Research
Hotel Momentum India (HMI)
Quarterly Hospitality Monitor Q1 2023
May 18, 2023
Contributors:
- Adhiraj Guha
India’s hospitality industry has witnessed a growth of 100.8% in RevPAR from January to March (Q1 2023) over the same period last year. Furthermore, the sector witnessed a 9.1% growth at pan-India level in RevPAR in Q1 2023 as compared to Q4 2022 on the back of corporate travel, MICE demand, and weddings. Total no. of signings in Q1 2023 stood at 54 hotels with 4,497 keys. There were 10 hotels signed that were conversions of other hotels. Conversions constituted 19% of the inventory signed in Q1 2023.
The Hotel Momentum India (HMI) Q1 2023 outlines key insights from the sector including:
- All six key markets continued to witness a y-o-y growth in RevPAR in Q1 2023 compared to Q4 2022 primarily due to the strong recovery of corporate travel
- Mumbai was the RevPAR leader in absolute terms in Q1 2023 with a 85.7% increase in ADR levels over Q1 2022
- Bengaluru saw the steepest increase in RevPAR growth in Q1 2023, with a 183.7% growth compared to the same period in the previous year
