With the Travel Restrictions Uplifted, Indian Hotels to Reach the 2019 Occupancy Levels by the Last Quarter of 2021
shortby Article at Adotrip.com Updated on: 05-Nov-2020
According to a report by Noesis Capital Advisors and Ngage Hospitality, India’s hospitality industry witnessed one of the lowest-performing years due to the whole COVID situation in 2020, in fact, it has been the lowest in the entire decade.
According to the said report, the room rates for hotels will only be able to reach the levels as that of 2019 by the last quarter of the fiscal year 2021. And keeping in mind that the people are ready to pay even an additional sum of about 15-20% for a safe vacation, the hoteliers have been tying up with branded chains to capture the market demand.
The report also suggests that the overall demand for the staycations and weekend getaways is expected to pick up pace over the next two quarters due to several factors in place, one of them being the ‘work from home’ approach of the people in the entire corporate sector.