HBI Staff | Hyderabad 
According to a recent research report by domestic brokerage, the hotel sector is poised to maintain its strength in Q4 and Q1. This projection is based on the brokerage’s channel checks, revealing an improvement in average room rates (ARR) year over year (YoY), attributed to the demand stemming from meetings, incentives, conferences, and exhibitions (MICE) events.
The brokerage highlighted the popularity of MICE events in India, forecasting nearly 400 events in 2024 across six major locations. While significant events such as the Men’s Cricket World Cup and the G20 occurred in 2023, anticipated events in 2024, including the Bharat Textile Expo, Miss World (Mumbai), and the Indian Premier League (IPL) from March 22 to May 26, may further bolster demand for hotels.
Furthermore, the brokerage noted that strong demand has prompted companies like Lemon Tree and Indian Hotels Company Ltd (IHCL) to sign new management contracts, while Chalet’s acquisition of a resort in the National Capital Region (NCR) underscores the sector’s growth trajectory.
Source : Mint
