Among the major markets, Hyderabad led the pack with an impressive 23.6% YoY growth in RevPAR, outpacing other cities like Chennai (17.7%) and Mumbai (16.8%). Although Delhi and Goa experienced a slight dip in ADR, most major markets, including Bengaluru and Chennai, saw strong improvements in both ADR and RevPAR, which helped drive the overall sector growth. Despite occupancy levels remaining stable compared to Q3 2023, the rise in ADR resulted in a significant increase in RevPAR across key markets.

In addition to strong operational performance, the hospitality sector also saw continued growth in supply. During Q3 2024, 30 new hotels with 1,988 keys opened, with approximately 80% of the new inventory located in Tier II and Tier III cities such as Tirupati, Udaipur, Ranchi, and Mussoorie. The quarter also witnessed 96 branded hotel signings, totaling 10,686 rooms, including the conversion of 12 hotels, which accounted for 11% of the total signed inventory.

The upcoming quarter is expected to benefit from continued corporate travel, festivals, and a surge in Meetings, Incentives, Conferences, and Exhibitions (MICE) events. The sustained demand for business travel, coupled with the rise in social events like weddings and festivals, is expected to further boost performance across the hospitality sector.

Jaideep Dang, Managing Director of the Hotels and Hospitality Group in India, noted, “While the summer season led to a temporary slowdown in corporate room night demand, the sector has continued to show growth, especially in ADR. The upcoming quarter looks promising, with a strong outlook for domestic corporate travel and MICE events.”

As the hospitality sector enjoys robust demand across both business and leisure markets, investment in the industry remains strong, with both greenfield developments and operating assets continuing to attract investor interest.

Also Read: Hospitality Sector Sees 4.8% YoY RevPAR Growth in Q2 2024, Hyderabad Leads with 11.9% Surge

The post Hospitality Sector Sees 10.8% Year-on-Year RevPAR Growth in Q3 2024 appeared first on Square Feat India.

Hyderabad emerged as the standout performer, recording an impressive 11.9% growth in RevPAR compared to Q2 2023. Delhi and Bengaluru followed, with YoY increases of 11.8% and 10.4%, respectively. This surge highlights Hyderabad’s strong market performance amidst a broader industry trend.

The second quarter of 2024 saw the addition of 50 new hotels, adding 3,755 rooms to the market, with nearly 90% of these located in Tier II and Tier III cities such as Tirupati, Udaipur, Thane, and Mysore. This expansion reflects ongoing investor confidence and a strategic shift towards these growing urban centers.

Despite a dip in occupancy rates, attributed to the summer vacations and reduced corporate travel, ADR levels continued to rise across major markets, leading to an overall increase in RevPAR, except in Goa where ADR experienced a slight decline.

The sector also witnessed the conversion of 15 existing hotels, accounting for 11% of the total inventory signed in Q2 2024. This move underscores the trend towards rebranding and repurposing existing assets to meet evolving market demands.

Looking ahead, the hospitality sector is expected to benefit from a resurgence in corporate travel, festivals, and a busy calendar of Meetings, Incentives, Conferences, and Exhibitions (MICE). Jaideep Dang, Managing Director of Hotels and Hospitality Group, India at JLL, anticipates a strong performance in the coming quarters driven by these factors.

“The hospitality sector continues to exhibit resilience and growth, backed by robust ADR improvements and expanding hotel investments across India. While the summer season traditionally dampens corporate demand, the forthcoming quarters are poised for a rebound with increased domestic business travel, festive activities, and a full return of MICE events,” Dang commented.

As the industry gears up for a promising second half of the year, the emphasis on Tier II and III cities and ongoing investment in both new developments and existing assets position the sector for continued growth.

Also Read: Pune Real Estate Market Sees 50% Surge in Registered Transactions; Average Home Sales Value Hits Record

The post Hospitality Sector Sees 4.8% YoY RevPAR Growth in Q2 2024, Hyderabad Leads with 11.9% Surge appeared first on Square Feat India.

The challenge of captivating and keeping guests is a constant in the constantly changing hospitality sector. In the course of this endeavour, a tactic that is becoming more and more well-liked is using art installations and exhibitions to draw in and involve visitors. The integration of art and hospitality has initiated a discussion regarding the efficacy of these imaginative exhibits in drawing and holding the attention of visitors.

The Artistic Allure
Art has a special power to stir feelings, start discussions, and produce unforgettable moments. Using art is a potent tool in the hospitality industry, creating moments that guests will never forget. Art installations and exhibitions provide a visceral experience that goes beyond conventional ideas of hospitality, converting areas into lively, immersive settings.

Gratification and Interaction
Attracting guests is one of the main goals of adding art to hospitality spaces. A powerful art installation has the power to attract people looking for unusual and fulfilling experiences. Spaces can become more interesting and welcoming when art is able to create an emotional connection. These artistic features, which can range from eye-catching sculptures in hotel lobbies to carefully chosen galleries inside resorts, frequently act as focal points, drawing in interested visitors and urging them to continue exploring.

Art installations encourage participation in addition to attraction. Visitors take on a role beyond that of spectators as they engage with the artwork and become fully immersed in its story. This interaction improves the overall visitor experience by making a lasting impression and encouraging a feeling of connection to the area.

Maintaining Visitors with Experiences
The loyalty and contentment of its clients are vital to the hospitality sector. By providing a unique and memorable experience, art installations and exhibitions greatly increase visitor satisfaction. An art installation that has been thoughtfully chosen can spark conversation and encourage visitors to post about their experiences on social media and in-person, expanding the establishment’s audience and visibility.

Additionally, the presence of art makes visitors stay longer and is likely to result in repeat business. These installations’ emotional resonance frequently makes people want to relive the event, which can have an impact on their decision to make future reservations.

Difficulties and Things to Consider
The incorporation of art into hospitality spaces can bring about transformations, but there are drawbacks as well. Finding a fine balance between curating art that speaks to a variety of audiences and the establishment’s brand identity is necessary. Furthermore, hospitality providers face continuous challenges related to upkeep, preservation, and the dynamic nature of artistic preferences.

Additionally, depending on cultural backgrounds, individual preferences, and the particular objectives of the establishment, art’s ability to draw in and keep visitors may differ. Using art as an engaging tool for guest engagement requires a thorough understanding of the target audience and their expectations.

In the hospitality sector, art installations and exhibitions have become a potent tactic that provide a unique means of drawing in and keeping customers. Art is more than just décor; it changes environments, produces immersive experiences, and strengthens emotional bonds. These creative components, when well chosen and incorporated, greatly increase customer satisfaction, encourage repeat business, and distinguish establishments in a crowded market.

Notwithstanding these obstacles, there is no denying the appeal of art in hospitality. The combination of art and hospitality will probably continue to be a powerful tool for drawing in and keeping customers, strengthening the bonds between businesses, and profoundly improving visitor experiences as long as they keep getting creative and looking for new and exciting ways to make their establishments unforgettable.

Sonia Arora Sood is the Founder and Creative Director of Karabi Art Community.

Also Read: The hospitality sector witnessed 15.1% YoY RevPAR growth in Q3, 2023

The post Are Art Exhibitions and Installations effective in attracting & retaining guests in the hospitality industry appeared first on Square Feat India.