New Delhi: Developments such as the slashing of the goods and services tax (GST) rates for luxury hotels brought some cheer to the hospitality sector in 2019, but the ongoing economic headwinds and protests related to the Citizenship Amendment Act are dragging down growth in the near term. While the prediction at the beginning of the year was a 9.5% growth in revenue per available room for 2019, the year is likely to end at about 5% growth in revenue per available room for the industry, said Mandeep S Lamba, president, South Asia, at HVS Anarock. “2019 has been a mixed bag for the sector. It started on a positive note, with the first quarter of the year performing better than market expectations. However, the closure of Jet Airways, the impact of general elections in the country and the ongoing economic headwinds led to a temporary softening in demand during the year,” said Lamba. “The hardening economic headwinds and protests related to CAA and NRC are expected to dampen the spirits in the near term. In 2020, we anticipate the sector to perform at similar levels of growth as witnessed in 2019,” he added. Industry experts are expecting the successful… Read full this story
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