After two bad years following the global meltdown, the hotel industry has rejuvenated with occupancies reaching pre-crisis levels, Economic Times reported.”Nationwide occupancy in 2010-11 was 68%, which matches the occupancy levels of 2007-08,” it quoted Kaushik Vardharajan, MD of the hospitality industry consulting firm, HVS Consulting & Valuation Services, as saying.Revenue per available room (RevPAR) too has grown – up 10.7% in 2010-11. Nationwide revPAR had dropped by 14% and 11.6% in 2008-09 and 2009-10 respectively. Hoteliers also say that demand for number of room nights grew by 15-30% on an average across the nation, the report said. HVS’s Vardharajan added that he expected revPAR to also grow at 9-10% during the current fiscal year.Most of the big hotel chains including ITC and Indian Hotels Company (Tata’s Taj group of hotels) have reported higher revenues in the fourth quarter ended March 30, 2011 and for the fiscal year 2010-11.EIH’s total revenue was INR11.42 billion compared to INR 9.07 billion n during the previous year. This represents an increase of 26%.Said PRS Oberoi, Chairman of EIH: “We expect the overall outlook for the current Financial Year to be stable with a continuing revival of demand for hotel rooms which began during the last few months.”IHCL said its net profit for the quarter grew 56.7% to INR 93.93 crore. The company attributed this to improvement in occupancies across most key markets driven by improved demand cutting across major customer segments. This began in October 2010, it added. ITC’s hotel’s business grew 17%, the report said.
Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
You can unsubscribe at any time
Close
Sign in
Recover your password.
A password will be e-mailed to you.
- LOGIN / SIGN UP
- NEWS
- MARKETS
- SECTORS
- FEATURES
- Partner articles
- Airlines / Airports
- Car Rental
- Conferences
- Cruising (Ocean)
- Cruising (River)
- Destination Management (DMC)
- GDS / CRS
- Hotels & Resorts
- Hotel Management Company
- Hotel Technology
- HR / Appointments
- Insurance
- Meetings, Incentives, Conferencing, Exhibitions (MICE)
- Travel Agents (all)
- Travel Technology
- Tourism Boards
- Interviews
- Industry appointments
- Travel Bloggers
- Podcasts – Features
- Partner articles
- EVENTS
- JOBS
- TRAVEL GUIDES
- Destination NaJomtien BanAmphur BangSaray *NEW*
- จุดหมายปลายทาง นาจอมเทียน หาดบ้านอำเภอ บางเสร่ *NEW*
- South Australia Reward Wonders *NEW*
- Ponant Yacht Cruises and Expeditions
- Encore Tickets (Chinese Guide)
- Affordable Luxury in Thailand by Centara Hotels
- Rising Above the Oridinary by Conrad Bangkok
- The Best of Thailand
- IWTA SERIES
- IWTA AWARDS
Comments are closed.