Indian chain affiliated hotels lost a huge Rs 8,000 crore in incomes between March to June this year. These losses could rise by 180% to 200% if independent hotels are included.
According to STR Horwath HTL's H1 2020 India Hotel Market Review report, the revenue loss estimates are based only on hotels linked with industry tracker STR.
The report said that 2019 was the best performing year in the past decade for hotels in Indian, while 2020 has been the worst in living memory.
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 reduced to 41,000 in March, 9,000 in April, 12,000 in May and 21,000 in June this year.
As per the report, several hotels have provisionally closed down, while others have significantly sized down operations.