Covid-19: Delhi Hotels' Revenues Declined 44.3% During Jan-Jul, Says JLL
Delhi saw a year-on-year decline of 44.3 per cent in revenue per available room (RevPAR) in the hotel sector between January and July, property consultant JLL India said on Friday.
However, this decline is the most modest decline when compared to all other major cities in India, it added.
"During the lockdown months between April and June, many hotels in Delhi served as quarantine and medical staff housing facilities," JLL India Hotels and Hospitality Group said in a statement.
The city is among the first key markets to bring the COVID-19 situation under control with a high recovery rate, JLL India said. Delhi has gradually opened its borders to facilitate business travel movement from the neighbouring cities of Gurugram and Noida, it added.
"Delhi's hotel demand is driven by corporate business travel, the government- and judiciary-linked travel and leisure segment travel," JLL Hotels and Hospitality Group (India) MD Jaideep Dang said.
He said that out of these, government-, judiciary- and administration-linked travel will likely come back soon followed by business-critical travel. Leisure travel is not going to come back in the next couple of years, he added.
Delhi has always been a strong hospitality market and hotel owners expect a faster recovery in comparison to other major cities, JLL India said.
"There are few high-ticket hotel assets on sale in the city. But, we do not expect distress sales in the market yet, since most owners are having strong balance sheets and are optimistic about the sector's recovery," it added.
In the post-COVID-19 world, Delhi's hotels market is expected to recover at a faster pace as compared to other key markets,JLL India said.
The hotels in and around the airport are expected to see a faster recovery as compared to the inner-city hotels with large banqueting and meeting spaces, it said. The property consultant added that it is because MICE (meetings, incentives, conferencing and exhibitions) demand will take more time to recover and come back to its pre-COVID-19 times.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Titi Coles Legacy In Finance: Pioneering Diversity And Leadership
Titi Cole, one of the most senior Black women in the world of finance, recently exited her high-profile role at Citi. He... Read more
Rising Rates, Rising Challenges: Bankers Adapt To Serve Troubled Companies In A Changing Economic Landscape
As interest rates climb, troubled companies are facing heightened financial pressures, prompting them to seek assistance... Read more
The Elusive Nature Of Fraud Detection: Exploring The Auditor's Dilemma
In the intricate world of financial reporting, auditors serve as guardians of integrity, tasked with uncovering discrepa... Read more
The Battle For Depositors: US Lenders Ramp Up Efforts Amidst Rate Uncertainty
In the competitive landscape of the US banking sector, retaining depositors is paramount for lenders seeking to maintain... Read more
Beyond Capital: Unveiling The Complexities Of Bank Failure Prediction
In the realm of banking, the ability to predict and prevent failures is paramount for financial stability and consumer c... Read more
Central Banks And The Economic Horizon: Steering Through Uncertaintie
In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more