2025年印度酒店市场回顾报告

February 2026 Foreword This Horwath HTL year-end report analyses India’s Hotelmarket performance for 2025. With performance data sourced from CoStar, Horwath HTLhave added supply data, contributed market insights andanalysed the opportunities and challenges for owners,investors, developers and operators. Horwath HTL are leading global hospitality consultants andhave performed work in more than 180 markets in India. We help clients take realistic boldstepsforward. Contents 040507121922274648505152India in a SnapshotThe Future is OursIndia 2025–HighlightsSupply CompositionDemand CompositionPerformance AnalysisAnalysis of Key MarketsPerformance of Pilgrim CentresHills of LeisureCoverage, Classification & DisclaimerGlossaryWhy Horwath HTL? India 2025 in a snapshot Qualitatively superior to the quantitativelystrongpreceding two years 64%Occupancy1.1 pts ₹8,624ADR8.6% ₹5,522RevPAR10.8% 216kSs7.8% The Future is Ours–Bhavishyam Asmakam Asti If only we could manage more external factors Robust, but less hearty than could have been. Green, upward arrows on all keybenchmarks. The substance and aroma of growth continue to prosper. Amidst quite someturmoil globally, the fabric of continued growth gives immense satisfaction, even a sense ofpride. Amidst this positivity, lessons were learnt by the discerning. The West Asia crises cut cross-border and long-haul travel; this affected Kerala and evensome city demand that relies upon middle-eastern custom through the monsoons. The harsh weather is scary; unpredictable and ferocious in severity. Unforgiving really, forwhat we are doing to nature. The hills lost business; the plains suffered from flash floods;Rajasthan (a desert state) had flood disruptions; the ghats of Varanasi were under water. In that sense, 2025 was qualitatively more relevant, to the quantitatively strong precedingtwo years. Growth and buoyancy were tempered by external events and market realities–with strong underlying messages of the need to build resilience, of the value of diversifiedportfolios and of the importance of agility combined with sure-footed strategy and revenueplay. The relevance of strategic value creation, as a de-risking element, was emphasised. FDTL by Indigo (our India is better) was a negative outcome of supply concentration. Ithurt many, including hotels and resorts in prime time. GST reduction from 12% to 5% for room ratesupto₹7,500 reads like a dream. But thesimultaneously withdrawal of Input Tax Credit benefits for such hotels delivers a hurtfulpunch to the bottom line. Customers are happy; hotel chains are happy with higher feesfrom a heftier topline; but owners and revenue share models are hurting. What worked: Widening demand, newer markets, GCCs and data centres, rateconfidence, demand-supply imbalance, return to WFO, revenue (but not profit) benefit ofGST changes, enhanced road infrastructure. Growth potential remains very positive in anunder-supplied market. Importantly, the sentiment remains positive. These impact factorsstronglyunderline the exposure of the sector to externalcircumstances–to a degree that is possibly unique to the hotel sector. In turn, thisstresses on the values of and need forstructuraland financial balance, mature expansionstrategiesand leadershipcapacity. We must remain conscious that the ground can slipquickly, as we saw in Goa. What didn’t work: Several external events impacted 2025. Maha Kumbh, OpSindoor,West Asia crises, harsh weather and FDTL by Indigo. Foreign Tourist Arrivals remain slow. The Maha Kumbh took travel away from leisure markets, as everybody focused on theKumbh. Even business travel took some hit. Only if Prayagraj had material chain affiliatedsupply, then 2025 would have been a stellar year-such was the vast turnout. And it bringsto the forefront, the value of tent accommodation and flexi seasonal supply. A significant quantitative positive was the addition of over 15k chain affiliated rooms,among the largest annual growth to-date. Demand grew 9.6% to 133k rooms per day. Ifone ignores thedeflags, then 19k rooms were added this year. OpSindoorwas a national necessity. Cancelled group events, which are a core demandsegment in the summer are not always easy to piece together for later in the year. Thedemand loss was for a shorter period in some markets, longer in Rajasthan and Punjab. Public ownership in the sector widened as ITC Hotels, Brigade Hotels and Leela Hotelswere listed. 45% of chain affiliated inventory is now under India listed company ownership /management, including 22% owned by these companies. The Future is Ours–BhavishyamAsmakamAsti If only we could manage more external factors •North-East, Odisha, Andhra Pradesh and Madhya Pradesh•Religious destinations•Metro cities which have limited supply creation over 15 years; demand in these marketswillgrow to absorb and even foster new supply. BLR is not highlighted as it continuesgrowing across its micro-markets Sector consolidation has gained