India: Luxury hotels RevPAR index mirrors 2019 levels!
Strong demand, coupled with pricing confidence, results in the RevPAR index for luxury class hotels breaching 2019 levels
India’s accelerated vaccine drive has given a shot in the arm not only to the travellers, but also to accommodation providers in the region. Higher class hotels and alternate accommodation providers have witnessed an upswing in demand after the second Covid-19 wave swept the nation off its feet in April this year. As more Indians gain travel confidence, hotels are seizing the opportunity and raising their average daily rates. Strong demand, coupled with pricing confidence, has resulted in the RevPAR index for luxury class hotels breaching 2019 levels!
India, a market mainly driven by domestic and often corporate demand, has seen tables turn during the pandemic with an explosion in domestic leisure travel. Of course, there was big domestic leisure in past too, but clearly that balance has shifted, just like everywhere else around the globe.
While all India RevPAR for July 21 came in at just over INR 2,000, the RevPAR index for luxury hotels touched 2019 levels on 17th July and continue to be robust for the remainder of the month. Unsurprisingly, Goa and Udaipur continue to be the ADR market leaders, with some metros such as New Delhi, Gurgaon and Mumbai also gaining momentum on the rates front.
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