Hospitality Industry Struck by Slowing Economy

The slowing economy has found another victim in the form of hospitality industry with nearly seventy five of the big hotels already putting up ‘for sale’ boards to avoid further losses. Apart from that, several others are raising red flag amidst wilting room rates and falling check-ins. Majority of hotels in India are witnessing half occupancy with GDP growth falling back to five percent levels in this fiscal year. A preliminary report by FHRAI showed that in 2012-13 average hotel occupancy dropped to lowest levels within a decade to 58.3% whereas average room rates dropped to INR 6,214, lowest in 6 years. Read more about Hospitality Industry Struck by Slowing Economy