IPL, G20, upcoming wedding season to boost hospitality business in India, says Puneet Chhatwal, The Indian Hotels

The tourism and hospitality sector is expected to cross the pre-COVID level by the second half of the financial year 2023-24, Chhatwal added.

Domestic corporate occupancy business for hotels is almost at pre-COVID levels, and domestic leisure occupancy in hotels is ahead of pre-COVID, said Puneet Chhatwal, MD and CEO of The Indian Hotels, while speaking on the impact of IPL and G20 summit on India’s hotel business in an exclusive interview with CNBC-TV18.

The numbers for the Indian Hotels in Q4 have been good, the occupancy levels are high, and it is operating at more than 100 percent, said Chhatwal.

“When it comes to foreign tourist arrivals, we are still less than 70 percent of pre-COVID levels. Till December, it was 60 percent, but there has been some momentum in this quarter, so I think that number would come around 70 percent,” Chhatwal added.

The outlook for the upcoming eight weeks, the wedding seasons, IPL, and G20 is going to have a positive impact on the hotel industry, according to the CEO.

The tourism and hospitality sector is expected to cross the pre-COVID level by the second half of the financial year 2023-24, Chhatwal added.

The price trend of Q1 and Q2 is expected to remain the same for FY2023-24.

Mumbai has played a pivotal role for hospitality companies in India, according to Chhatwal.