Indian hotel industry plunges 18.5% in RevPAR in Q1 2020: report




Indian hotel industry plunges 18.5% in RevPAR in Q1 2020: report







OutlookIndia.com

1970-01-01T05: 30: 00 + 0530

Indian hotel industry plunges 18.5% in RevPAR in Q1 2020: report

New Delhi, May 13 (IANSlife) India’s hotel industry fell 18.5% in revenue per available room (RevPAR) in the first quarter of 2020, according to a report.

According to JLL’s Hotel Momentum India (HMI) Q1 2020, the top 11 Indian markets – Ahmedabad, Bengaluru, Chennai, Delhi, Goa, Gurugram, Hyderabad, Jaipur, Kolkata, Mumbai and Pune – saw a drop in RevPAR. in the first quarter of 2020, compared to the same period last year.

Bengaluru experienced the largest decline with a RevPAR of 28.5%, compared to the same period of the previous year. Mumbai registered 20% in the first quarter of 2020 compared to the first quarter of 2019. Hyderabad saw a decrease in RevPAR of 13.6%, Ahmedabad and Pune saw a decrease of 13.2% and 13.4%, respectively, in during this quarter.

The COVID-19 epidemic and the containment measures introduced by the government have led to a sharp decline in foreign and domestic travel, in the business and leisure travel segments.

In terms of development, the signings of new hotel brands fell by 10% in the first quarter of 2020 year on year. Among hotel operators, Indian hotel companies signed more keys than their international counterparts, increasing the share from 40 to 59% of total signatures.

“Domestic hotel operators have dominated signings over international operators with a 59:41 ratio, in terms of inventory volume. Most of these signings took place in January and February 2020 and many of them will fail. from 2019. It is also important to note that 23% of these new signings are conversions from old hotels, ”the report says.

Jaideep Dang, Managing Director, Hotels & Hospitality Group (India), JLL commented: “Glimpses of the decline in travel began at the end of February, and in March the writing was on the wall that hotels would face their test on more difficult since the global financial crisis. The high performance of the hospitality industry in 2019 was followed by a positive start in January 2020, but the scenario would change dramatically in the past two months. Following the cessation of travel, the pressure on hotel occupancy will be felt throughout the year. “

–IANS

pg / rt


Warning :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: IANS



Christina A. Kroll