brand Park Inn and Suites by Radisson in Rajasthan and Gujarat. The brand caters to smaller market segments, across tier-2 to tier-5 cities.
Park Inn and Suites by Radisson has been tailored to the needs of the Indian market to serve the smaller cities.
Radisson currently has more than 165 trading and developing hotels, across several brands. At the time of the launch of Park Inn and Suites by Radisson in 2022, the company shared its aim to double its portfolio to about 300 hotels by 2025.
Tourism and hotel industries will drive private sector investments in the second half of the 2024-25 financial year, according to Kotak Mahindra Bank chief economist Upasna Bhardwaj.
Bhardwaj said that the hotel and tourism sectors have not recorded significant capacity expansion over the last few years. She believes this segment will, therefore, begin to pick up private sector investments.
The travel and tourism industry accounted for 6% of India’s GDP
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