Research
Hotel Momentum India (HMI)
Quarterly Hospitality Monitor Q1 2024
May 23, 2024
Contributors:
- Sailee Correa
- Amal Raju
India’s hospitality industry has witnessed a growth of 11.4% in RevPAR from January to March 2024 (Q1 2024) over the same period last year. Furthermore, the sector witnessed a growth of 5.5% in RevPAR at pan-India level in Q1 2024 as compared to Q4 2023. Total no. of signings in Q1 2024 stood at 90 hotels with 9,710 keys. There were 13 hotels signed that were conversions of other hotels. Conversions constituted 12% of the inventory signed in Q1 2024.
The Hotel Momentum India (HMI) Q1 2024 outlines key insights from the sector including:
- All six key markets continued to witness a y-o-y growth in RevPAR in Q1 2024 compared to Q1 2023 primarily due to the pick-up in ADR levels
- Mumbai was the RevPAR leader in absolute terms in Q1 2024 with a 5.5% increase in ADR levels over Q1 2023
- Chennai saw the steepest increase in RevPAR growth in Q1 2024, with a 21.7% growth compared to the same period in the previous year
