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Hospitality sector increased by 169.4% YoY in third quarter: Report
The Indian hospitality industry increased by 169.4% YoY in revenue per available room in third quarter of 2021 (July-September) as against the third quarter of 2020, according to JLL’s Hotel Momentum India third quarter 2021, a quarterly hospitality sector monitor, The Economic Times reported.
Due to a strong recovery in leisure demand, there has been a 122.9% growth in revenue per available room in the third quarter of 2021 as compared to the second quarter of 2021, as travel restrictions were eased post the second wave of the pandemic.
Goa re emerges as leader
The firm said the YoY growth witnessed in the sector during the third quarter of 2021, is primarily due to the low base effect of third quarter in 2020 as the country started to ease travel restrictions cautiously.
In the next two quarters, the growth in travel is projected to continue as India continues to ramp-up its vaccination rate resulted in improved sentiments. Leisure locations are expected to see a further rise in occupancy and average rates supported primarily by transient leisure and social gatherings.
The total number of signings in the third quarter of 2021 stood at 32 hotels comprising of 2,624 keys, recording a growth of 13.4% as against the same period last year. This is in line with the overall increasing trend, 15 new signings (47% of total properties signed) are conversions of old hotels.
Domestic operators dominated international operators in signings with the ratio of 57:43 in terms of inventory volume.
Goa re-emeged as the leader in revenue per available room in absolute terms in third quarter of 2021 with an increase of 389.8%, as against the low base of the third quarter of 2020. In addition, Hyderabad saw the highest growth in occupancy level registering a 33.6% in third quarter of 2021, in the corresponding period last year.
In terms of growth, Bengaluru saw 213.2% growth, followed by Hyderabad with a 173.5% rise.