Hotels in Mumbai are going low-key with New Year celebrations this year. Many have already cancelled their lavish New Year plans, and opted for muted celebrations.

Here is a transcript of Neha Pandey’s comments on CNBC-TV18. Also watch the accompanying video.

Bidding good bye to 2008 may not feel as it did a year ago. Following the terror attacks in Mumbai, most big hotels in the city have cancelled plans for gala New Year's eve celebrations.

Hotels like the Leela Kempenski, Le Meridien, JW Marriott and Renaisance are replacing lavish New Year parties with a quiet dinner accompanied with some soft music, as a mark of solidarity and support.

Anuraag Bhatnagar, General Manager, Le Royal Meridien, Mumbai, said, “We empathise with the mood in the country. We had plans for the New Year but have cancelled them, going for not loud but muted event.”

Others like ITC Grand Central and Four Seasons, which did not have any elaborate plans for the New Year's, say they will organise dinner for their guests in their restaurants. But since the New Year-Christmas week contributes heavily to a hotel's revenues, muted celebrations may mean a hit on the balance sheet.  

The hotel industry is already suffering from weak demand due to the global slowdown. On top of that, the terror attacks in Mumbai have meant occupancy rates falling to around 40%. Moreover, now, losing out on Christmas-New Year revenues will only add to their woes.