Kochi saw the highest year-on-year increase in occupancy rates in May 2024: HVS India

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In the HVS ANAROCK Hotels & Hospitality Overview – June 2024, the following highlights are in focus for the Indian Market.

Despite the increase in air traffic in May 2024, the nationwide hotel occupancy rates remained stable. Kochi saw the highest year-on-year increase in occupancy rates in May 2024, with a rise of 7-9 pp. However, the average rates in the city declined by 10-12 pp.

Domestic air passenger traffic continued to increase, surpassing 137 lakhs in May 2024, marking a growth of over 4% compared to May 2023. Hyderabad exhibited a stark divergence between occupancy and ADR changes. While the occupancy rate saw the largest drop of 3-5 pp, the city’s ADR experienced the highest increase rate at 12-14%.

While year-on-year occupancy increased by 1-3 pp, Goa witnessed a decline in average rates by 9-11% during the same period

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