The recent report from HVS Anarock on the performance of the Indian hotel sector for November 2024 reveals an uplift in occupancy rates, increasing by 8-10% year-over-year (y-o-y) and 10-12% compared to the preceding month. With the festive season following Diwali, this boost in occupancy signifies a positive trend for the industry.

Mumbai has led the market with the highest Average Room Rate (ARR), estimated between INR 13,500 and 15,000. In contrast, Hyderabad showed remarkable growth with an impressive 28-30% increase in ARR y-o-y. Other cities like Bengaluru, Kochi, and Gurugram also experienced strong growth, exceeding 20%.

However, cities like Kolkata and Ahmedabad faced a decline in their average rates, with Kolkata down by 1-3% and Ahmedabad observing a significant drop of 27-29%. This sharp decline in Ahmedabad is largely attributed to the exceptionally high rates experienced during the same period last year due to the ICC Cricket World Cup Final.