Chennai: India’s hospitality industry has witnessed decline of 52.8 per cent in Revenue Per Available Room (RevPAR) during January to September (YTD Sept) 2020 over the same period last year due to the impact of Covid-19 pandemic.
Overall, in inventory volume, the brand signings declined by 19 per cent in Q3 2020 over Q3 2019, however international operators signed a greater number of keys than domestic ones, said JLL’s Hotel Momentum India (HMI) Q3 2020, a quarterly hospitality sector monitor.
All key 11 markets in India reported a decrease in RevPAR Performance in Q3 2020 over the same period last year. Mumbai continues to be the RevPAR leader in absolute terms, despite the decline of RevPAR by 71.7 per cent in Q3 2020 compared to Q3 2019 whereas Bengaluru saw the sharpest decline in RevPAR in Q3 2020, with 88.1 per cent decline compared to the same period in the previous year.
According to the findings of HMI Q3 2020, international operators dominated signings over domestic operators with the ratio of 53:47 in terms of inventory volume. Demand in leisure destinations began seeing weekend occupancy spikes as the lockdown restrictions were further lifted in August.
Other cities such as Pune (86.2 per cent), Kolkata (82.6 per cent) and Goa (78.8 per cent) also witnessed sharp declines in RevPAR.
From housing section
Anshuman Magazine, Chairman and CEO, CBRE India, South East Asia, Middle East and Africa has welcomed the measures announced today by the government towards boosting demand and strengthening the economy.
“The announcement of additional outlay of Rs 18,000 crore for PM Awaas Yojana (urban) is a step in the right direction towards fulfilling the vision of housing for all, which will lead to generating employment along with supporting other industries, having a multiplier effect on the economy,” he said.