Lower hotel occupancy in Sep despite G20
₹11,000, or a 60% year-on-year rise. Demand declined by 5-10% in Bengaluru and Pune. For Delhi, Hyderabad and Chennai occupancy rates fall by 5%.
However, Mumbai, Chandigarh, Goa, Kochi and Kolkata saw 5% growth in occupancies. Average daily rates—a metric to measure annual earnings per room—increased 27-29% as hotels continued to charge higher rents compared to last year. In September, daily rates were at ₹7,000- ₹7,200 in top markets over the corresponding period of 2019 and 17-19% more than a year ago.
In fact room rentals were higher by 5-7% compared to August. As anticipated, highest average daily rate change, was seen in Delhi hovering at 20% and 65% more than their rates in September 2022, followed by Bengaluru, Mumbai, Kolkata, Hyderabad Pune and Chennai with a rise of 10-20%. Goa and Chandigarh witnessed aw more stable rates during the time.
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