Friday, November 29, 2024 Bengaluru, Chennai, Delhi, Hyderabad, and Mumbai lead India’s hospitality growth in Q3 2024, with rising ADR and RevPAR, showcasing strong market momentum. The hospitality industry experienced consistent year-on-year (YoY) growth in Q3 2024 (July to September), primarily fueled by an increase in the Average Daily Rate (ADR), which drove a 10.8% rise in Revenue Per Available Room (RevPAR).
On a quarter-on-quarter (QoQ) basis, the sector continued its upward trajectory, recording a 2% increase in RevPAR compared to Q2 2024. This growth is largely attributed to the seasonal boost in corporate travel during the third quarter compared to the second. While Delhi and Goa saw slight declines in ADR, other major markets—such as Bengaluru, Chennai, Hyderabad, Mumbai, and Delhi—posted significant gains in both ADR and RevPAR.
Hyderabad emerged as the top performer. Occupancy rates remained stable compared to Q3 2023, but higher ADR levels drove an overall RevPAR increase across key markets. Looking ahead, the sector is poised to benefit from a strong Q4 2024, driven by a resurgence in corporate travel, festive seasons, and robust activity in the Meetings, Incentives, Conferences, and Exhibitions segment.
The combination of sustained domestic demand for business travel and social and corporate events is expected to further strengthen the industry. In Q3 2024, a total of 96 branded hotel signings were recorded, accounting for 10,686 rooms. Of these, 12 hote.
