Coronavirus Outbreak: ICRA downgrades Indian hospitality sector from stable to negative outlook; hotel occupancy falls over 40%
4 years, 9 months ago

Coronavirus Outbreak: ICRA downgrades Indian hospitality sector from stable to negative outlook; hotel occupancy falls over 40%

Firstpost  

ICRA expects the travel and tourism industry to witness one of the longest tail periods of impact, potentially running into multiple quarters, following the COVID-19 wave. New Delhi: Rating agency ICRA has revised the outlook on the Indian hospitality sector from stable to negative, following the global spread of COVID-19 pandemic. Since India reported its first coronavirus patient on 30 January, the impact on Indian travel and tourism industry has been severe, more so during March as corporate actions on localised containment was followed by sharp clampdowns by the government on a pan India basis. “Given the scenario, the outlook has been downgraded from stable to negative.” ICRA expects the travel and tourism industry to witness one of the longest tail periods of impact, potentially running into multiple quarters, following the COVID-19 wave.

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History of this topic

India’s organised hotel industry has recovered to pre-pandemic levels: Report
1 year, 9 months ago

India’s organised hotel industry has recovered to pre-pandemic levels: Report

Live Mint  

New Delhi: India’s hospitality industry not only recovered from the pandemic slump but also stayed on the growth path this fiscal year, as per a new report. Demand outlook for the industry is positive, indicating a promising future, said the report by credit ratings agency CareEdge titled, ‘Back on Hospitable Grounds, Hotels Set to Grow in FY24 Despite Uncertainties’.The sector’s …

Trends in tourism amid travel rebound in India, post Covid-19
2 years, 3 months ago

Trends in tourism amid travel rebound in India, post Covid-19

Hindustan Times  

The Covid-19 outbreak caused the global economy to collapse almost immediately and the coronavirus pandemic has presented an unprecedented challenge to the hospitality sector. Over the past two years, disturbances brought on by the spread of Covid-19 have had a substantial impact where many of the tourism properties were vacant due to travel restrictions. Trends in tourism amid travel rebound …

Hotel industry seeks ease in restrictions as COVID-19 cases drop in Mumbai
2 years, 11 months ago

Hotel industry seeks ease in restrictions as COVID-19 cases drop in Mumbai

The Hindu  

As daily new Covid -19 cases continue to drop, the hotel industry wants pre-pandemic timings to be restored in Mumbai. In a letter to both guardian Ministers of Mumbai city and suburbs, Aslam Sheikh and Aaditya Thackeray respectively, the Indian Hotel and Restaurant Association — the apex body of the industry —requested for restoration of dine-in services in restaurants and …

Budget 2022-23 Expectation: Hospitality industry seeks tax relief, better infra and incentives
2 years, 11 months ago

Budget 2022-23 Expectation: Hospitality industry seeks tax relief, better infra and incentives

Firstpost  

The budget for the financial year 2022-2023 is expected to be presented by our finance minister Nirmala Sitharaman on 1 February. As the CEO and co-founder of Ekostay, a homestay venture, my expectations from the budget for the hospitality sector are seeking lower taxes, better infrastructure, and lucrative loan interest-free loan options. The hospitality sector in India has been the …

Despite Covid-19 surge, travel bookings see negligible drop
2 years, 11 months ago

Despite Covid-19 surge, travel bookings see negligible drop

Hindustan Times  

India is seeing a surge in Covid-19 cases, but that hasn’t deterred the spirit of travel enthusiasts. Travel industry insiders also reveal that apart from a few cancellations and postponements, people either want to reschedule the holiday before more restrictions are introduced or want to extend the current break in fear of returning to the city due to surge in …

Concerned Over 'Delta+, Lambda', Kempty Fall-like Cases, India's Top Docs Chart Out Delhi's Covid Plan
3 years, 6 months ago

Concerned Over 'Delta+, Lambda', Kempty Fall-like Cases, India's Top Docs Chart Out Delhi's Covid Plan

News 18  

A meeting of Delhi Disaster Management Authority, headed by LG Anil Baijal, expressed concern over people travelling in large numbers to tourist destinations and violating Covid related guidelines. The overcrowding at tourist destinations were taken note of after pictures and videos surfaced on social media of people flouting Covid-19 norms at Mussoorie’s Kempty and traffic congestion on the way to …

Hospitality sector may see a recovery to pre-covid levels by FY24: Icra
3 years, 6 months ago

Hospitality sector may see a recovery to pre-covid levels by FY24: Icra

Live Mint  

New Delhi: The second wave of coronavirus has pushed back the recovery of India’s hospitality industry further, and the sector may see a return to pre-covid levels only by FY2024, credit rating agency Icra has said. Icra’s sample reported operating profits increasing on a quarter-on-quarter basis for the second consecutive quarter in Q4 FY2021, on the back of improved demand …

As lockdown drags on in Delhi, budget hotels continue to struggle
3 years, 7 months ago

As lockdown drags on in Delhi, budget hotels continue to struggle

India Today  

The Covid-19 pandemic hit India at a time last year when the country’s economy was already in the doldrums. DOUBLE WHAMMY Delhi Hotels and Restaurant Owners Association chairman Sandip Khandelwal told India Today, “The lockdown has not only killed our business, but it has also resulted in the loss of more than 35,000 jobs. Every month, the hospitality industry in …

Coronavirus | Most of India should remain locked down for 6-8 weeks: ICMR chief
3 years, 7 months ago

Coronavirus | Most of India should remain locked down for 6-8 weeks: ICMR chief

The Hindu  

The head of the main Indian health agency responding to the coronavirus has said districts reporting a high number of infections should remain locked down for another six to eight weeks to control the spread of the rampaging disease. That won’t happen in six-eight weeks, clearly,” Dr. Bhargava said in an interview at the New Delhi headquarters of the ICMR, …

Explained: How fresh Covid curbs may be a death knell for hospitality sector
3 years, 9 months ago

Explained: How fresh Covid curbs may be a death knell for hospitality sector

India Today  

It has been less than six months since the struggling hospitality sector found some footing after bearing the brunt of the strict nationwide lockdown for most parts of 2020. A few days ago, the Hotel and Restaurant Association of Western India said the Maharashtra government’s decision to reimpose lockdown-like curbs could be a final blow for many establishments. The Hotel …

Hospitality Industry Calls Latest Covid-19 Curbs in Maha Death Knell For Sector
3 years, 9 months ago

Hospitality Industry Calls Latest Covid-19 Curbs in Maha Death Knell For Sector

News 18  

Members of hospitality industry decided to hold a silent protest outside all hotels and restaurants across Maharashtra against the Uddhav Thackeray-led government’s directive to shut all outlets selling non-essential commodities and services till April 30 amid rise in COVID-19 cases. As part of the government’s ‘Break The Chain’ order, restaurants would have to remain shut completely shut except for take-aways, …

Hospitality blues: Night curfew dampens New Year's cheer for hotels and restaurants
4 years ago

Hospitality blues: Night curfew dampens New Year's cheer for hotels and restaurants

India Today  

As the year draws to an end, many are hoping to step into the New Year with a renewed vigour and enthusiasm. Speaking on how restaurant owners are looking at 2021, AD Singh of the Olive group of restaurants told India Today, "The entire hotel industry was waiting for the lockdown to be over. Atul Bhargava, President Traders’ Association, Connaught …

COVID-19 woes: ICRA downgrades TAGVK Hotels & Resorts
4 years, 3 months ago

COVID-19 woes: ICRA downgrades TAGVK Hotels & Resorts

Business Standard  

: Rating agency ICRA has downgraded TAJGVK Hotels & Resorts Limited long-term loans and short-term credit facilities. In a filing with stock exchanges on Monday, the ICRA downgraded TAJGVK Hotels long-term loans aggregating Rs 165.63 crore and short-term, fund-based limits. The companys earnings would be weak during Q2 FY 2021 and this trend is expected to continue over the next …

Coronavirus has seen hotel occupancy rates plummet, and the solution may be close to home
4 years, 3 months ago

Coronavirus has seen hotel occupancy rates plummet, and the solution may be close to home

ABC  

The Hyatt Regency in Sydney is Australia's biggest hotel, but you wouldn't know it from the vacant foyer. "We had some events that were ready to happen in March and April, so yes we saw immediate impact when those borders closed," says the hotel's general manager, Jane Lyons. A two-speed recovery Matthew Burke, STR's Australian manager, said when the pandemic …

Travel and tourism may lose ₹5 lakh crore: study
4 years, 4 months ago

Travel and tourism may lose ₹5 lakh crore: study

The Hindu  

The Indian travel and tourism industry, one of the worst-impacted sectors by the COVID-19 pandemic, may suffer a loss of ₹5 lakh crore, or $65.6 billion, this year, according to the latest research report from the Confederation of Indian Industry and hospitality consulting firm Hotelivate. “The entire value chain linked to travel and tourism is likely to lose around ₹5 …

Expansion plans of Indian Hotels on track despite covid blues
4 years, 5 months ago

Expansion plans of Indian Hotels on track despite covid blues

Live Mint  

The Indian Hotels Co. Ltd, promoters of the Taj group of hotels, said its expansion plans remain intact despite the covid-19 pandemic. The hotel business has a negative outlook for the year with little hope of a revival, said Madan Sabnavis, chief economist, Care Ratings Ltd. Any company looking at expansion is operating on a medium- to long-term strategy, he …

Can Goa’s Tourism Industry Survive the Coronavirus Pandemic?
4 years, 6 months ago

Can Goa’s Tourism Industry Survive the Coronavirus Pandemic?

The Quint  

That the coronavirus pandemic has wreaked havoc on businesses and industries in India is not news anymore. While the nation is implementing ‘Unlock 1.0’ with varying degrees of leniency, in Goa, there’s still uncertainty about the revival of the tourism industry that the state relies rather heavily on. With more than 700 COVID-19 cases in a small state like Goa, …

For tourism, here is an Incredible India 2.0 plan
4 years, 6 months ago

For tourism, here is an Incredible India 2.0 plan

Hindustan Times  

The coronavirus pandemic has impacted every sector, but perhaps, the travel, tourism and hospitality sectors have been most affected. Last year, it contributed 9.3% to India’s Gross Domestic Product, and received 5.9% of total investments In his Independence Day speech last year, Prime Minister Narendra Modi emphasised the importance of making India a global hub for tourism, urging each citizen …

Coronavirus in India: How life can change after lockdown
4 years, 7 months ago

Coronavirus in India: How life can change after lockdown

India Today  

For about one and a half months, the Centre has halted travel by air, metro rail and inter-state buses across India to slow the spread of coronavirus. Most companies engaged in providing services like air travel, retail, food & beverages and hotels are expected to cut down their offerings in initial months as they follow social distancing norms and slash …

Hotels, hospitality sectors severely hit by COVID-19; India may get increased share of manufacturing, logistics business: Report
4 years, 8 months ago

Hotels, hospitality sectors severely hit by COVID-19; India may get increased share of manufacturing, logistics business: Report

Firstpost  

Industry estimates indicate that in India, branded and organised hotels annual revenue is Rs 38,000 crore, it added. New Delhi: The hotels and hospitality sector in India has declined sharply in the first quarter of 2020, as the COVID-19 outbreak impacts various segments of the sector, according to global real estate consultant JLL. Coming off a high performance base in …

US hotel industry takes massive toll over COVID-19
4 years, 8 months ago

US hotel industry takes massive toll over COVID-19

China Daily  

Hilton Midtown hotel is seen on 52nd street following the outbreak of coronavirus disease, in New York City, US, on March 18, 2020. According to the US analysis company STR, the hotel industry in the US is projected to report a 50.6 percent decline in revenue per available room in 2020, due to the impact from the COVID-19 pandemic. A …

Disastrous impact on hospitality sector, govt support needed: Industry on lockdown
4 years, 8 months ago

Disastrous impact on hospitality sector, govt support needed: Industry on lockdown

India TV News  

Lockdown is the only way to contain the coronavirus from spreading and almost all the entire world is now reeling under COVID-19 impact with new cases, deaths being reported every other day. "Ideally government should have done a 12-month moratorium and said the amount you are not paying in these 12 months shall be added in the debt," Keswani said. …

COVID-19 | Post-pandemic, India’s tourism sector stares at 70% job loss
4 years, 8 months ago

COVID-19 | Post-pandemic, India’s tourism sector stares at 70% job loss

The Hindu  

Indian tourism and hospitality sector, which is badly hit by COVID-19, is staring at a potential job loss of around 38 million, which is around 70% of the total workforce, leading accounting and audit firm KPMG says. Questions of survival The sector faces questions around its very survival and many believe this crisis is a greater threat than the earlier …

Coronavirus Outbreak: Which sectors will bounce back, which will take time post-lockdown, experts weigh in
4 years, 8 months ago

Coronavirus Outbreak: Which sectors will bounce back, which will take time post-lockdown, experts weigh in

Firstpost  

Sectors that depend on people’s behaviour would take the longest time to recover after the end of the lockdown period, while those curbed by the government to contain the spread of coronavirus are set for a bounce-back immediately after the restrictions are removed, say experts Bengaluru: Sectors that depend on people’s behaviour would take the longest time to recover after …

50 lakh restaurants urged to shut shop amid COVID-19 pandemic
4 years, 9 months ago

50 lakh restaurants urged to shut shop amid COVID-19 pandemic

India TV News  

The National Restaurant Association of India has sent out an advisory to its members to shut down the operations of their restaurants till March 31, 2020 or till such time when there are no new coronavirus cases reported for a few days. In a statement, the restaurant body has said that although the decision entails major financial impact, but temporarily …

New Travel Restrictions on COVID-19 Leave India’s Tourism Reeling
4 years, 9 months ago

New Travel Restrictions on COVID-19 Leave India’s Tourism Reeling

The Quint  

All within 24 hours, India barred the entry of foreigners for a little more than a month, it put on hold the visa-free facility granted to Overseas Citizen of India cardholders, it closed its border with neighbouring Myanmar and advised its citizens to avoid non-essential travel. Besides tightening travel restrictions, India has put in place mandatory screening for all travellers …

Iconic tourist spots in India see decline in footfall as positive coronavirus cases rise
4 years, 10 months ago

Iconic tourist spots in India see decline in footfall as positive coronavirus cases rise

Hindustan Times  

The rise in positive coronavirus cases in the country, and an increase in cases around the world, has started to impact the Indian tourism industry, with a drop in footfall at some iconic locations and cancellations at hotels over the past week. Union health minister Harsh Vardhan on Wednesday said that there were 28 coronavirus cases in India, including the …

Cancelled tickets, low business: How coronavirus killed Spring 2020 travel
4 years, 10 months ago

Cancelled tickets, low business: How coronavirus killed Spring 2020 travel

India Today  

Coronavirus or COVID-19, the deadly virus, has claimed over 2,700 lives and has spread to over 40 countries as we write this. For the travel industry, the coronavirus outbreak couldn't have come at a worse time. India Today Digital spoke to a few people from the travel industry to know about the impact of coronavirus outbreak on travel plans and …

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