Premium hotels revenue likely to surge 80% in fiscal year 2023-24: Report
Premium hotels are expected to log in strong growth across operating parameters, especially on the revenue side, which is expected to surge 80 per cent this fiscal and a further 15-20 per cent next, buoyed by the continued recovery across categories, as per a report.
Hotels are getting higher bookings across leisure, corporate, MICE (meetings, incentives, conferences, and exhibitions), and international travels, leading to a decadal-high occupancy for premium hotels, a Crisil Market Intelligence report said.
The report is very bullish on the revenue growth of the premium segment owing to better operational parameters, primarily due to higher demand, increase in room rates and employee rationalisation
The revenue of premium hotels is expected to surge 80 per cent in fiscal 2023, and a further 15-20 per cent in fiscal 2024, according to the report.
Rising demand has the average room rates (ARRs) hitting the pre-pandemic levels, leading to record high operating margins, which is also