India's hotel industry witnessed strong demand in Q1 2024, driven by corporate travel, weddings, and MICE events, leading to an 11% rise in RevPAR. JLL reports strong occupancy levels in major business markets.
New Delhi, May 22 (PTI) India's hotel industry saw strong demand at both business and leisure destinations during the January-March period this year leading to an 11 per cent annual rise in revenue per available room, according to JLL.
In a statement on Wednesday, real estate consultant JLL India said that the hospitality sector saw an increase in Average Daily Rate (ADR) of 8.5 per cent year-on-year, resulting in a revenue per available room (RevPAR) growth of 11.4 per cent.
Chennai recorded the strongest growth in RevPAR at 21.7 per cent in January-March.
"Major factors contributing to this growth included an increase in corporate travel, weddings, and Meetings, Incentives, Conferences and Exhibitions (MICE) demand," the consultant said.
During the first quarter of 2024, there was a robust demand for hotel rooms in both business and leisure destinations. The occupancy levels in key business markets were strong, averaging around 70 per cent, and supported by significant growth in average daily occupancy levels.
There were 90 branded hotel signings comprising 9,710 rooms during January-March 2024. Furthermore, 13 hotels signed were conversions of other hotels, accounting for 12 per cent of the inventory signed in Q1 2024.
"Branded hotel openings comprised 36 hotels with 2,316 keys, of which 75 per cent of the total number of keys were in Tier II and III cities, including Jaipur, Indore, Surat, and Ayodhya, to name a few," the consultant said.
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