Hoteliers facing tough time
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According to the sources saying @ the www.propertykhazana.com, hospitality industry was to experience revenue cataclysm cost of Rs. 4,500 Crores because of economic downturn and Mumbai terror attacks. Hotel industry had closed with its earnings of about Rs. 13,900 Crores down for about Rs. 17,750 Crores. Residence levels had fallen by 10-15% across top 11 cities and in the six month, Delhi and Mumbai had recorded fall of 10-15% and the average was at 65%. But in three months it witnessed more fall and residence in Delhi, Goa, Hyderabad and Mumbai had come down to 55%.
This tendency might carry on and all-India middling residence level was at 64.5% and was expected to drop to 58% by the end of the year.
Executive Director of HVS India said to www.propertykhazana.com that, “The reverberation of the last couple of years looks like it has been X-out in previous 3-4 months. Revenues, inhabitances are flailing and we think that no hotel will be able to hike rates.” The average room rate (ARRS) in Delhi, which was Rs. 12,500, is now below to Rs. 10,300. Likewise, hotel room in Mumbai, which was costing Rs. 12,800, has now dropped to Rs. 10,200.
Since couple of months, ARRs in Bengaluru has dropped to Rs. 10,300, Hyderabad Rs. 6,780 and Calcutta Rs. 6,000. By giving the reason for slump in inhabitances, E&Y Associate Director (Infrastructure & Realty) said to www.propertykhazana.com that, “Foreign impression have badly impacted owing to the economic downturn, even Corporate’s have fissured travel rates and with acceleration corporate travelers are staying at company guesthouses gazing at day travel and canter stay at hotels.”
Source: NBTVLIVE
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