What will happen to Graduating Hotel Students – India’s hotels lost Rs 8,000 crore in 2 months. As per STR Horwath HTL’s H1 2020 India Hotel Market Review report, Indian chain affiliated hotels lost a staggering Rs 8,000 crore in revenues between March to June this year and these losses could increase by 180% to 200% if independent hotels are included.
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What will happen to Graduating Hotel Students – India’s hotels lost Rs 8,000 crore in 2 months
As per the report, the revenue loss estimates are based only on hotels participating with industry tracker STR (mostly chain affiliated hotels).
In H1 2019, occupancies were 66.4%, whereas it was 38.3% on H1 2020. Revenue per available room (RevPAR) in quarter two was Rs 539 this year compared to Rs 3400 in quarter two of last year. In H1 2020, RevPAR was Rs 2200 compared to Rs 3900 in H1 2019.
Hotels in India sold 89,000 rooms per day in March and April 2019, and 85,000 and 88,000 rooms in May and June last year. The numbers shrank to 41,000 in March, 9,000 in April, 12,000 in May and 21,000 in June this year.
Around 89,000 rooms were sold per day in March and April 2019 and 85,000 and 88,000 rooms in May and June 2019. But this year, the numbers are 41,000, 9000, 12,000 adn 21,000 for March, April, May and June.
While most have scaled down their operations, several hotels have been closed down temporarily, the report stated.
As per the report, F&B and other operating revenue decline in the period from March through end June is estimated at Rs 3200 crore.
“F&B and banqueting have been devastated during the lockdown period. The summer wedding season vanished. Conferencing and events demand disappeared, and F&B spends from leisure and entertainment have yet to reappear as governments disallow normal functioning of restaurants and bars,” the report stated.
STR and Horwath HTL stated in the report that there should also be significant concern about what happens to the large number of employees and graduating hotel students who are and will be stranded job-less because the industry faces multiple closures, lack of resources and cancellation of new projects.