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 February, 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). After a good start on ADR front last month, this month reported improved ADR in the selected markets. Apart from planned events (AI Summit in Delhi), overall demand has been encouraging across the key markets. Post Q3FY26 results, the management commentary has been positive on the industry growth, primarily supported by healthy...