The hospitality industry severely impacted in the last two years due to Covid-led restrictions is quite hopeful of seeing a turnaround in its fortune during the current fiscal. Strong demand due to an increase in corporate travel resulted in a recovery in business destinations. Aided by leisure, transient passengers meetings, incentives, conferences and exhibitions (MICE), weddings, and a gradual pick-up in business travel and foreign tourist arrivals have resulted in sharper demand recovery than expected.  Also, the resumption of air travel has lifted the fortunes of the hospitality sector, with check-ins by business travelers rising, and conferences and exhibitions making a comeback. Financial metrics – Revenue Per Available Room (RevPAR), Average Room Rates (ARR), and occupancy – for hotels are rising significantly. Pan-India premium hotel occupancy, for FY23, is expected to be at 68-70%, and average room rates (ARR) at Rs 5,600-5,800.