The coronavirus pandemic was especially hard on the tourism and hospitality industry. Domestic and foreign travel was brought to a complete standstill while hotels that had geared up for seasonal business to pick up had no guests. Hence, considering the downward spiral of the sector, like an outcast the shares of companies belonging to the tourism and hospitality sector were dumped by investors from their portfolios to make space for better ones. Various reports have made rounds discussing topics ranging from airline companies being on the brink of bankruptcy to hotels closing doors probably forever. Meanwhile, many companies continue to take various measures to hold on to their business and profitability.
Recently, Asian Hotels (West) announced that it has temporarily shut down its property Hyatt Regency in Mumbai due to a major funding crunch with no money to run the day-to-day operations of the hotel or pay salaries to its employees. While the pandemic has shaken the worldwide economy, its worst ill-effect has been the stagnation in the tourism and hospitality industry with travel and hotel stays pushed to the backburner. The major brunt of this pandemic backlash has been felt by the luxury hotels. India being the third-largest globally in terms of investment in travel and tourism in 2018, KPMG in a report estimated that the tourism and hospitality sector would grow at 16.1 per cent CAGR to reach ₹2,796 crore in 2022.
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