May 11, 2022

Indian hospitality industry continues to regain occupation

After a rapid decline due to a second wave of COVID-19, the Indian hospitality industry has seen a continued increase in occupancy due to the gradual approach of vaccinations in key markets in the country, according to preliminary data and STR analysis.

Indian hospitality industry continues to regain occupation

After a rapid decline due to a second wave of COVID-19, the Indian hospitality industry has seen a continued increase in occupancy due to the gradual approach of vaccinations in key markets in the country, according to preliminary data and STR analysis.

India‘s daily occupancy rate was between 20% and 30% at the start of June, but improved at the end of the month with several days closer to 35% and an outlier of 50.5% on June 26 . In July, the country took another step forward with most days in the 40-60% range and peaking at 63.2% on July 17.

“The phased approach to vaccination has increased the number of travelers and the demand for hotels. Demand for leisure continues to drive this growth, ”said Vidhi Godiawala, STR’s business development director for Central and South Asia. “Beyond the notable improvement, we have seen a different trend in which the country is regaining occupation. While India’s first recovery earlier this year was concentrated in leisure destinations, such as Goa, heavily populated markets such as New Delhi and Mumbai have seen improvement in this latest rebound.

Bombayits daily occupancy rate reached 77.9% on June 26. New Delhi the occupancy rate improved to 79.7% on July 17th. These were the highest daily levels for each market in 2021.

STR provides benchmarking data, analysis and high-end market insights for the global hospitality industries. Founded in 1985, STR is present in 15 countries with a North American headquarters in Hendersonville, Tennessee, an international headquarters in London and an Asia-Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of online commercial real estate information, analysis and markets. For more information, please visit str.com and costargroup.com.

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