Hotel Momentum India

Quarterly Hospitality Monitor Q4 2023

February 08, 2024
  • Adhiraj Guha

India’s hospitality industry has witnessed a growth of 15.8% in RevPAR from October to December (Q4 2023) over the same period last year. Furthermore, the sector witnessed a significant growth of 31% in RevPAR at pan-India level in Q4 2023 as compared to Q3 2023. Total no. of signings in Q4 2023 stood at 82 hotels with 8,741 keys. There were 15 hotels signed that were conversions of other hotels. Conversions constituted 14% of the inventory signed in Q4 2023.

The Hotel Momentum India (HMI) Q4 2023 outlines key insights from the sector including:

  • All six key markets continued to witness a year-on-year growth in RevPAR in Q4 2023, compared to Q4 2022 primarily due to the pick-up in ADR levels.

  • Mumbai was the RevPAR leader in absolute terms in Q4 2023 with a 16% increase in ADR levels over Q4 2022.

  • Bengaluru saw the steepest increase in RevPAR growth in Q4 2023, with a 31.9% growth compared to the same period in the previous year.

Fill out this form to download report

There was an error submitting the form. Please try again.


Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

Generally the personal information we collect from you are for the purposes of downloading materials you have requested.

We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our privacy statement.