Hotel stocks are in the spotlight, reaching new highs on the stock market, driven by upcoming events, such a the G20 Summit, ICC Men’s Cricket World Cup, and the wedding season. The outlook for the stocks remains strong, despite a weak second quarter due to the monsoon.
Analysts said the recovery in international tourist arrivals to pre-covid levels will boost demand. The Indian Hotels stock scaled a 52-week high on Thursday, while EIH Ltd, Lemon Tree Hotels Ltd, and Chalet Hotels Ltd are also trading near their 52-week highs for the last one week. Most hotel stocks, including ITC Ltd, have gained 13-50% in the past six months.
“As we move into the festive season, the demand outlook for chain-affiliated hotels looks strong on the back of buoyant domestic demand, significantly high foreign tourist arrivals due to one-time events (G20 Summit and ICC World Cup) and the forthcoming wedding season" said analysts at JM Financials Institutional Securities.
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