For FY17, demand growth (6.2% YoY) outpaced supply growth (3.1% YoY). Further, overall occupancy improved 3.0% YoY to 64.0% while average room rate (ARR) improved 1.7% YoY. All major cities saw an increase in supply in range of 1-5%. Going forward, we expect occupancy to improve further due to a slowing down of capacity addition coupled with a rise in spending by domestic travellers. Also, with improved tourism measures by the government, we expect the sector to see better...