Tourism Breaking News
The Indian hotels sector has come to a standstill in the last one month, with most of the hotels partially or completely shut. HVS has revised previous estimates of the overall revenue loss that the industry will face in 2020. The overall revenue of the Indian hotels sector is expected to decline by approximately INR 90,000 cr in 2020, reflecting an erosion of 57% compared to last year. RevPARs in the organized segment are expected to decline by approximately 58%. Occupancy is expected to decline by 31.6 per cent.
In the organised sector the loss is expected to be INR 40,309 cr; in the semi organised sector the loss is expected to be INR 8,379 cr and in the unorganised sector it is expected to be INR 41,126 cr. The source for the above data is HVS Research as on 17 April 2020. The industry has not witnessed such an unprecedented decline in RevPARs in the last 2 decades, since HVS has been recording this data. The unorganised segment, which is 10 times the size of the organized segment, is also anticipated to witness a similar quantum of decline. COVID-19 is a disruption that nobody anticipated, but it is now time to use the learnings from this disruption and plan for the new realities beyond COVD-19
