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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 June 6, 2026
Novotel Mumbai Juhu Beach reaffirmed its commitment to sustainability and environmental responsibility as part of World Ocean Day 2026 and Accor’s Save Ocean campaign, which is now in its third year since its launch in 2024. Through a series of initiatives focused on marine conservation, waste reduction and community engagement, the hotel continues to strengthen its efforts towards responsible hospitality.
Observed annually on 8 June, World Ocean Day highlights the importance of protecting oceans and marine ecosystems from pollution and environmental degradation. In line with this vision, Novotel Mumbai Juhu Beach has integrated sustainable practices across its operations while encouraging greater awareness around environmental conservation.
As part of the campaign, the hotel organised a beach clean-up drive at Juhu Beach on 3 June, 2026, in collaboration with Funsmart Knowledge Solution Foundation. The initiative brought together hotel associates and volunteers to help clean the coastline while spreading awareness about marine pollution, waste segregation and environmental responsibility. The activity reflected the belief that safeguarding oceans requires the collective efforts of businesses, communities and individuals.
The hotel has also introduced several measures to reduce its environmental impact. One of the key initiatives includes the installation of an in-house bottling plant, helping minimise the use of single-use plastic bottles and supporting a more sustainable operating model.
Further strengthening its waste management efforts, Novotel Mumbai Juhu Beach has installed waste segregation bins at key locations across the property. The initiative encourages guests, visitors and associates to actively participate in responsible waste disposal practices. The hotel has also incorporated sustainably sourced personal care kits as part of its guest amenities, aligning with its commitment to conscious consumption and environmentally responsible operations.
The property believes that such initiatives can inspire neighbouring communities to adopt sustainable habits and contribute towards a cleaner environment. By promoting responsible waste management and encouraging collective accountability, the hotel aims to create a positive and lasting impact for future generations.
Speaking about the initiative, Kunal Shanker, General Manager, Novotel Mumbai Juhu Beach, said, "At Novotel Mumbai Juhu Beach, sustainability is not viewed as a standalone initiative but as an integral part of how we operate every day. As we mark the third year of Accor's Save Ocean campaign, we remain committed to reducing our environmental footprint through responsible practices, conscious resource management, and community engagement. The beach clean-up drive served as a meaningful reminder that even small collective actions can contribute towards preserving our coastlines and marine ecosystems for future generations."
Manav Sony, Founder, Funsmart Knowledge Solution Foundation, said, "Environmental conservation requires long-term commitment and collaboration. We were pleased to partner with Novotel Mumbai Juhu Beach on this initiative, which not only helped create awareness around marine pollution but also encouraged community participation in protecting our natural ecosystems. Such efforts play an important role in fostering sustainable habits and driving positive environmental impact."
Through these initiatives, Novotel Mumbai Juhu Beach continues to support Accor’s broader sustainability goals while encouraging responsible practices that contribute to the protection of oceans and the environment.
Olivia Creamery, the Kolkata-based artisanal ice cream brand founded by Malika Chawla Batra and Srishti Chawla, has entered the Delhi NCR market, marking its first expansion beyond Kolkata. Known for its handcrafted small-batch ice creams, the brand is now serving customers across Delhi NCR through direct ordering and its website.
Since its launch in 2021, Olivia Creamery has built a strong presence in Kolkata’s premium dessert segment by focusing on quality ingredients, thoughtful craftsmanship and distinctive flavour profiles. The brand’s ice creams are prepared in limited batches using seasonal fruits, premium chocolate, fine cocoa, carefully sourced dairy products and natural ingredients.
Its menu features a mix of classic favourites and innovative creations inspired by travel experiences, personal memories and culinary influences. Alongside its signature offerings, the brand also provides sugar-free and vegan options, as well as luxury ice cream gifting hampers designed to meet evolving consumer preferences.
Over the years, Olivia Creamery has developed a loyal customer base in Kolkata by positioning itself within the premium artisanal category rather than the mass-market dessert segment. The brand’s #LoveAtFirstBite philosophy reflects its focus on creating memorable flavour experiences that leave a lasting impression from the very first spoonful.
Speaking about the expansion, Co-Founder and Head Chef Malika Chawla Batra said, “Olivia Creamery started with a simple intent: to create ice creams that people remember not just for taste, but for feeling. Many of our flavours come from lived experiences, whether something we tasted while travelling, a childhood favourite, or a moment tied to a place or memory. Kolkata gave us the space to build that language slowly and honestly.”
Co-Founder Srishti Chawla said the move into Delhi NCR represents a natural progression for the brand. “We’ve always believed that ice cream is not just a product, it’s an emotion-led category. Delhi NCR has a mature and evolving sweet treats culture, where consumers are actively seeking authenticity, craftsmanship, and brands with a point of view. We see strong alignment with that mindset,” she said.
The expansion comes at a time when India’s premium ice cream segment is witnessing growing demand for artisanal products, clean-label offerings and experience-driven indulgence. Olivia Creamery aims to cater to this evolving market with its emphasis on small-batch production, ingredient integrity and carefully curated flavours.
Founded in Kolkata in 2021, the brand is recognised for its artisanal ice creams, luxury gifting hampers and inclusive offerings such as vegan and sugar-free options. Customers across Delhi NCR can now access the brand’s products with delivery available in approximately four hours.
By Hariharan U
ITC Maurya New Delhi marked World Environment Day 2026 with a series of sustainability-led initiatives that reinforce its long-standing commitment to Responsible Luxury and environmental stewardship.
The hotel, known for hosting one of the world’s first paraboloid solar concentrators in the hospitality sector, continues to integrate innovative technologies and mindful operational practices aimed at reducing environmental impact while maintaining a high standard of luxury hospitality.
Recognised as the world’s first LEED Platinum hotel for Existing Buildings and a LEED Zero Water certified property, ITC Maurya has adopted a comprehensive sustainability framework. Its initiatives include rainwater harvesting systems, advanced water recycling infrastructure, renewable energy integration, EV charging facilities, and efficient operational practices designed to minimise resource consumption.
A key element of its sustainability approach is SunyaAqua, the hotel’s zero-mile water initiative. Through this programme, drinking water is purified and bottled on-site, reducing transportation emissions and eliminating dependence on single-use plastic packaging. The initiative reflects ITC Maurya’s broader effort to integrate environmental responsibility into everyday guest experiences.
The hotel also continues to promote responsible culinary practices, with a strong emphasis on locally sourced produce and seasonal ingredients across its dining venues, supporting regional communities while reducing its carbon footprint.
As part of its World Environment Day activities, employees participated in a plantation drive in the vicinity of the hotel on June 5, contributing to urban greening efforts and encouraging collective environmental responsibility.
Adding a creative dimension to the celebrations, the hotel unveiled a curated lobby installation titled “Paludarium: Where Land Meets Water.” The installation brings together land, water, plants, and aquatic elements to represent the delicate balance of ecosystems, inviting guests to reflect on the interconnectedness of nature and human activity.
Speaking on the occasion, Amaan Kidwai, Area Manager Luxury Hotels (North) & General Manager, ITC Maurya, highlighted the integration of sustainability into the guest experience.
“At ITC Maurya, sustainability finds expression as an intuitive dimension of everyday luxury, where even the simplest guest experiences contribute to a larger climate-conscious vision. Guided by ITC Hotels’ Responsible Luxury philosophy, our approach centres on seamlessly integrating mindful choices into the guest journey, ensuring that responsibility and refinement exist in perfect harmony,” he said.
Through these initiatives, ITC Maurya continues to demonstrate how environmental consciousness can be seamlessly embedded into luxury hospitality, creating experiences that are thoughtful, responsible, and meaningful.
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