<ul data-eligibleForWebStory="false"><li>Yes Securities maintains a positive view on the Indian Hospitality industry and remains constructive on the sustainable industry upcycle.</li><li>In Q1, there was momentum in average room rate growth, although with some moderation.</li><li>April saw strong momentum with 11-13% ARR growth YoY and 4-6% increase in occupancy, leading to revenue per available room growth of 20-22% across the industry.</li><li>May showed a decline in occupancy YoY due to seasonal softening and geopolitical tensions impacting travel demand.</li></ul>

Indian Hospitality Q1 Results Preview — 'Buy' Lemon Tree, 'Reduce' EIH Lists Yes Securities Among Others

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