COVID-19 impact: Hospitality sector's revenue loss estimated at almost Rs 90,000 crore in 2020
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The COVID-19 pandemic has taken a severe hit on the revenues of the Indian hospitality sector – organized, semi-organized and unorganized. The total revenue loss for the sector in 2020 is estimated at Rs 89,813 crore as against total estimated revenue of Rs 1,58,113 crore in 2019, a report said.
Of this, the revenue loss for organized players is seen at Rs 40,309 crore, semi-organized at Rs 8,379 crore, and unorganized at Rs 41,126 crore.
“The markets were set on a path to recover the grounds lost due to the past disruptive events and supply overhang as the year 2020 started on a positive note with strong performances in the first two months. The onset of COVID-19 and the subsequent travel restrictions and nation-wide lockdown, however, has had an unprecedented impact on the sector,” a report by HVS India and ANAROCK said.
The occupancy rate in 2020 is likely to fall 31.6 percent while Revenue Per Available Room (RevPAR) down by 57.8 percent.
