# Mumbai Hospitality Trends 2024: Growth, Revenue, and Expansion

Mumbai continues to dominate India’s hospitality sector, emerging as one of the top-performing hotel markets with record-breaking revenue, high occupancy, and booming cruise tourism. With increased business travel, luxury tourism, and infrastructure development, Mumbai is solidifying its position as a premier hospitality destination.

• ADR (Average Daily Rate) surged from ₹7,208 to ₹8,579, reinforcing Mumbai’s premium market.
• RevPAR (Revenue Per Available Room) grew from ₹4,946 to ₹5,744, showing strong revenue expansion.
• Occupancy rates remained high at 69.5%, indicating stable demand despite supply growth.

Mumbai’s consistent pricing power and high occupancy ensure sustained profitability for hotels.

Mumbai surpassed Delhi to become India’s second-largest hotel market, adding 1,655 new rooms in 2023/24, bringing total inventory to 15,234 rooms. With an upcoming pipeline of 3,515 new rooms, Mumbai remains an investment hotspot for hospitality developers.

• Mumbai recorded ₹8,866 RevPAR, making it one of the highest in India, surpassing Delhi (₹7,886) and Goa (₹8,186).
• Business and corporate travel demand keep Mumbai’s hotels at premium pricing levels, securing higher returns for investors.

Mumbai’s total room revenue surged from ₹36.1 billion to ₹47.2 billion in 2023/24, making it India’s third-largest revenue-generating hotel market, ahead of Bengaluru and Delhi. The M.I.C.E. (Meetings, Incentives, Conferences, and Exhibitions) segment played a crucial role in this growth.

• Mumbai welcomed 470,000 cruise passengers in 2023/24, reflecting a growing interest in luxury maritime tourism.
• Government investment of $5.4 billion in river cruise tourism is boosting Mumbai’s potential as a cruise hub.
• 62% of affluent Indian travelers express interest in cruise vacations, ensuring continued demand.

• 36.5% of Mumbai’s hotel inventory is in the luxury segment, attracting high-end travelers.
• Midmarket and upscale segments make up a combined 31.6%, catering to business and premium leisure travelers.
• With over 81% of upcoming hotel developments targeting upscale categories, Mumbai’s hospitality future remains bright.

• Mumbai hotels earn ₹30.9 lakh per key, the highest among India’s metro cities.
• High M.I.C.E. and corporate demand drive premium bookings, ensuring long-term profitability.

• Room supply is projected to increase from 15,234 to 18,749 by 2028, meeting the anticipated demand surge.
• Sustained infrastructure growth will continue attracting investors and hotel brands.

✅ 2nd busiest airport in India, ensuring high inbound travel demand.

✅ Highest RevPAR among metro cities, proving Mumbai’s premium positioning.

✅ Total room revenue reached ₹47.2 billion, making it India’s top business travel hub.

✅ Luxury & premium hotel segments dominate, ensuring steady investor interest.

✅ Government-backed cruise tourism expansion to bring in new luxury travelers.

✅ Strong future pipeline with a 23% supply increase, confirming Mumbai’s continued market dominance.

With record-breaking revenue, luxury expansion, and a booming cruise sector, Mumbai is positioned as India’s most resilient and high-value hospitality market. Whether it’s corporate travel, high-end tourism, or cruise experiences, Mumbai’s hospitality industry is set for unprecedented growth.