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.


Chapters by Conrad Pune Brings Wine and Words Alive with Sonal Holland’s ‘One in a Billion’

Chapters by Conrad Pune Brings Wine and Words Alive with Sonal Holland’s ‘One in a Billion’

By Manu Vardhan Kannan

Published on October 28, 2025

The third edition of ‘Chapters by Conrad’ at Conrad Pune unfolded into a memorable evening that beautifully blended storytelling and fine wine. The spotlight was on Sonal Holland, India’s first and only Master of Wine, who captivated guests with stories from her memoir ‘One in a Billion’, a book that traces her journey of passion, perseverance, and purpose.

Hosted at Conrad Pune’s award-winning Asian restaurant MASU, the evening brought together an intimate gathering of the city’s cultural enthusiasts, wine lovers, journalists, and tastemakers. The event celebrated not just Sonal’s achievements but also the art of storytelling, where every conversation felt as rich as the wine poured.

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In a warm and engaging conversation moderated by Mr. Abhishek Sahai, General Manager, Conrad Pune, Sonal reflected on her inspiring path, from leaving a corporate job at thirty-three to pursuing a passion that few understood at the time. “Everyone thought I was crazy to leave a stable job for wine, but I was chasing meaning, not money,” she shared, drawing smiles and admiration from the audience.

Sonal spoke about her transformative experiences in the world of wine, including dining with Barone Ricasoli at the world’s oldest wine estate in Italy and tasting vintages steeped in centuries of tradition. These moments, she said, helped shape her understanding of purpose, balance, and the importance of pursuing one’s goals wholeheartedly.

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The session concluded with a lively Q&A followed by an exclusive wine-tasting experience curated by Sonal Holland in association with Grover Zampa. Guests enjoyed a selection of fine red and white wines paired with a specially designed high-tea menu by Conrad Pune’s culinary team, enhancing the evening’s elegant atmosphere.

Reflecting on the success of the event, Mr. Abhishek Sahai shared, “At Conrad Pune, our vision with ‘Chapters by Conrad’ has always been to curate experiences that go beyond the expected, where stories, ideas, and inspiration come together. Having Sonal Holland with us for this edition was truly special, her story is one of purpose and persistence, much like the Conrad spirit itself.”

Speaking about the experience, Sonal Holland said, “It was such a delight to be part of ‘Chapters by Conrad’. The evening felt like a celebration of dreams, dialogue, and stories that persevered. Sharing my journey over conversations, laughter, and a glass of wine was truly special. I was touched by the audience’s warmth  and of course, delighted to raise a glass to storytelling, as like great wines, stories only get richer with time.”


Phulay Bay, A Ritz-Carlton Reserve Shines Bright with 3 MICHELIN Keys and Top Condé Nast Traveller Honours

Phulay Bay, A Ritz-Carlton Reserve Shines Bright with 3 MICHELIN Keys and Top Condé Nast Traveller Honours

By Hariharan U

Published on October 28, 2025

Phulay Bay, A Ritz-Carlton Reserve, has once again raised the bar for Thai luxury with two remarkable achievements, retaining its 3 MICHELIN Keys and securing the top spot as the “Best Resort in Thailand” by Condé Nast Traveller readers. Nestled along Krabi’s pristine coastline, this exclusive retreat continues to impress travellers and industry experts alike.

The MICHELIN Guide 2025 honoured Phulay Bay with 3 Keys for the second consecutive year, a recognition reserved for only six properties across Thailand. Of these, just three are beach resorts  and only one, Phulay Bay, is located in the scenic Krabi province.

The guide applauded the resort for its flawless blend of luxury and authenticity, where Southern Thai warmth meets world-class service. It highlighted the thoughtful design that reflects local culture, from the traditional-style welcome pavilion to villa interiors that exude understated elegance. The MICHELIN team also praised the resort’s culinary variety, featuring everything from fresh seafood and Thai classics to Mediterranean-inspired dishes, alongside an extravagant spa experience.

One of the most straightforward ways to stand out in the crowded field of Thai luxury hospitality is to simply create one of the most luxurious resorts anywhere, and that’s the path chosen by Phulay Bay, a Ritz-Carlton Reserve.,” The MICHELIN Guide 2025 notes, applauding the property’s exceptional taste and refined presentation.

Adding to its global acclaim, Phulay Bay earned high praise at the Condé Nast Traveller Readers’ Choice Awards, voted #1 “Best Resort in Thailand” by the UK readership and #10 “Best Resort in the World” by Condé Nast Traveler USA readers. These awards, chosen by seasoned travellers worldwide, underline Phulay Bay’s enduring appeal among those who seek thoughtful luxury and genuine hospitality.

“I am delighted and deeply honored to have retained our 3 MICHELIN Key status for the second year, and to have been voted as the best resort in Thailand – and one of the ten best in the world – by the esteemed readers of Condé Nast Traveler. This is a testament to the passion and commitment of our Ladies and Gentlemen, who create highly personalized guest journeys every day,” says Vidya Sagar, General Manager, Phulay Bay, A Ritz-Carlton Reserve.

As the resort continues to evolve, guests can look forward to new experiences such as dining at Sri Trang, a reimagined Thai restaurant, and relaxing at the soon-to-open Pirom Bar. Both additions promise to elevate the sense of indulgence and community that defines Phulay Bay’s charm.

Set against the Andaman Sea’s turquoise waters, Phulay Bay remains a sanctuary for travellers seeking serenity, exclusivity, and authentic Thai spirit — reaffirming its place among the world’s finest luxury resorts.


Eight Continents Hotels & Resorts Expands Stamps Brand with Jodhpur Property

Eight Continents Hotels & Resorts Expands Stamps Brand with Jodhpur Property

By Hariharan U

Published on October 27, 2025

Eight Continents Hotels & Resorts is expanding its Stamps by Eight Continents brand with the launch of Stamps Jodhpur, a boutique property designed to merge the ease of business travel with the pleasures of leisure.

Located near Nagaur Road, just minutes from the iconic Mehrangarh Fort, Stamps Jodhpur features 21 well-appointed rooms and suites, an outdoor pool, and lush garden spaces. Guests can enjoy authentic local cuisine at 8 Café, the property’s all-day dining restaurant, which offers a specially curated Rajasthani menu.

The property caters to both corporate travelers and weekend visitors, while offering intimate venues for destination weddings and private events. Thoughtful design, modern amenities, and warm hospitality reflect the cultural grandeur of the Blue City.

Commenting on the expansion, Haninder Sachdeva, CEO of Eight Continents Hotels & Resorts, said, “Jodhpur is a vibrant cultural and travel hub. With Stamps, we aim to create stays that resonate with today’s traveler, blending business convenience with leisure discovery. Each property tells a story, and our goal is to help guests experience it first-hand.”

Eight Continents continues to strengthen its midscale portfolio, focusing on high-growth leisure destinations across India. With a combination of modern comfort, local flavors, and immersive design, the brand aims to deliver memorable experiences that capture the essence of each destination.

As the Stamps brand expands, Eight Continents remains committed to providing exceptional stays inspired by culture, connection, and comfort throughout India and beyond.

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