The hospitality industry has seen its share of ups and downs. STR Global and Horwath HTL have released their India Hotel Review Report – 2016 showcasing the status of hotels in the year. The Indian Hospitality industry witnessed a decline from 2009 onwards up until 2014, but 2016 brought good news.
According to the report, hotels are an all-time high in 2016 since 2007. Even though there were major events such as demonetization affecting various industries, the hotel industry managed good progress only with demand slowing down for the last 45 days.
About 8600 rooms were added to chain-affiliated hotels by 2016. 2016 has been a great year with occupancy, ADR and RevPAR all showing good improvements of 2.4%, 2% and 5.9% respectively.
Domestic travel within the country showing a steady increase. Hyderabad ranked top as the city with the highest growth in RevPAR with 12.6% and Mumbai managed to bag the highest RevPAR of Rs. 5500+.
Overall the Average Daily Rate growth in India increased by Rs. 36. Not only that but there is also good news for the Inbound travel industry which saw its numbers go up by 10.7% to 8.9 million.
With the fast pace that this complex industry is evolving, we hope that 2017 is a more successful year!
Do share your comments below.