Hotel occupancy rates to take a hit for 2-3 months more: ICRA

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Hotel occupancy rates to take a hit for 2-3 months more: ICRA

Sunday, 06 June 2021 | IANS | iNew Delhi

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 per cent in March 2021 to 32-34 per cent in April 2021 and further to about 25-27 per cent in May 2021. The occupancy rate had fallen to lows of 13-15 per cent 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.

After hotels reopened gradually from Q2 FY2021, demand came from staycations, drive-to-leisure and wedding ‘Meetings, Incentives, Conferences, and Exhibitions’  and occupancies inched closer to 50 per cent in Q4 FY2021 providing a healthy dose of optimism to the industry.

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