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FY23 began on a strong note for the hotel sector in terms of growth and margin expansion. With the full re-opening, corporate demand and meetings, incentives, conferences and exhibitions segment also joined the growth bandwagon in Q1 FY23 while leisure continued to perform well.
This, in turn, helped hotel players to raise room tariffs without disturbing demand. In Q1 FY23, average room rates were reported to be even higher by 20-25% versus preCovid levels. This led to sharp revenue growth of over 24% versus pre-Covid levels.
Hence, the change in strategy from occupancy led growth during pre-Covid era to average room rate led growth was clearly visible in the current quarter.
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