Hotel industry will come back with boon or execration !

                  Change in Hotel industry due to COVID-19

Lock down has had disastrous impact on hospitality sector. Even before the lock down hotel industry was going through period of change, the new phase would be much difficult than 2008 financial crises and terror attack which got directly impacted on travel and hotel industry, with sources of information  approx 9000 cr loss in hospitality industry. Lock down has brought industry to standstill, with occupancy overall declining by more than half in march 20 comparing to the last year. Revenue per available room resulting decline of  approx 29 percent from February, maximum hit for ARR was seen in Bangalore by 28.5 percent followed by Delhi and Mumbai by 20 percent. Glance of travel decline started in mid February 'On back of halted travel, pressure on hotel occupancies will be felt through the year.           

Need support from government

Globally, many countries have already announced various packages for the hospitality sector, given its importance to their economies. Singapore, for example has waived license fees for hotels for the rest of the year. Canada has offered a liquidity program options for hotels with deferred income tax payments for six months. Similarly Indian's hospitality sector also needs urgent intervention from policymakers and regulation at multiple levels. India hospitality industry contributes approx 9.2 percent of the GDP and according to the ministry of tourism annual report 8.7 cr people were employed before COVID-19 attack.

How to strike back 

Undoubtedly, the hardest harmed industry hospitality and tourism which are interdependent on each other, hotels predict the following months might be tough for the industry for no define.

• Focus on changes in customer experience due to uncertainty of the changes in customer needs after the pandemic hotels needs to review their existing service offerings so as to adapt the changes in their experience.

• Focus on the switch in consumer perceptions response to this change in consumer thinking, which will be more impacted on their diet structure and concepts instead of varieties they will pay more to attention of the safety.

• Focus on quality asset management now hotels should do business with livable growth model after the pandemic over not only the focus on competitors but more importantly into featuring customer needs.