Quarter Ended March Records Higher Tenure for Hotels
According to the Economic Times report, Indian hotels resulted beyond 5% year on year growth in tenure in the ended March 2016. A fresh report says, an enhancement in the corporate as well as domestic demand aided in the hike.
In the first quarter of this year, there’s a growth of 67.6% occupancy in hotels, in which 5.1% growth was over the year gone period, while their revenue per available room (RevPAR) hiked by 6.7% i.e. to INR 4,190.0 during the same interval, a report from the US data analytics company STR says, which records the hotel industry aspect worldwide.
“India experienced a strong performance in the first quarter of 2016, particularly in March. Occupancy has really picked up this year for most cities in India, which has helped boost RevPAR levels,” said an STR analyst.
Occupancy was the main driver of performance for the quarter linked to slowing supply growth in the country’s major cities, it said.
The prominent reason behind the rise in demand for hotels is because of the reduced supply of new rooms in peak markets of Mumbai, Bengaluru, Hyderabad, Pune, Ahmedabad and Jaipur. Pink city records a remarkable uplift in the occupancy in March as compared to the past few years, said an STR analyst. Hotel rooms in India enhanced by 8.9% along with the supply of 3.6% in the first three months of this year.
Quarter Ended March Records Higher Tenure for Hotels
https://www.blog.sagmart.com/wp-content/uploads/2016/05/Quarter-Ended-March-Records-Higher-Tenure-for-Hotels-300x300.jpg News Higher Occupancy for Hotels,Indian Hotels
According to the Economic Times report, Indian hotels resulted beyond 5% year on year growth in tenure in the ended March 2016. A fresh report says, an enhancement in the corporate as well as domestic demand aided in the hike.
In the first quarter of this year, there’s a growth of 67.6% occupancy in hotels, in which 5.1% growth was over the year gone period, while their revenue per available room (RevPAR) hiked by 6.7% i.e. to INR 4,190.0 during the same interval, a report from the US data analytics company STR says, which records the hotel industry aspect worldwide.
“India experienced a strong performance in the first quarter of 2016, particularly in March. Occupancy has really picked up this year for most cities in India, which has helped boost RevPAR levels,” said an STR analyst.
Occupancy was the main driver of performance for the quarter linked to slowing supply growth in the country’s major cities, it said.
The prominent reason behind the rise in demand for hotels is because of the reduced supply of new rooms in peak markets of Mumbai, Bengaluru, Hyderabad, Pune, Ahmedabad and Jaipur. Pink city records a remarkable uplift in the occupancy in March as compared to the past few years, said an STR analyst. Hotel rooms in India enhanced by 8.9% along with the supply of 3.6% in the first three months of this year.
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