Hard-hit hotel industry expected to touch pre-Covid levels in next 2-3 years : ICRA
January 12, 2021
Revenue per available room declined 80% cent during the first eight months of FY21 The domestic hospitality industry is expected to witness a 70-75 per cent decline in revenue per available room (RevPAR) pan-India in FY2021.The industry has been one of the worst hit by the Covid-19 pandemic and the subsequent lockdowns.
According to estimates by ICRA, in the first eight months of FY2020-21, pan-India occupancy hit an all-time-low of 18-20 per cent, down from 64-65 per cent in the previous year. While the average room rates were discounted by 35-40 per cent, RevPAR declined by about 80 per cent during this period.