Quarterly Hospitality Monitor Q2 2024
Insight
Hotel Momentum India (HMI)
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India's hospitality industry witnessed a 4.8% growth in RevPAR from April to June 2024 (Q2 2024) compared to the same period last year. Additionally, the sector experienced a 15.9% decline in RevPAR at the pan-India level in Q2 2024 compared to Q1 2024. In Q2 2024, a total of 82 hotels with 9,732 keys were signed, out of which 15 hotels were conversions from other hotels. Conversions accounted for 11% of the inventory signed in Q2 2024.
The Hotel Momentum India (HMI) Q2 2024 outlines key insights from the sector including:
- Key markets, apart from Goa, continued to witness year-over-year growth in RevPAR in Q2 2024 compared to Q2 2023, primarily due to the pickup in ADR levels.
- Mumbai was the RevPAR leader in absolute terms in Q2 2024, with a 3.7% increase in ADR levels over Q2 2023.
- Hyderabad saw the steepest increase in RevPAR growth in Q2 2024, with an 11.9% growth compared to the same period in the previous year.