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Bengaluru’s hotel sector registers decline due to COVID-19

Monday, 24 Aug 2020
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Bengaluru’s hotel sector has seen the sharpest decline in RevPAR among major Indian cities due to the ongoing COVID-19 pandemic. 
As per the JLL’s India Hotel Recovery Guide-Bengaluru, the RevPAR declined by 59 percent as of YTD July 2020, but is expected to bottom out in Q4/2020 as the government gradually eases lockdown restrictions and domestic travel begins to pick up. 
The occupancy also declined 53 percent Y-o-Y as of YTD July 2020. A gradual reopening of the country and easing of travel restrictions is expected to lead to a measured increase in business travel in major commercial markets. 
The city in the state of Karnataka is likely to get a bit of business-critical demand. Destinations within driving distance in and around the city, including golf course and Ayurvedic centres, are also likely to see an increase in demand. 
The hotel transaction market in India in 2019 was very buoyant, with total deal volume reaching a record Rs 5,327.5 crore (USD 762 million). This included the acquisition of four operational Leela Palace Hotels, a land parcel in Agra, and the Leela brand by Brookfield. 
These represented the largest proportion of the total transaction volume in 2019 and were also the highest hotel portfolio transaction value in the country to date. 
The city has evolved into a fundamentally strong hotels market on back of office demand led by IT and Fintech companies. The hotel market in Bengaluru is expected to bounce back, albeit slowly over the next couple of years. 
The hotels which are linked to office parks are expected to get back to business earlier as compared to the ones with huge banqueting and conferencing facilities.
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