The recent neutron scattering data for spin-wave dispersion in HoMnO3 are well-described by an anisotropic Hubbard model on a triangular lattice with a planar (XY) spin anisotropy. Best fit indicates that magnetic excitations in HoMnO3 correspond to the strong-coupling limit $U/t > \sim 15$, with planar exchange energy $J = 4t^{2}/U \simeq 2.5$ meV and planar anisotropy $\Delta U \simeq 0.35 $meV.
