SINGAPORE, 6 April 2020: Covid-19 concerns and restrictions have intensified in India as the country’s daily hotel occupancy dropped to 11% from 23 to 29 March, according to preliminary data from STR.
“India remained resilient in February—in comparison with other APAC markets that were more deeply affected—thanks largely to robust domestic demand coupled with the low number of Covid-19 cases in the country at that time,” said STR’s business development manager for South and Central Asia, Vidhi Godiawla.
“The story was different in March, especially during the latter portion of the month with year-over-year occupancy declines in excess of 80% for the last nine days we have processed.
These declines are consistent with the significant measures taken by Prime Minister Modi to combat the spread of the virus, and the extent of these measures will determine the hotel performance impact in short to medium term.”
Along with a steep downward trend in occupancy, average daily rate (ADR) and revenue per available room (RevPAR) have also dropped significantly in India.
ADR, which has decreased year over year by roughly 20% or more for eight consecutive days, went as low as INR4,924.18 on 28 March. RevPAR reached its lowest absolute level (INR537.54) on 22 March.
(Source: STR)
