Hotels across Indian cities that hosted the ICC Cricket World Cup 2023 matches witnessed occupancy rates exceeding 90%, reported Financial Express.
Average room rates (ARRs) saw a surge, ranging from 120% to 150% during various stages of the tournament.
According to experts and industry leaders, in some cases, an increase of up to 500% for certain hotels was noted.
Lemon Tree Hotels president Vikramjit Singh said: “There was a huge increase in ARR across cities, including a 100% increase at Mcleodganj, a 250% increase in Ahmedabad on both match days and nearly 500% increase in Lucknow.
“Kolkata witnessed a smaller increase of 15% as compared to the rest of the month. Similarly, there was an increase in occupancy ranging from 20% to 40% across these cities, and our hotels in Mcleodganj, Ahmedabad, Lucknow and Kolkata were nearly sold out on match dates.”
BRIJ Hotels CEO Shiv Kumar Mehan told the publication that these increases in hotel occupancy were observed on days when matches involving India took place.
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Mehan said: “ARR in cities where India played matches went to 2.5 times the normal rates on account of demand-driven rates. Occupancy was at 90% if not 100% in those cities for the organised hotel sector.”
The tournament is expected to impact the hotel industry’s upcoming quarter and its fiscal year 2024 earnings.
Both Lemon Tree Hotels and BRIJ Hotels are India-based hotel chains.
BRIJ Hotels has eight hotels across various cities in India.
Lemon Tree Hotels currently operates approximately 9,400 rooms across 96 hotels spanning 61 destinations, both in India and internationally, under diverse brands.
Earlier this month, the company revealed plans to expand into major international markets, including London, Singapore, New York and Hong Kong.