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 April, 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 which witnessed cancellations amid on-going war, also faced challenges on ADR, which declined for second consecutive month on a MOM basis. Further, the scorching heat further dented domestic travelers and weighed on demand and pricing. The industry veterans reiterated concerns over global chaos and cautioned further...