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 January, 2026. 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 higher ADR on YoY, a promising start to the year. However, on MoM basis, ADR was a mixed bag. ADR growth reflects sustained demand-supply imbalance, limited new hotel supply in key micro-markets, and strong pricing power, especially in premium business and leisure destinations. International travel recovery...