Monday, August 5, 2024 SKYE Hospitality, a comprehensive hospitality and strategy consulting firm, has released its inaugural market report on the Indian hotel industry’s performance for the first half of 2024. This analysis provides intriguing insights into the sector’s dynamics. According to the report, 2,706 new rooms were introduced to the market in the first half of 2024.
Of these, 994 rooms, or approximately 37%, were upscale, while the remaining 63% were premium. A total of 22 new projects were launched, with prominent hospitality brands like IHCL, ITC, Radisson, Hyatt, ROHL, Bharat Hospitality, and Wyndham among the key contributors. In terms of regional distribution, 34% of the new supply was concentrated in the West, followed by 28% in the East.
The North and South regions accounted for 26% and 12% of the new developments, respectively. “Indian hospitality industry is on a strong footing marked by a rise in occupancy, new projects opening, and a bullish pipeline for the future. In the first half, Average occupancy in major hotels ranged between 70-75%.
Occupancy has risen by around 15-20%, compared to the same period, previous year” Quoted Mr. Ankit Kansal, MD, SKYE Hospitality . “The Indian hotel industry is witnessing a robust rebound backed by rise in business events, leisure travels, wedding season, etc.
Other factors such as growing trend of staycations, surge in experiential travel trends amongst millennials & Gen-Z, and rise in wellness tourism pack.