TRENDS| Hotel biz in 30% slump

The country’s hotel industry is staring at a $2 billion shortfall in revenues in the current fiscal – that’s about 30 per cent below the previous year – as India copes with a double whammy of terror attacks and a global economic downturn.

story continues below>>



They say inbound traffic of overseas visitors dropped by 10 to 18 per cent in the January-March quarter. “Occupancy levels for our group have shown a decrease of 10-15 per cent, mostly as a result of the global economic downturn and post 26/11,” said Jyotsna Suri, CMD at The Lalit Suri Hospitality Group. “Even though the situation is stabilising, we expect decline of 6-8 per cent in 2009-10.” “Losses are huge and both our revenue and occupancy declined at least 20 per cent and bookings for the upcoming winter season do not look great as of now,” said Anil Madhok, MD, Sarovar Hotels and Resorts Ltd.

Editor | How is your hotel/company doing vis-a-vis last year? Leave your comments



Ruchi Hajela, Hindustan Times