Distressed hotels pin hopes on travel revival
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Mid-market hospitality player Lords Hotels & Resorts was bullish on its new management contract property in South Goa that had opened in October 2019. Just as the 110-room property was beginning to get a foothold on Varca Beach, the pandemic struck.
(This story originally appeared in on Jun 28, 2021)NEW DELHI: Mid-market hospitality player Lords Hotels & Resorts was bullish on its new management contract property in South Goa that had opened in October 2019. Just as the 110-room property was beginning to get a foothold on Varca Beach, the pandemic struck.
“The owner (of this property) could not reopen it after lockdown. The monthly electricity bill alone was in lakhs and he decided to shut shop permanently,” Lords’ senior VP (operations) Rishi Puri told TOI.
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You may have to wait longer to dine out
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A recovery for the sector is unlikely till the time most people are completely vaccinated because the pandemic was more devastating for families this time and would have made people hesitant and fearful of venturing out, industry insiders said.
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Anurag Katriar, president of National Restaurant Association of India (NRAI), does not expect normalcy anytime soon considering the impact on lives.
The second wave of Covid-19 has hit the restaurant industry much harder than the first and about half the outlets may not remain closed even as many states have started easing lockdowns with fresh Covid-19 cases on the decline, industry insiders said.