The hospitality industry is making more money from every available room with each passing year after the pandemic.
The revenue per available room has increased by between 160 and 180 per cent to over Rs 5,000 in the financial year 2023-24 (FY24) compared to levels seen in FY21.
Data was consolidated using monthly reports of HVS Anarock Hotels & Hospitality Overview from April 2020 to March 2024. The annual averages were calculated using monthly data from the respective months’ reports.
A reason for this growth could be the increased services provided by the industry. Hotels are partnering with well-known restaurant, spa, and lounge brands to draw in guests and enhance profitability, the report noted.
There have been efforts to streamline operations using technology. The tourism sector has launched E-Marketplace to facilitate interactions between tourists and certified tourist facilitators and guides through web and mobile applications. The Union Government, with State Governments and Union Territory administrations, has registered accommodation units nationwide in the National Integrated Database of Hospitality Industry (NIDHI) portal. The industry has also launched the SAATHI (System for Assessment, Awareness, and Training for Hospitality Industry) to educate the sector on government COVID regulations, helping to prevent the further spread of viruses.
Occupancy rates increased to 65 per cent in FY24 from 49 per cent in FY21 at the upper end of the occupancy range.
First Published: Jul 22 2024 | 8:16 PM IST
