Hotel investment trends in India

A spotlight on 2024, reflecting on 2023

April 02, 2024
  • Adhiraj Guha
  • Sailee Correa

The hospitality sector in India has experienced an impressive jump in hotel investment volumes, according to the latest data from JLL Hotels & Hospitality Group. In 2023, the sector recorded a total deal volume of USD 401 million, marking a four-fold increase from 2022.

The Hotel Investment Trends (HIT) 2023 outlines key insights from the sector including:

  • HNIs and Institutional Capital accounted for the largest volume of investments in 2023 (31%), followed by Real Estate Developers (27%) and Owner-Operators (11%).

  • NCLT resolution cases accounted for 33% of the total value of transactions for the year, which is equivalent to USD 133 million.

  • Investment momentum to persist throughout 2024, with an estimated additional volume of approximately USD 284 million.

  • In 2023, a record number of hotel signings (25,176 keys) and openings (12,647 keys) were witnessed. Most of these signings were concentrated in tier-2 cities (54%).

  • The number of greenfield projects in 2023 (~13,600 keys) crossed that of 2022 (~8,000 keys), indicating the sustained confidence of hotel developers in the sector’s long-term growth.

  • Strong commercial sector performance has directly benefited key urban centers – tier-1 cities saw the highest number of keys signed since 2020, with a notable 31% rise as compared to 2022.

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