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ICICI Securities Report
As per HVS Anarock, industry occupancies fell below 50% in January 2022 owing to Omicron impact before recovering to ~55% in February 2022 and 61% in March 2022.
This momentum carried forward into April 2022 with occupancies reaching ~65% (same as April-2019) of pre-Covid levels and April-22 revenue per available room at Rs 3,803 or 103% of April-2019 levels.
May-2022 industry RevPAR of Rs 3,744 was 10% higher than May-2019 (pre-Covid levels) while June-2022 industry RevPAR of Rs 3,803 was 12% higher than June-2019 levels.
In Aug-2022, while industry average room rates were 9% higher than Aug-2019 levels at Rs 5,850, overall occupancy remained flat at 61% in Aug-2022 compared to July-2019 levels resulting in Aug-2022 industry RevPAR of Rs 3,539 or 109% of Aug-2019 levels (July-2022 industry RevPAR was 105% of Jul-2019 levels).
As per our channel checks, hotels are now consciously looking to keep rates higher even in the seasonally weakest quarter of the year (July-Sep-2022 period) and sacrifice a bit of occupancy in preparation for a strong demand surge in H2 FY23.
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