In our monthly Hotels update we have summarized key events of the domestic hotel industry, new hotels signing/addition by key players during the month and pricing trend of key cities for October, 2025. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 1-8). The industry witnessed yet another month of improved ADR aided by festive season. Despite prolonged rainfall in many states, domestic travel picked up during festive season. We anticipate the uptrend in ADR to continue for upcoming months as wedding season will kick start post Diwali. We remain positive on domestic hospitality space led...