100s of titles, one news app for just $10 a month.
Dive Deeper:
Leisure Hotels Group opens 12-room lodge in Bhimtal
The resort is in close proximity to places of tourist interest, 22 km from Nainital and about 300 km from…
IM Cannabis Reports Record First Quarter 2022 Financial Results, Revenues Increase 169% YoY To $23.6M
IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC), a medical and adult-use cannabis company with operations in Israel, Canada, and Germany,…
Chalet Hotels narrows net loss in FY22
It reported a narrowed net loss of Rs81.5 crore in the FY22 as compared to Rs139.1 crore in FY21
How airlines are recovering from the pandemic, in 5 charts
The air traffic is inching close to normal times, indicating a demand recovery. However, the steep rise in jet fuel…
One subscription that gives you access to news from hundreds of sites
Clever Leaves Reports First Quarter 2022 Results: Revenue Increases 50% To $5.2M
Clever Leaves Holdings Inc. (NASDAQ: CLVR) (NASDAQ: CLVRW), a leading multinational operator and licensed producer of pharmaceutical-grade cannabinoids reported late…
Cheer for wedding business as off-season demand soars
Pent-up demand, and the calendar of auspicious dates have played a big role in the revival
Get all your news in one place
Latest Business news:
Russian oil's Achilles' heel: insurance
Russia has so far deflected much of the impact of sanctions on its oil trade but the insurance industry threatens…
Read news from The Economist, FT, Bloomberg and more, with one subscription
Learn More
Malaysian palm oil giant seeks to repair image after abuse claims
Sime Darby Plantation Berhad is fighting a US ban on its products after reported labour violations at its plantations.
Notorious Vietnamese hacker turns government cyber agent
Ho Chi Minh City (AFP) - At the height of his career, Vietnamese hacker Ngo Minh Hieu made a fortune…
India to limit sugar exports to meet domestic demand
India is restricting its sugar exports to 10 million tons in the current season to help maintain domestic availability and…
OECD chief sees global digital tax deal pushed back to 2024
The Organisation for Economic Cooperation and Development (OECD) on Tuesday acknowledged for the first time that a global digital tax…
From analysis to good news, read the world’s best news in one place
Shanghai: world's biggest port is returning to normal, but supply chains will get worse before they get better
Shanghai is slowly emerging from a gruelling COVID lockdown that has all but immobilised the city since March. Although Shanghai’s…
Hotels want to use NFTs to screw over travelers
Adding crypto to the travel industry will only make things less accessible and worse for the planet.

Hotel room revenues decline in March quarter: Report

By Varuni Khosla
There was a strong recovery in both leisure and business travel post the third wave of the pandemic. Photo: Ramesh Pathania/Mint

The sector, however, witnessed a rapid and strong recovery post the third wave in January 2022, driven by growth in demand for leisure, wedding, and business travel. As a result, RevPAR--a metric used to calculate the revenue of a hotel room--witnessed a growth of 39.1% year-on-year (YoY) in Q1, 2022 (January-March).

There was a strong recovery in both leisure and business travel post the third wave of the pandemic. Mumbai emerged as the RevPAR growth leader in Q1 2022 registering a growth of 71.5% over Q1 2021 following the Omicron wave. This was primarily led by the Indian Premier League (IPL), conferences, and corporate travel into the city.

While the beginning of Q1 2022 was slow, in February and March, rapid revival was witnessed in the domestic leisure as well as Meetings, Incentives, Conferences and Exhibitions (MICE) and business travel demand segments. Many hotels in major metropolitan cities witnessed significant growth in domestic business travel. Furthermore, the sector witnessed signs of revival of international business travel as senior management personnel started visiting their offices in India after more than two years.

The next two quarters are expected to remain buoyant on the back of domestic leisure amidst the summer holidays. Continued growth in business travel is expected as most people have resumed work from the office and are traveling for client meetings as well as project work, said the company.

“We are witnessing a significant up-tick in domestic corporate travel as office occupancies have gone up and people have re-started traveling for client meetings and off-sites. Additionally, the steady growth of international corporate travel has boosted confidence in the travel trade. Uncertainty may remain around covid variants and waves, but we feel that the sector is set to recover well in 2022," said Jaideep Dang, Managing Director, Hotels and Hospitality Group, South Asia, JLL.

The domestic segment will continue to drive demand for both corporate and leisure travel while international travel is expected to witness steady and cautious growth over the next couple of quarters. The easing of restrictions on social gatherings and the delays caused by the third wave of the pandemic has resulted in a surge in demand for weddings and social events. MICE demand is expected to witness steady growth over the next few quarters as hotels have already begun hosting sizeable conferences which were postponed previously.

The total number of hotel signings in Q1 2022 stood at 56 hotels with 3,739 rooms or keys. The hotel signings witnessed a significant increase of 81.2% as compared to signings in Q1 2021 when the Omicron wave had hit India. Domestic operators dominated signings over international operators with a ratio of 75:25 in terms of inventory volume.

What is inkl?
The world’s most important news, from 100+ trusted global sources, in one place.
Morning Edition
Your daily
news overview

Morning Edition ensures you start your day well informed.

No paywalls, no clickbait, no ads
Enjoy beautiful reading

Content is only half the story. The world's best news experience is free from distraction: ad-free, clickbait-free, and beautifully designed.

Expert Curation
The news you need to know

Stories are ranked by proprietary algorithms based on importance and curated by real news journalists to ensure that you receive the most important stories as they break.

Dive Deeper:
Leisure Hotels Group opens 12-room lodge in Bhimtal
The resort is in close proximity to places of tourist interest, 22 km from Nainital and about 300 km from…
IM Cannabis Reports Record First Quarter 2022 Financial Results, Revenues Increase 169% YoY To $23.6M
IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC), a medical and adult-use cannabis company with operations in Israel, Canada, and Germany,…
Chalet Hotels narrows net loss in FY22
It reported a narrowed net loss of Rs81.5 crore in the FY22 as compared to Rs139.1 crore in FY21
How airlines are recovering from the pandemic, in 5 charts
The air traffic is inching close to normal times, indicating a demand recovery. However, the steep rise in jet fuel…
One subscription that gives you access to news from hundreds of sites
Clever Leaves Reports First Quarter 2022 Results: Revenue Increases 50% To $5.2M
Clever Leaves Holdings Inc. (NASDAQ: CLVR) (NASDAQ: CLVRW), a leading multinational operator and licensed producer of pharmaceutical-grade cannabinoids reported late…
Cheer for wedding business as off-season demand soars
Pent-up demand, and the calendar of auspicious dates have played a big role in the revival
Get all your news in one place