ICRA predicts that pan-India premium hotel occupancy will reach 70-72% in FY2024, with average room rates ranging from Rs. 6,000-6,200. The domestic leisure travel's sustainability, increased MICE, business travel, improved consumer sentiments & consistency, strong corporate performance, and increasing domestic air passenger traffic boost travel and hotel demands, said ICRA. According to the company, the industry will experience a 13-15% revenue growth rate in FY2024.
