Hotels In Distress
For India’s restaurants and hotels, the coronavirus outbreak and the consequential lockdown that still exists, albeit with some relaxation, has been as devastating as the meteorite that wiped out the dinosaurs. But one hopes that many will still survive this rough time.
The outbreak has decimated revenue growth, expansion plans, cash flows, and even employment numbers. The organised dine-in industry alone is looking at a 40-50 per cent decline in revenues this fiscal given a number of factors.
In the last 10 years, the hotel and restaurant industry has grown significantly as new suburban areas in big cities led to new hotels, shopping malls across the country, ushering a wave of new restaurants. Hopefully, the growth story can resume after this pause.
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