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.


The Long Weekend Escape You Didn't Know You Needed: Cintacor Island, Karwar

The Long Weekend Escape You Didn't Know You Needed: Cintacor Island, Karwar

By Manu Vardhan Kannan

Published on October 22, 2026

Looking for a peaceful escape this Dussehra? Cintacor Island Resort in Karwar, Karnataka, offers a private island getaway where guests can enjoy the beach, explore the sea and unwind amid nature. Spread across a 33-acre private island along Karnataka's lesser-explored coastline, the resort offers an alternative to crowded holiday destinations for the festive long weekend from 20–22 October 2026.

Surrounded by the Arabian Sea, the resort brings together relaxation, outdoor activities and scenic coastal views. Guests can spend their days at the private beach, enjoy the swimming pool or explore the island's NatureLab, making it a refreshing choice for travellers looking to slow down and enjoy a few days away from their usual routine.

For those who want more than a relaxed beach holiday, Cintacor Island offers several experiences on land and at sea. Guests can try kayaking and fishing or head out on dolphin cruises to explore the surrounding waters. Those looking to unwind can visit the private Kurmasana Spa, which offers a peaceful setting to relax during their stay.

One of the island's highlights is Nemo's Deck, located at its highest point. Offering panoramic views of the Arabian Sea, it provides a beautiful spot to watch the sunset. As the day winds down, guests can head to Jolly Rogers for a leisurely meal while enjoying the island's relaxed atmosphere.

With its private beach, sea-facing experiences and natural surroundings, Cintacor Island Resort offers a different way to celebrate the Dussehra long weekend. Whether travellers are looking for a quiet break, a little adventure or simply time by the sea, the island provides an opportunity to step away from busy holiday destinations and enjoy a coastal retreat.

For those planning a festive getaway, Cintacor Island Resort, Karwar, presents an inviting option to spend the long weekend surrounded by nature, with the Arabian Sea setting the scene for a memorable holiday.

  • Venue: Cintacor Island Resort, Karwar, Karnataka
  • Location: Cintacor Island Resort
  • Dates: 20–22 October 2026.


Sayaji Raipur Brings Dussehra Dining and Halloween Celebrations to October

Sayaji Raipur Brings Dussehra Dining and Halloween Celebrations to October

By Hariharan U

Published on October 20, 2026

Sayaji Raipur is bringing the festive season to the table with two special dining experiences this October, combining a Dussehra celebration at Cravings with a themed Halloween evening at its rooftop destination, Horizon.

Designed around food, festivities and social gatherings, the hotel's October calendar offers guests opportunities to celebrate traditional occasions and enjoy a contemporary seasonal experience with family and friends.

Dussehra Celebration at Cravings

On October 20, 2026, Cravings at Sayaji Raipur will mark Dussehra with a special festive dining experience featuring traditional flavours and a celebratory atmosphere.

Guests can avail themselves of a 2+1 offer during lunch, providing an opportunity for families and groups to gather over a festive meal.

Halloween Night at Horizon

The celebrations will continue on October 31, 2026, with a themed Halloween Night at Horizon, Sayaji Raipur's rooftop destination.

The evening will feature Halloween-inspired food and drinks, themed décor and an entertaining ambience, bringing a seasonal twist to the rooftop dining experience.

Guests can also enjoy 15% off the à la carte menu, while drinks will be available at MRP.

Together, the two events reflect Sayaji Raipur's approach to seasonal dining, bringing traditional festivities and contemporary themed celebrations into its October programme.

Event Details

Dussehra at Cravings

  • Date: October 20, 2026

  • Offer: 2+1 during lunch

Halloween Night at Horizon

  • Date: October 31, 2026

  • Offer: 15% off the à la carte menu

  • Drinks: Available at MRP


The Big Chill Opens at Ambience Mall Vasant Kunj with Brasserie, Cakery and Creamery

The Big Chill Opens at Ambience Mall Vasant Kunj with Brasserie, Cakery and Creamery

By Hariharan U

Published on October 19, 2026

The Big Chill has opened at Ambience Mall, Vasant Kunj, bringing together its signature cakery and creamery with The Big Chill Brasserie, the brand's latest dining concept featuring an expanded savoury menu.

The new outlet introduces visitors to three distinct offerings under one roof, combining the brand's established dessert selection with a broader range of savoury dishes. The Big Chill Brasserie expands the menu with new pizza styles, Smash Burgers and other food options.

Known for its comfort food, youthful atmosphere and neighbourhood-café appeal, The Big Chill has built a strong presence in Delhi's dining landscape. Its arrival at Ambience Mall, Vasant Kunj, adds another established homegrown brand to the destination's food and beverage portfolio.

Brasserie Introduces an Expanded Menu

The Big Chill Brasserie is the latest addition to the brand's dining format, offering a wider savoury selection alongside its familiar desserts and ice creams.

The expanded menu includes new pizza styles and Smash Burgers, giving diners additional options beyond the brand's traditional cakery and creamery offerings. The concept brings together different aspects of The Big Chill's culinary identity in a single destination.

For visitors to Ambience Mall, the three formats offer an opportunity to explore the brand's savoury and sweet offerings during a shopping or leisure outing.

Strengthening Ambience Mall's Dining Portfolio

Commenting on the opening, Arjun Gehlot, Director, Ambience Group, said, “Ambience Malls have always focused on creating destinations that bring together exceptional brands and memorable experiences. The Big Chill is a much-loved name in Delhi's dining culture, and its arrival at Ambience Mall, Vasant Kunj, adds to our diverse culinary offering. With The Big Chill Brasserie introducing an expanded menu of pizzas, Smash Burgers and more, visitors will have even more to explore. We look forward to welcoming the brand and offering our guests another compelling reason to visit and spend quality time at the mall.”

The addition further strengthens Ambience Mall, Vasant Kunj's mix of dining, shopping and leisure experiences. By bringing The Big Chill Brasserie, Cakery and Creamery together, the mall adds a multi-format dining destination catering to visitors looking for both savoury meals and desserts.

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