The Economic Survey 2023 which was tabled in the Rajya Sabha on January 31 noted that the occupancy rate in hotels last year saw full recovery and reached average pre-pandemic level of 2019-20.
The survey added that there are improvements in metrics including occupancy rate, Average Room Rate (ARR) and Revenue Per Available Room (RevPAR) which are now much nearer to the pre-pandemic level of FY20
The hotel industry is thriving with occupancies returning to pre-Covid level after a slowdown in business for two years due to COVID-19 impact, said the Economic Survey 2023 tabled in the Rajya Sabha on January 31.
The survey added that there are improvements in metrics including occupancy rate, Average Room Rate (ARR) and Revenue Per Available Room (RevPAR) which are now much nearer to the pre-pandemic level of FY20.
“Presently, the hotel industry is thriving with improvements in occupancy rate, an increase in ARR and a rise in RevPAR. The occupancy rate in November 2022 stood at around 68-70 percent, completely recovering the average pre-pandemic level of 2019-20,” the survey noted.
Aiding the revival of travel demand was the high vaccination rate in the country, as also effective pandemic management that ensured speed in imposing as well as the lifting of mobility restrictions closely tracking the spread and subsiding of the virus, the survey said.
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