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News18 » Videos » News18 Shorts

Relief to tourists: Hotels slash room rates

Aug 06, 2008 02:24 PM IST Business Business
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New Delhi: The hotel industry takes a hit due to the economic slump. While prices are rising in the country hotel room tariffs have fallen in last one month. This might be a bad news for the hotel industry but is definitely a good one for the customers. Sharp rise in airfares and a slump in travel plans by consumers is hitting the hotel industry hard. As a result, average room rates have fallen by atleast 5-6 per cent across the country “There has been a decline of about 4-5 per cent compared to the last year in Mumbai. Whereas in Bangalore, the mid market segment defined a larger decline,” says Vice Chairman and Managing Director of Hotel Leela Ventures, Vivek Nair. Occupancy has also dropped sharply. From an average of 80 per cent, hotels now have just 65 per cent of rooms being booked In Delhi, occupancy has dropped by 25-30 per cent but the national capital is not the only one suffering "Market which have got the maximum impact is Chennai, Hyderabad and Pune. The average room rates in these markets have come down by almost 10 per cent and the occupancy also some where about 7-8 per cent,” Nair added. In the last two years, room rates had shot to astronomical levels in cities like Bangalore. A correction was expected but how much the rates will fall further depends on new projects, which are likely to go slow because of a rise in interest rates. "I am very positive about the Bangalore market. I think, the hotel industry would definitely continue to enjoy may be not as a dream run as in the last five years but yes it would continue to do well as far as Bangalore is concerned,” said Chairman Royal Orchids CK Baljee, The dark clouds on the hotel industry could be blown away by October with the onset of the peak season So, people who are planning for a holiday trip can cash in on the low fares.

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