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The country’s hospitality industry witnessed an 80% year-on-year increase with transaction volumes reaching $78 million during the first quarter of calendar 2024, said JLL India, a consultancy firm.
The first quarter of CY2024 witnessed a significant 80% annual increase in hotel transaction volumes at $78 million, the firm said.
Jaideep Dang, Managing Director, Hotels and Hospitality Group, India, JLL said 2024 had started with strong tailwinds backed by prominent hotel deals early on in this year. “The enthusiasm of the sector is further strengthened by the performance of hotel stocks, which also gave confidence to a couple more hotel companies entering public markets and achieving strong valuations,” he said.
The firm further said it expected the trend to continue in 2024 on the back of diversified avenues of growth such as expanding commercial office markets and with the development of infrastructure such as new airports, expressways, increasing pilgrimage travel leading to the emergence of new realty and tourism hotspots across the country.
According to JLL’s market analysis, the sector has been witnessing a good surge since the calendar year 2023.
A record number of hotel signings and openings took place in 2023, with 25,176 keys signed and 12,647 keys opened. There is an increasing interest in hotel development activity in Tier-2 cities, with 54% of the total signings taking place in these locations. In 2023, Hotel Investments in India touched $401 million, nearly four-fold the volumes witnessed in 2022, the firm reported.
