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 August, 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). ADR on MoM witnessed gradual recovery, aided by higher ADR across the industry around Independence Day weekend. Further, the industry is gearing up for travel related to festive and weddings season ahead, apart from pick up in corporate travel and increased MICE activities. The management commentary post Q1FY27 result was...