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Our optimism on the hospitality sector, supported by the recent anecdotal evidence in July-September 2021, is in sync with the expert opinion we received in the recently attended zoom call hosted by ICRA with the management of The Indian Hotels Company Ltd. and Chalet Hotels Ltd.
The speakers stated that though demand is led by leisure (staycations, workations, weddings etc.), there is evidence of resumption of corporate travel and meetings, incentives, conference/ conventions and exhibitions/ events too (jewellery show in Bengaluru).
However, resumption of foreign travel will take time to revive in spite of the recent press reports indicating opening up India to foreign guests.
Given the strong spurt in demand, the occupancy level has reached more than 50% in July-September 2021 in most cities.
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