COVID second wave to adversely impact hotel occupancy rates: ICRA
Hotel occupancy levels sequentially dipped from 45 percent in March 2021 to 32-34 percent in April 2021 and further to about 25-27 percent in May 2021.
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The resurgence of COVID-19 will adversely impact the occupancy rates of India s hotel industry for another two-three months, ratings agency ICRA said.
The pandemic s second wave has plunged the sequential occupancy rates of the industry.
Accordingly, the occupancy rate had sequentially dipped from 45 percent in March 2021 to 32-34 percent in April 2021 and further to about 25-27 percent in May 2021.
The occupancy rate had fallen to lows of 13-15 percent during the first few months of FY2021 and demand was largely limited to Vande Bharat repatriation travelers, medical or other frontline workers, stranded travelers and work-from-hotel guests.
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Covid has created disruption in the semi-urban and rural areas, which were untouched in the first wave. The global commodity prices are also on an upswing