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ICICI Securities Report
According to HVS Anarock, November 2023 was another robust month for the hotel industry. We note industry revenue per available room of Rs 5,355 was 8% above November 2022 levels with average room rates being 15-17% higher YoY while occupancies declined by 500 basis points YoY to 62-64%.
Along expected lines, demand for business hotels in November 2023 was impacted by the Diwali festive season (previous year Diwali was in October 2022) which led to cities such as Pune, Bengaluru and Mumbai seeing lower occupancies while the Goa leisure market recovered strongly after a tepid October 2023.
Our channel checks for forward hotel rates for the January 2024-March 2024 period indicate that quoted rates are at least 10% higher than the previous year.
Reiterate 'Buy' ratings on Indian Hotels Company Ltd., Lemon Tree Hotels Ltd. and Chalet Hotels Ltd.
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