According to HVS Anarock’s Hospitality Monitor December 2024 report, key Indian markets saw considerable year-on-year increase in occupancy, with Mumbai leading the pack at over 80 per cent. Mumbai’s strong performance was driven by MICE and high-profile events. India’s hotel sector experienced a significant surge in performance during November 2024, a delayed but impactful boost following Diwali. Occupancy rates jumped 8 to 10 percentage points year-on-year and a substantial 10 to 12 percentage points compared to October. This growth was further amplified by a strong 11 to 13 per cent year-on-year rise in Average Room Rate (ARR), leading to a significant boost in Revenue Per Available Room (RevPAR). month.
