Occupancy fall among steepest for Indian hotels
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Key Take Away
As per hospitality consultancy HVS Anarock’s Hotels & Hospitality Overview, occupancies in India declined 81% in April from a year earlier. HVS is estimating a similar decline for May as well.
In the US, occupancies during April shrank almost 64% while for the UK, the decline was 71.3% as per HVS and STR data. For China and Singapore, occupancies during the same period declined by 48.7% and 29.2% respectively.
In a note on May 27, investment information and credit rating agency ICRA said demand had declined to the lowest levels the industry had ever witnessed in India during the extended lockdown, and that it was clear that it was the biggest crisis faced by the sector.
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