Indian Hotel Companies Showcase Robust Growth with High PE Ratios in 2023

Indian Hotel Companies Showcase Robust Growth with High PE Ratios in 2023

By Nishang Narayan

Published on May 7, 2024

The Indian hotel industry demonstrated remarkable financial performance in 2023, significantly outperforming its international counterparts, as reported by HVS Anarock in their latest India Hospitality Industry Overview. The study revealed that Indian listed hotel companies achieved an average price-to-earnings (PE) ratio of 56.4x, which is double that of global hotel giants like Marriott International and Hilton, which recorded an average of 28.4x.

The collective market capitalization of the top 23 hotel companies in India reached an impressive INR 191,333 crore as of April 1, 2024, with the top nine companies accounting for 77 percent of this market value. This substantial valuation underscores the robust growth and investor confidence in the Indian hospitality sector, especially post-pandemic.

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2023 marked a record year for the industry across several key performance metrics, including EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) and PAT (Profit After Tax), with significant advancements over 2022 figures. This growth has been driven by strong recovery strategies and improving industry fundamentals, which have also helped the sector attract more institutional and patient capital investments in recent years.

Laura Livers, Chief Revenue Officer at Intouch Insight, highlighted, "The data from our study points to a significant year of recovery and growth for Indian hotels, driven largely by technological adoption and innovative customer service strategies."

The report also sheds light on operational performance, noting that nationwide hotel occupancy rates for 2023 were between 63-65 percent, nearly reaching pre-pandemic levels, with Average Daily Rate (ADR) and Revenue Per Available Room (RevPAR) witnessing substantial growth. ADR reached approximately INR 7,400-7,600, surpassing both 2022 and pre-pandemic figures, and RevPAR grew by 29-31 percent from 2022, reflecting the industry's ability to drive rates amidst buoyant demand.

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The positive outlook for the Indian hotel sector is expected to continue, with projections for 2024 suggesting further improvements in occupancy rates and a 6-8 percent increase in ADR. This would potentially elevate RevPAR by 31-33 percent compared to pre-pandemic levels, affirming the sector's strong trajectory and offering promising prospects for investors and career professionals alike.

This comprehensive analysis by HVS Anarock not only highlights the resilience of the Indian hotel industry but also its pivotal role in shaping the global hospitality landscape through innovation and strategic growth initiatives.


Four Seasons Hotel Mumbai Introduces ‘Renew & Restore’ Wellness Experience

Four Seasons Hotel Mumbai Introduces ‘Renew & Restore’ Wellness Experience

By Manu Vardhan Kannan

Published on May 20, 2026

As Mumbai experiences rising temperatures and intense humidity during the summer season, Four Seasons Hotel Mumbai is offering guests an opportunity to slow down and recharge through a new wellness experience at The Spa.

Called "Renew & Restore," the specially curated treatment has been designed as a seasonal wellness journey that aims to provide a refreshing escape from the city's fast pace and summer heat. Focused on relaxation and overall wellbeing, the experience is crafted to ease stress, support balance and leave guests feeling lighter and refreshed.

The wellness journey begins with a calming welcome ritual and a soothing foot cleanse to create a sense of relaxation from the very beginning.

Guests are then taken through a 90-minute customised massage designed to reduce physical tension and encourage deeper relaxation. This is followed by a 60-minute personalised facial tailored to refresh the skin and bring out a natural glow.

To further enhance the experience, mindful breathing techniques and gentle stretches are integrated throughout the treatment, helping create a feeling of calm and balance.

The journey concludes with a nourishing closing ritual, leaving guests with a sense of renewal and restoration aligned with the needs of the summer season.

The complete Renew & Restore experience is available for a duration of 150 minutes, offering guests a dedicated wellness break within the heart of Mumbai.


Kairali Ayurvedic Group Launches Villa Raag, a Yoga-Inspired Ultra-Luxury Retreat in South Goa

Kairali Ayurvedic Group Launches Villa Raag, a Yoga-Inspired Ultra-Luxury Retreat in South Goa

By Hariharan U

Published on May 19, 2026

Kairali Ayurvedic Group has announced its entry into ultra-luxury hospitality with the launch of Villa Raag by Kairali, a yoga-inspired beachfront boutique retreat located at Agonda Beach in South Goa.

Designed as a private sanctuary for global travellers, the property blends Ayurvedic wellness philosophy with contemporary luxury living, offering an experience focused on privacy, mindfulness, and personalised healing. Spread across two acres, the retreat features just six elegantly designed rooms within a single exclusive beachfront villa.

The property offers a curated luxury experience with private butler and concierge services, direct beachfront access, yoga and meditation spaces overlooking the sea, a temperature-controlled saltwater pool, Zen gardens, a rooftop meditation pavilion, and a gourmet in-house kitchen. 

According to Abhilash K Ramesh, Executive Director of Kairali Ayurvedic Group, Villa Raag is designed to deliver a five-star wellness experience where nature, comfort, and refined living come together seamlessly. He described the property as a sanctuary that blends serenity, exclusivity, and personalised hospitality, with a strong focus on privacy and experiential luxury.

The architectural vision of Villa Raag has been crafted by Kochi-based Durga Sarath Architects, bringing together coastal design, natural landscapes, and wellness-centric spatial planning to create a quiet, immersive environment for guests.

Each villa room features bespoke interiors, premium amenities, and private terraces overlooking the Arabian Sea, ensuring a highly personalised and secluded stay experience tailored for individuals, couples, families, and small groups.

The retreat places a strong emphasis on customised wellness journeys rather than structured group programs. Guests can access one-on-one yoga sessions, meditation guidance, and holistic healing programmes designed around individual needs, fitness levels, and wellness goals.

Future offerings at Villa Raag are expected to include curated wellness experiences such as Hatha and Vinyasa yoga, restorative therapies, mindful nutrition workshops, and transformational wellness programmes like Mind Renewal, Joint Revival, and Metabolic Reset.

Located in the Canacona region, Agonda Beach has increasingly emerged as a preferred destination for wellness travellers and slow tourism seekers, known for its tranquil coastline and growing reputation as a luxury wellness hub.

With over a century of Ayurvedic heritage, Kairali Ayurvedic Group brings its legacy into the hospitality space through Villa Raag, expanding beyond its established wellness centres and award-winning healing village in Kerala into experiential luxury retreats.

The launch marks a significant step in redefining Goa’s hospitality landscape by positioning wellness, Ayurveda, and slow living at the centre of luxury travel experiences.


Sayaji Hotels Expands Presence with Effotel by Sayaji, Gangtok

Sayaji Hotels Expands Presence with Effotel by Sayaji, Gangtok

By Hariharan U

Published on May 18, 2026

Sayaji Hotels has announced the launch of Effotel by Sayaji, Gangtok, marking the brand’s entry into Gangtok, one of India’s most sought-after hill destinations.

Located in the peaceful neighbourhood of Tathangchen near the iconic Ridge Park, the hotel brings a refined and contemporary stay experience to the city known for its mist-covered mountains, monasteries, scenic valleys, and vibrant local culture.

Situated at an altitude of approximately 1,650 metres, Gangtok is widely recognised for its panoramic views of Mount Kanchenjunga, the world’s third-highest peak. The city blends natural beauty with urban energy, attracting both leisure and experiential travellers throughout the year.

Strategically positioned close to Ridge Park and within easy reach of MG Marg, the city’s bustling pedestrian boulevard, Effotel by Sayaji offers guests convenient access to Gangtok’s cultural and social hotspots. Ridge Park, lined with Himalayan flora and scenic pathways, remains one of the city’s most visited attractions for both tourists and locals.

Designed for modern travellers, the property features 32 rooms across categories including Deluxe King, Deluxe Twin, and Suite accommodations. The interiors combine clean contemporary aesthetics with functional comfort, catering to both business and leisure guests.

The hotel also houses The Cube, an all-day dining restaurant serving a multi-cuisine menu in a relaxed setting designed for travellers looking to unwind after exploring the region.

Speaking on the launch, Rajendra Joshi said, “We are delighted to bring the Effotel by Sayaji experience to Gangtok, a destination that continues to grow in prominence among both leisure and experiential travellers. With this launch, we aim to offer a smart, comfortable, and well-connected stay option that complements the city’s unique blend of natural beauty and cultural richness. Gangtok represents an exciting addition to our expanding footprint in emerging leisure markets across India.”

Sharing his views on the opening, Sangay Tenzing Norbu added, “We are proud to introduce Effotel by Sayaji to Gangtok, a city that holds immense potential as a year-round travel destination. This hotel has been envisioned as a space that reflects the region's warmth and spirit while delivering the quality and consistency for which Sayaji is known.”

The hotel is conveniently accessible from Bagdogra Airport and New Jalpaiguri Railway Station, making it a well-connected option for travellers visiting Sikkim.

With this addition, Sayaji Hotels continues to strengthen its presence across emerging leisure destinations in India, reinforcing its focus on delivering personalised and contemporary hospitality experiences.

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