The hospitality sector in India has taken a deep hit due to the outbreak of the deadly virus. It is expected that the entire hospitality sector in India will face revenue losses of $6 billion to $14 billion. The estimated loss is based on the reports of consulting major Hotelivate. As per the webinar organised by BusinessLine Knowledge series, which focused on the hospitality sector, the entire sector will witness an evolution in customers. Apart from this, the occupancy in hotels will be a maximum of 30% in this fiscal year.
Indian Hospitality Sector Will Undergo Various Changes
The Indian hospitality sector will witness evolution in customers in the near future. The entire industry will have to tap multiple revenue opportunities and change the way of serving customers with better efficiency. Rattan KeSwani, who is the Deputy MD of Lemon Tree Hotels, stated that the entire hotel industry would have 30% occupancy in this fiscal year. He also stated that the recovery of the hospitality sector would depend on the safety and comfort zone of customers. If the customers will plan formal or informal trips and start to fly, the occupancy of the sector will increase in future.
Room Revenue is the Core Earning of Hotel Industry
JB Singh, who is the President and CEO of Interglobe Hotels, marked that room revenue will be the core earning of the hotel industry. He also stated that the industry would go through a de-constructing process and add changes to it. Apart from this, the hospitality sector will have to create supplies since the demand has reduced drastically because of lockdown and continuous spread of the deadly virus. The entire industry will expect the market to flourish again in the next two years, and all the players will have to adopt saving measures.
Dilip Puri, who is the founder of the Indian School of Hospitality and Former MD of Starwood Hotels and Resorts, South Asia stated that careers in the hospitality sector would be lucrative in future. All the persons who will get in the hospitality sector in the current scenario are in a better position as they will be equipped with advance learning and skills which will be in demand in future.