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ICICI Securities Report
As per HVS Anarock, February 2023 was another strong month with hotel industry revenue per available room of ~Rs 5,900 being 13% above Feb-19 (pre-Covid) levels. A key highlight for Feb-23 was that pan-India hotel occupancy crossed 70%, the first time since the onset of Covid in Feb/March 2020.
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The Mumbai market saw Feb-23 average room rates crossing the Rs 12,000 mark, while Goa and New Delhi also recorded Feb-23 ARRs in excess of Rs 10,000.
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As per our channel checks, the months of March 2023 and April 2023 are expected to see continued demand momentum driven by further recovery in business travel, meetings, incentives, conferences and exhibitions and the Men's Cricket Indian Premier League.
While industry ARRs are 15-20% higher than pre-Covid levels for FY23, we now move to comparing YoY ARR hikes as opposed to pre-Covid comparison from Apr-23 as the Covid impact faded away Apr-22 onward.
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