Hotel demand has been fueled by the moderate resumption of corporate travel, small MICE, weddings and social events, as well as people travelling for religious reasons or to visit friends and family. Due to fewer instances and a relaxation of COVID-19-related limitations in the country, travel demand soared in February 2022. As a result, domestic aviation traffic surged by more than 20% in January 2022 compared to the previous year. Hotel occupancy surged dramatically from the previous month, and room rates grew at a consistent rate year over year. The ongoing Ukraine-Russia war is projected to hike input costs, which will have an impact on hotel operations.
