The Hospitality industry of India has witnessed decline of 52.8 per cent in Revenue Per Available Room (RevPAR) during the period of January to September 2020 due to the impact of Covid-19 pandemic, said JLL report.
The brand signings declined by 19 per cent in Q3 2020 over Q3 2019 in inventory volume. However the industry got greater number of keys signed by international operators than domestic ones, states JLL's Hotel Momentum India (HMI) Q3 2020.
Earlier, all key 11 markets in India had 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.
"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", says Jaideep Dang, Managing Director, Hotels & Hospitality Group (India), JLL.
