Representative Image
Representative Image

NEW DELHI: India's hotel industry is estimated to face a whopping business loss of Rs 90,000 crore during this calendar year, as all hotels are closed due to nationwide lockdown to control coronavirus disease, according to a report by HVS and Anarock.

"Occupancies across hotels in key cities witnessed a sharp decline, as travel restrictions intensified and India went into lockdown towards the end of March 2020," HVS-Anarock said in a newsletter. Given the evolving scenario, the consultants said they have revised earlier estimates of the overall revenue loss that the industry would face in 2020.

"We expect the overall revenue of the Indian hotel sector to decline by approximately Rs 90,000 crore in 2020, reflecting an erosion of 57% compared to last year," the newsletter said.

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Free Press Journal