8 Feb 2022 , 10:33 AM
The next two quarters are expected to witness growth in airline and rail travel and provide impetus to hotel performances as the current wave subsides. The domestic segment will continue to drive demand for both corporate and leisure travel. As restrictions against social gatherings ease, the social MICE (Meetings Incentives, Conferences, and Exhibitions) segment will improve to provide much-needed business to the industry going forward.
The total number of hotel signings in Q4 of 2021 stood at 85 hotels with 7,347 keys. The hotel signings witnessed a significant increase of 81.9% as compared to signings in Q4 2020. Domestic operators dominated signings over international operators with a ratio of 52:48 in terms of inventory volume.
“Hotel performances across major cities in India witnessed stellar growth in Q4 2021 before the onset of the third wave of the pandemic. Corporate travel started to witness a recovery on the back of improved confidence in the office sector as commercial real estate witnessed the highest net absorption rate over the last eight quarters. Furthermore, staycations, long weekend leisure demands, weddings, and social gatherings continued to remain the base business for the hospitality sector. Improved road infrastructure particularly to hill destinations has given impetus to road travel.
This immediate recovery would not have been possible without improved confidence in the minds of travelers due to the high vaccination rates achieved by the nation. The hospitality sector is likely to recover well in 2022 even as uncertainty around different Covid variants and waves continue,” said Jaideep Dang, Managing Director, Hotels and Hospitality Group, South Asia, JLL.
Source: JLL
The views and opinions expressed are not of IIFL Capital Services, indiainfoline.com
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