According to HVS Anarock, Sep’23 was another strong month: hotel industry RevPAR of INR 4,331 was 16% above Sep’22 levels with ARRs being 18% higher YoY while occupancies were down by 200bps YoY at 60-62% (Aug’23 RevPAR was 16% above Aug’22 levels). We estimate that industry RevPAR for H1FY24 (Apr’Sep’23) has likely grown by ~15% YTD vs. H1FY23.