Hotel occupancy rate in India dropped 1-3 percentage points year-on-year in September, despite G20 summit

Officials have recently announced that hotel occupancy has seen a decline in September 2023 because of the G20 summit.  It has been said by the officials that five of the top 10 key markets have seen a YoY decline in the occupancy rates in September as it has the average room rates which have continued to rise. The rates of occupancy have fallen to 3 or 5 % against the levels that were recorded in September 2019 before the time of the Covid 19 pandemic. Now read this article till the last and do not miss any single thing if you are willing to learn everything.

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In September 2023, the occupant rate of hotels in India dropped to 1-3% YoY and it has officially stood at 60 to 62%. India has sawn the stream of visitors at the time of the G20 summit, all this information has been officially confirmed by the hospitality consultancy HVS Anarock. And also the occupancy rate fell from 3 to 5% against the level which has been seen in September 2019 which was the pre-pandemic time. According to the source, five out of the top 10 key markets have seen a YoY decline in occupancy rates in October, and the average room rates have kept growing.

Most of the hotels in India were engaged in the month and because of that New Delhi recorded a boost in the room rates because of the G20 summit. Currently, the average room rates in the national capital have been exceeded at Rs. 11,000 and have showcased in YoY growth of more than 60%. As per the reports, Delhi, Bengaluru, Hyderabad, and Pune have seen a big decline in demand. This is the most clear decline which has been recorded in Bengaluru and Pune as the decline is between 5 to 10% based on occupancies and other states have seen a decline of 5%.

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Reports have showcased that, there is not any decline in markets like Mumbai and Goa and these places have seen an increase of 5%. And some places like Kolkata, Kochi, and Chandigarh have also seen an increase in the occupancies of the same 5%. As of September 2023, the average daily rates of the room were between Rs. 7000 and Rs. 7200 in the top markets in India. It is staggering at 27 to 29% if we compare it to September 2019 and if we compare it to September 2022 it was 17 to 19%. In August 2023, the hotel rates were increased and the trading was 5 to 7% more than they were.

Prakash Israni
Prakash Israni

Prakash, the content creator for Techballad, has built a solid reputation for himself over the course of more than ten years of blogging