Lower hotel occupancy in September despite G20

New Delhi: Nationwide hotel occupancy fell by 1-3% and 3-5% in September compared to 2022 and 2019, respectively, settling around the 60-62% mark despite activities surrounding the G20 closing ceremony. However, it remained unchanged compared to the previous month. Interestingly, average room rates continued to rise despite declining demand.

Monthly occupancy rates fell year-over-year in five of the top 10 markets, even as average hotel rates rose, according to a new report from consulting firm HVS Anarock.

Although not all hotels in New Delhi were occupied, it was the only city to see an increase in average prices during the month due to the G20 summit and beat prices 11,000, an increase of 60% over the previous year. In Bengaluru and Pune, demand fell by 5-10%. In Delhi, Hyderabad and Chennai, occupancy rates fall by 5%.

However, Mumbai, Chandigarh, Goa, Kochi and Kolkata recorded a 5% increase in occupancy.

Average daily rates – a metric measuring annual income per room – rose 27-29% as hotels continued to charge higher rents compared to last year. In September the daily rates were the same 7,000- 7,200 in top markets in the corresponding period of 2019 and 17-19% more than a year ago. In fact, room rents were 5-7% higher compared to August.

As expected, the highest average daily tariff change was observed in Delhi, where it was 20% and 65% higher than its September 2022 rates, followed by Bengaluru, Mumbai, Kolkata, Hyderabad, Pune and Chennai with an increase of 10-20%. Goa and Chandigarh experienced more stable rates during this period.

In the first nine months of 2023, 207 new hotel properties with around 17,500 rooms were signed. According to the report, about 114 hotels were opened between January and September this year, adding nearly 8,000 rooms to India’s hospitality sector.

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