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Distressed hotels pin hopes on travel revival
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Mid-market hospitality player Lords Hotels & Resorts was bullish on its new management contract property in South Goa that had opened in October 2019. Just as the 110-room property was beginning to get a foothold on Varca Beach, the pandemic struck.
(This story originally appeared in on Jun 28, 2021)NEW DELHI: Mid-market hospitality player Lords Hotels & Resorts was bullish on its new management contract property in South Goa that had opened in October 2019. Just as the 110-room property was beginning to get a foothold on Varca Beach, the pandemic struck.
“The owner (of this property) could not reopen it after lockdown. The monthly electricity bill alone was in lakhs and he decided to shut shop permanently,” Lords’ senior VP (operations) Rishi Puri told TOI.
Hotel occupancy falls 31% in January
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Industry insiders said after the year-end frenzy in December,the performance of the Indian hotels sector was relatively subdued and grew marginally in January from the previous month.
ET Bureau
New Delhi: The occupancy rate for India s hotels in the first month of 2021 was 29-31% lower compared with a year earlier, according to hospitality consultancy HVS Anarock.
Industry insiders said after the year-end frenzy in December,the performance of the Indian hotels sector was relatively subdued and grew marginally in January from the previous month. But they estimate February to be a better month operationally for the sector, with occupancy levels possibly breaching the 50% mark for the first time since February last year.