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We track hotel industry's strong performance in the first quarter of 2024. This momentum is expected to continue in the next quarter.

India tier II and III cities such as Jaipur Indore Surat and notably Ayodhya are emerging as the growth drivers for the hospitality sector in India

In the first quarter of 2024, the Indian hospitality sector experienced positive growth, with a significant increase in Average Daily Rate (ADR) driving Revenue Per Available Room (RevPAR) up by 11.4% compared to the same period in 2023. This growth was fueled by a rise in corporate travel, weddings, and MICE demand. The sector also saw a 5.5% increase in RevPAR from the fourth quarter of 2023, supported by strong occupancy levels and ADR growth. The outlook for the sector remains optimistic, with continued growth expected in the second quarter driven by business travel and leisure demand.

India's hospitality sector attracted a record $401 million in investments in 2023, with significant growth in hotel transactions and increasing interest in tier two cities for hotel development, paving the way for a positive outlook in 2024.

According to the report, the sector witnessed a significant growth of 31% in revenue per available room in Q4 2023, compared to Q3 2023.The fourth quarter saw consistent growth in average daily rates due to factors such as weddings, corporate and social MICE events, leisure travel, and year-end festivities, as per the report.