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Motilal Oswal Report
In this report, we present the current demand scenario in key cities and insights based on the Q1 FY23 results as well as management commentaries of major hospitality players – Indian Hotels Company Ltd., Lemon Tree Hotels Ltd., Chalet Hotels Ltd., EIH Ltd., Oberoi Realty Ltd., Brigade Enterprises Ltd. and ITC Ltd.
Occupancies surpassed the 65% mark in June 2022, with average room rate being higher by 10% than June 2019 levels.
The hospitality basket reported higher flow through (incremental Ebitda to incremental revenue) in Q1 FY23 versus Q1 FY20, with Chalet Hotels leading the pack (2.4 times) followed by EIH, Oberoi Realty and Lemon Tree.
Revenue per available room grew versus pre-pandemic level across hotels fueled by better occupancy and ARR with gradual pick-up in leisure and business travel.
Occupancy room rate is likely to improve further while ARR would remain resilient in anticipation of a resumption in foreign inbound travel that would continue to propel topline.
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