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Hotel industry becomes a casualty of slowing economy; check-in rates fall

Profile Photo By: H L
June 26, 2013

Hotel industry becomes a casualty of slowing economy; check-in rates fall

Umaid Bhawan palace hotel in the beautiful city of jodhpur in rajasthan state in India
Umaid Bhawan palace hotel in the beautiful city of jodhpur in rajasthan state in India

The hospitality industry in India is becoming another high-profile casualty of the slowing economy, with nearly 75 big hotels putting up the ‘for sale’ boards and several others raising the red flag amid falling check-ins and wilting room rates.

Most hotels in the country are running half empty, as the GDP growth slips to 5% levels this fiscal year, says the Federation of Hotel and Restaurant Associations of India (FHRAI). In a preliminary report, the hoteliers’ body has found that average hotel occupancy in 2012-13 dropped to the lowest in a decade at 58.3% and average room rates fell to Rs 6,214, the lowest in six years.

Source The Economic Times India

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