Hotel occupancy declined in September despite G20 summit
₹11,000, showcasing a remarkable year-on-year growth of over 60%. Pune, Bengaluru, Hyderabad, Chennai and Delhi saw a decline in demand. The sharpest decline was seen in Pune and Bengaluru, between 5% and 10% in terms of occupancies, while the others were down by up to 5%.
There was no decline in markets like Goa and Mumbai which saw a 5% increase. Chandigarh, Kochi and Kolkata also saw an increase in occupancies of a similar amount. In terms of average daily rate, a metric by which hotels measure how much money a room makes for them over a year, there is still a dichotomy as hotels continue to charge more than last year.
In September, the average daily rates were between ₹7000 and ₹7200 in the top markets in the country, up by a staggering 27-29% when compared to September 2019 and 17-19% more than September 2022. Hotels even increased their rates from the month of August 2023, trading 5-7% more than they were then. As expected, Delhi saw the highest average daily rates change, hovering anywhere between 20-65% more than their regular rates in September 2022.
This was followed by six cities, Mumbai, Pune and Bengaluru, Kolkata, Hyderabad and Chennai which saw a 10-20% increase. Chandigarh, Goa and Bengaluru saw more stable rates at this time of up to 10% increase in daily rates. Till September, 207 hotels were signed in India, with about 17,500 rooms in the pipeline for the first nine months of the calendar year.
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