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Thursday, November 26, 2020

India daily hotel occupancy drops to 11%

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About STR STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.

LONDON—As COVID-19 concerns and restrictions have intensified in India,the country’s daily hotel occupancy dropped to 11% during 23-29 March, according to preliminary data from STR.

“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,” said Vidhi Godiawla, STR’s business development manager for South and Central Asia. “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.”

Along with a steep downward trend in occupancy, average daily rate (ADR) and revenue per available room (RevPAR) have also dropped significantly in India. ADR, which has decreased year over year by roughly 20% or more for eight consecutive days, went as low as INR4,924.18 on 28 March. RevPAR reached its lowest absolute level (INR537.54) on 22 March.

STR continues to monitor the COVID-19 impact on global hotel industry performance. More analysis, including an upcoming Central and South Asia webinar, can be found here.

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