How has COVID-19 impacted your business?
This pandemic has adversely affected our entire industry. Though in February we managed to achieve 97 per cent of the budgeted revenues, we’ve experienced exponential growth in cancellations of about 90 per cent in March, while new reservations are now almost zero. We have similar numbers in terms of cancellations across all properties. April to June 2020 at this moment looks bleak, unless a vaccine is found at the earliest and the lockdown is lifted. We are looking forward to some respite in the form of reforms/schemes from the government. Currently, we are looking at major gaps in our fruitful months - May and June, for resort destinations, will be lost to the lockdown. If we go by past examples, like SARS from 2004, the hospitality industry suffered a blow but bounced back soon. In China, life is returning to normal, with domestic flights in the air again, and reopening of manufacturing units, we are being positive that this too shall pass.
What do you think will be the long-term effect of this on the industry?
This story is from the April-May 2020 edition of Hospitality Talk.
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This story is from the April-May 2020 edition of Hospitality Talk.
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