· Predicted to register 7-9% growth
The hospitality sector in the nation is gearing up to regain its past glory. During 2024-25, it is predicted to register excellent growth, according to rating agency ICRA.
In 2024-25, the revenue of hotel industry is predicted to grow between 7% and 9% because of the increased domestic travel, conferences, conventions and expos, said ICRA.
These events would lend support to the growth of the hostel industry during the current year. The impact of general elections on hotel industry would be negligible.
The spiritual tourism and Tier-2 towns and cities play significant role in pushing up the demand for hospitality industry. The occupancy ratio of hotels during the current fiscal year has reached 70-72 per cent as against only 68-70% in 2022-23.
Nationwide, the rents of hotel room average between Rs 7200-7400. The rent is likely to increase to Rs 7800-8000 per day during the next fiscal year.
