Expect to see pre-pandemic occupancy levels in 2022: HVS ANAROCK
ICICI Securities has reiterated a buy rating on Indian Hotels and Lemon Tree Hotels -it expects leisure demand to remain strong and business travel to pick up.
According to a recent report by HVS ANAROCK on the hospitality sector, the industry is likely to see occupancy returning to pre-pandemic levels of over 60 percent sometime in 2022 itself, or by the end of the financial year.
“All indicators seem to tell us that the industry is bouncing back and we do envisage that by the end of this year or by Q3FY23, we do see occupancy level returning back to pre-pandemic levels and rates catching up soon after that,” said Mandeep Lamba, President-South Asia of HVS ANAROCK.
Last year was a very good year compared to how badly the sector was hit by the pandemic when it first started in the year 2020, he said.
According to him, the sector has witnessed a great recovery. HVS ANAROCK ended the year at an all-India occupancy of about 45 percent, which was up 11 percent from the previous year but still down by about 22 percent from the pre-pandemic times, he said.
Adhidev Chattopadhyay of ICICI Securities also shared his outlook for the sector at large.
ICICI Securities has reiterated a buy rating on Indian Hotels and Lemon Tree Hotels. It expects leisure demand to remain strong and business travel to pick up.
For the entire discussion, watch the accompanying video.
Catch all stock market updates here
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Phase five Lok Sabha polls: Rae Bareli, Amethi among 14 UP seats going to polls on Monday
May 19, 2024 1:03 PM
AAP protest walk: Arvind Kejriwal challenges BJP to arrest entire party, Delhi Police imposes Section 144
May 19, 2024 12:26 PM
Terror attacks in Kashmir raise concerns ahead of May 20 and May 25 election
May 19, 2024 12:15 PM