According to the report, all six key markets continued to witness a YoY growth in ADR and RevPAR

Commercial Real Estate and Investment Management firm JLL India has released its Hotel Momentum India Quarterly Hospitality Monitor report for Q1 2023. As per the highlights, during the quarter, all six key markets continued to witness a YoY growth in ADR and RevPAR performance. 

Other highlights show:

• Bengaluru saw the steepest RevPAR growth of 183.7% in Q1 2023, compared to the same period last year
• Mumbai became the RevPAR leader in absolute terms in Q1 2023, compared to Q1 2022, with an 85.7 pp increase in ADR levels
• Total number of signings in Q1 2023 stood at 54 hotels with 4,497 keys
• A total of 10 hotels were converted into branded hotels. This constituted 19% of the inventory signed in Q1 2023

The report also highlighted key hospitality developments that took place during this quarter. These included:

• The Green Park Hotels & Resorts acquired Fairfield by Marriott, Chennai OMR (107 keys) and Four Points by Sheraton Ahmedabad (103 keys).  JLL was the exclusive transaction advisor for these transactions
• Chalet Hotels acquired The Dukes Retreat Khandala, an 80 keys upper upscale resort for an enterprise value of Rs 1,330 million
• SAMHI Hotels raised Rs 900 crore from Citibank to restructure its debt 
• ITC Hotels launched its maiden Mementos property with 117 keys in Udaipur.