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By Author
Published on December 27, 2023
As 2023 winds down, it's time to look back at a year that was both challenging and rewarding for the hotel industry. Despite some financial turbulence, the sector saw its fair share of success stories, with certain companies not just surviving but thriving.
The Year in Review: A Mixed Bag for Hotels
The hotel industry globally maintained a steady ship with an occupancy rate hovering near 63%. This was a slight decrease from 2019's 66%, but not too shabby considering the circumstances. Average Daily Rates (ADR) inched up by about 5%, touching around $155 USD.
Interestingly, group room nights bounced back impressively, somewhat offsetting the decline in domestic leisure travel. However, the transactions market hit a bit of a cold patch. The surge in federal funds rate, from less than 1% in early 2022 to 5.25-5.5% by late summer 2023, alongside some early-year bank failures, shook the investment world. This led to a 35% drop in transaction volume compared to the previous year.
Regional Insights
United States: The U.S. saw a bit of softening in hotel fundamentals during the second quarter, as more Americans traveled abroad and international arrivals slowly recovered. However, modest growth in Revenue per Available Room (RevPAR) is expected in late 2023 and early 2024, thanks to improved business and group travel.
Caribbean: The region kept its momentum, with significant increases in visitor arrivals. New hotel projects are on the horizon for 2024, signaling investor confidence in the Caribbean market.
Europe: Driven by pent-up consumer demand, Europe's hotel sector showed signs of recovery, especially in the luxury and upscale segments. However, investment remained cautious due to higher debt finance costs.
Asia-Pacific: Domestic tourism made a comeback, but international visitors were slower to return. The Chinese market played a crucial role in boosting Hotel ADR in most areas.
2023's Standout Performers
Marriott International Inc.: Leading the pack with a 22% year-over-year revenue increase to $23.541 billion, Marriott's diverse portfolio played a significant role in its resilience.
MGM Resorts International: Garnering $15.38 billion in revenue, a 22.15% increase, MGM benefited from its combination of resort and gambling services.
Caesars Entertainment Corp: Marking an 8.81% increase in revenue to $11.524 billion, Caesars' strategic expansion and entertainment offerings paid off.
Hilton Worldwide Holdings: Hilton's global presence and diverse brands helped it achieve a 23.33% revenue jump to $10.070 billion.
Hyatt Hotels Corp: With a focus on customer experience and expansion, Hyatt saw a 22.61% increase in revenue, reaching $6.595 billion.
Las Vegas Sands Corp: A staggering 114.3% increase in revenue to $8.574 billion, thanks to its entertainment diversification.
Galaxy Entertainment Group: A monumental 374% jump in net revenue to $9.7 billion, Galaxy leveraged its focus on the Asian market.
Looking Ahead to 2024
The outlook for 2024 in the hotel industry is cautiously optimistic. A slow start is expected, but momentum should build towards a strong finish. The U.S. might dodge a recession, and with potential Fed rate cuts, transaction activity could see an uptick in the hotel sector and beyond. The key will be adaptability and strategic positioning in an ever-evolving market landscape.
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By Manu Vardhan Kannan
Published on October 1, 2025
Holiday Inn Gurgaon NH8 is setting a strong benchmark in eco-friendly hospitality with the launch of two landmark initiatives, an in-house water bottling plant and the installation of an EV charging station. These steps reinforce the hotel’s dedication to IHG’s global sustainability vision, Journey to Tomorrow, which focuses on protecting the planet, supporting communities, and driving meaningful change.
The newly inaugurated water bottling plant is a game-changer in the hotel’s sustainability efforts. With the capacity to produce up to 700 bottles of purified water daily in reusable glass bottles, the initiative eliminates thousands of single-use plastic bottles every year. Beyond reducing plastic waste, the move also cuts down on carbon emissions linked to transportation, making it a significant leap toward greener operations.
Extending its commitment to sustainable travel, the hotel has also introduced an EV charging station. This facility enables electric vehicle owners to conveniently charge their cars while enjoying the hotel’s services, ensuring a seamless and worry-free travel experience. By providing such infrastructure, Holiday Inn Gurgaon NH8 is not only catering to growing guest demand but also actively supporting India’s transition to clean mobility.
Mukta Khanna, General Manager of Holiday Inn Gurugram NH8, remarked, “Sustainability is no longer an option, it is essential. Our in-house water bottling plant and our proactive installation of EV charging stations are not just business decisions; they are a clear statement of our core values and our deep commitment to IHG’s Journey to Tomorrow. We provide the comfort hospitality our guests expect while actively championing a healthier planet.”
With these initiatives, Holiday Inn Gurgaon NH8 continues to combine world-class service with responsible practices, creating a guest experience that is not only comfortable but also environmentally conscious.
Thomas Cook (India) Limited, India’s leading omnichannel travel services company, has partnered with the Ministry of Tourism (MoT), Government of India, in a strategic initiative to transform the country’s tourism landscape. The Memorandum of Understanding (MoU) was signed by Ms. Seema Jain, Director, Destination Development Division, Ministry of Tourism, and Mr. Romil Pant, Executive Vice President & Head – Holidays, Thomas Cook (India) Limited. The event took place in the presence of key dignitaries, including Mr. Suman Bery, Vice Chairman, NITI Aayog, Mr. Suresh Gopi, Minister of State for Tourism, Petroleum and Natural Gas, Mr. Suman Billa, Additional Secretary and Director General, Ministry of Tourism, and Mr. Gyan Bhushan, Senior Economic Advisor, Ministry of Tourism.
The collaboration focuses on gathering direct and verified traveller feedback to assess India’s best-performing tourism destinations while identifying areas that need improvement. By leveraging its strong physical and digital presence, Thomas Cook India will integrate a co-branded feedback form, standardised by the Ministry, across its platforms. These insights will capture visitor opinions on cleanliness, safety, accessibility, service standards, and overall experiences.
This MoU, valid for three years, underscores a shared commitment to enhancing domestic tourism through transparency and data-driven decision-making. The anonymised, aggregated data will be shared with the Ministry of Tourism to support interventions aimed at improving infrastructure and services at destinations across India.
Mr. Suman Billa, Additional Secretary & Director General – Ministry of Tourism, said, “We are extremely delighted to sign this Memorandum of Understanding with Thomas Cook India. The idea behind this collaboration is to see how the Ministry of Tourism can collect real-time feedback from users at key destinations across the country. Our aim is to use this data as a foundation to identify and promote destinations that are able to provide great experiences. This marks the first step in a long journey ahead, and we hope this partnership proves fruitful for both of us.”
Mr. Rajeev Kale, President & Country Head, Holidays, MICE, Visa – Thomas Cook (India) Limited, added, “We are delighted to partner with the Ministry of Tourism on this transformative initiative. With our extensive reach and deep understanding of Indian travellers, Thomas Cook India is uniquely positioned to provide valuable insights on destination performance. Our collaboration will focus on gathering authentic feedback from our customers to empower the Ministry’s efforts in enhancing the quality, safety, and sustainability of India’s tourism offerings.”
SOCIAL, India’s favorite neighborhood café-bar, is back with its much-awaited Oktobeerfest 2025, running from 6th to 19th October. This year’s edition promises bigger buckets, bolder bites, and playful new experiences designed to bring people together over food, beer, and festive cheer.
Beer takes the spotlight with bucket deals offering up to 20% savings on 3, 6, and 9 pints, perfect for sharing with friends. Making a comeback is SOCIAL’s popular Sausage Platter, the perfect companion to chilled brews. Guests can also indulge in exclusive bucket-and-platter pairings crafted to spark camaraderie and turn group hangouts into memorable beer-filled feasts.
Adding a quirky SOCIAL twist, each table will feature Brew Bingo, a beer-inspired challenge card with fun prompts like “chugged a pint in one go,” “spilled beer on yourself and kept drinking,” or “paired beer with dessert.” Guests can tick off their challenges as they go, creating laughter-filled moments to remember.
All SOCIAL outlets nationwide will transform with buntings, quirky décor, and festive energy. True to SOCIAL’s spirit of being a second home for communities, the festival combines good beer, hearty food, and togetherness.
Divya Aggarwal, Chief Growth Officer, Impresario Entertainment & Hospitality Pvt Ltd, shared, “Oktobeerfest at SOCIAL has become a custom our communities look forward to every year. It’s our way of raising a toast to togetherness with buckets to share, a hearty platter to dig into, and playful experiences that bring people closer. Every year, we add a new SOCIAL twist to the global Oktobeerfest tradition, making it uniquely ours and something our guests can truly call their own.”
With bigger buckets, flavorful pairings, and engaging activities, Oktobeerfest 2025 is set to turn October into a month-long celebration of flavor, fun, and friendship, reaffirming SOCIAL’s place as the go-to neighborhood destination for unforgettable gatherings.
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