Hotel sector revenues drop 53% in first 9 months of 2020
New Delhi: The hotel sector in the country saw 53 percent fall in Revenue Per Available Room (RevPAR) in the first nine months of the current year as compared to the same time period last year mainly on account of the pandemic.
Mumbai again emerged as the RevPAR leader in absolute terms. However, the city saw 71 percent fall in RevPAR in Q3 2020 as compared to Q3 2019.
Bengaluru witnessed sharpest drop in RevPAR in Q3 2020. The IT capital of the country saw fall of 88 percent drop in RevPAR this year as compared to the corresponding quarter of 2019, according to a report by JLL.
The inventory volume and brand signings fell 19 percent in Q3 2020 as compared Q3 2019. The international operators, however, signed more keys than the domestic players. The global operators had an edge over domestic players in the ratio 53:47 in terms of inventory volume.
“Investors are taking interest in exploring operational hotel opportunities both in business and in leisure locations. With the phased unlocking of the economy in the third quarter of 2020, we are witnessing gradual growth in demand particularly in leisure market with weekend occupancy spikes”, said Jaideep Dang, MD, Hotels & Hospitality Group (India), JLL.