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 March, 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 industry witnessed yet another month of surge in ADR over YoY, however, on MoM ADR weakened. We believe this could be owing to ongoing global turmoil, which has impacted overall travel cost as well as some caution on discretionary spending. There is no respite on war front yet and continuation of it will further deteriorate the industry...