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 in December, 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 month witnessed mixed trend on ADR front on YoY, while on MoM ADR increased marginally. With the airlines fiasco in the start of the month, hotels witnessed booking cancellations. However, later demand improved with year-end travel plans and Christmas vacations. We remain optimistic on domestic hospitality growth story over...