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 May, 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). May month, which is a seasonally weak period for hospitality due to extreme heat wave in the country, further witnessed muted demand amid global chaos. Increasing airfare cost is keeping occupancy under pressure, leading ADR correction in key markets. FTAs have come in lately, which is further deteriorating the situation. The management...