Page 4 - Hospitality Sector

Covid-19 fallout: Hotel industry revenue likely to slip by Rs 90,000 cr

Given the evolving scenario, the consultants said they have revised earlier estimates of the overall revenue loss that the industry would face in 2020

Covid-19 impact: Travel, hospitality stare at revenue loss of Rs 5 trillion

With 40 million jobs at risk, the industry has sought a bailout package

Story in numbers: Lockdown pushes tourism, hospitality to brink of collapse

Thus, foreign tourist arrivals in India, which saw a 9% decline in February 2020 (1.02 million) over January (1.12 million), and a 7% fall from February 2019 (1.09 million), further plummeted in March

India Inc grapples with rising rating downgrades, revisions in outlook

Domestic rating agency CARE revised outlook on rating for Tata group-owned Indian Hotels Company Ltd from "stable" to 'negative'

Coronavirus spread: Banks' exposure to travel, hospitality sectors at risk

65 listed firms in travel and tourism sector had Rs 30,500-cr outstanding loans in Sept

Govt evaluating cash transfer scheme to reduce coronavirus impact

Given the nature of cash transfer plans, the govt would need large revenues and may have turn a blind eye to the fiscal deficit

30.8 mn in tourism, hospitality may lose jobs because of coronavirus

The coronavirus impact could render 3.8 crore people jobless, which is around 70 per cent of the total workforce in the tourism and hospitality sector, according to a grouping. The Federation of Associations in Indian Tourism & Hospitality (FAITH) also said there should be a support fund for twelve months to support basic salaries with "direct transfer" to the affected tourism employees. "As a result of this pandemic, Indian tourism industry is looking at pan India bankruptcies, closure of businesses and mass unemployment," FAITH said in a letter to Prime Minister Narendra Modi. It is believed that around 70 per cent out of a total 5.5 crore workforce could get unemployed, which is around 3.8 crore people. This effect of job losses and layoffs has already begun throughout the country, it added. The figure is for direct as well as indirect jobs. "A large percentage of total tourism business activity of India, which is estimated at USD 28 billion+ in forex and upwards of Rs 2 lakh .

Bengaluru realtor Brigade in talks for strategic investment in hospitality

While Brigade plans to ramp up the number of operating keys in its hospitality business from 1,350 to 2,000 in 24-30 months, it is also looking to add keys beyond 2,000 in the longer run

OYO to expand footprint in Bihar, create 700 new jobs in next six months

OYO's presence in Bihar includes 28 cities including Patna, Bodhgaya, Muzaffarpur, Purnea and Bhagalpur

How unbranded hotels are hitching a ride on branded ones for growth

Known as conversion, this trend is catching up in India's hospitality market as asset owners are looking at optimal utilisation levels and a brand recall

A Brookfield-Leelaventure deal to attract more such check-ins, say analysts

Branded hotels in India reported a nationwide occupancy of 66.6% in 2017-18, the highest in a decade, according to a report

Why 95% of India's skilled women get job offers, but don't accept it

Earlier, the girls would study till grade VII and then be married off. Now they have a choice

Hospitality chain AccorHotels bullish on UP, to expand footprint in state

Group already has hotels in Noida, Lucknow, is scouting for properties in PM Modi's Varanasi

2017 will prove to be a good year for Indian hotels, budget hospitality

Budget and mid-scale represent the major growth opportunities for lodging in India