Data from STR has shown that by the end of March this year, occupancy rates in hotels in India plummeted as low as 11% during March 23-29.
STR business development manager for South and Central Asia Vidhi Godiawla said: “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.”
Preliminary data shows that throughout March year-over-year occupancy declined by as much as 80%. Other KPIs such as average daily rate (ADR) and revenue per available room also recorded decreases. ADR decreased year over year by approximately 20% or more for eight consecutive days, going as low as INR4,924 (AED236) on March 28. RevPAR on March 22 reached INR537 (AED25), its lowest point for the month.
Godiawla continued: “The story was different in March, especially during the later 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 the short to medium term.”