Cygnett Group of Hotels and Resorts’ new properties will come up in Dehradun, Jaipur (2 hotels), Bhiwadi, Dalhousie, Solan, Kolkata, Rajkot, and Goa over the next six months.
“Like all Cygnett Group hotels, the new properties will target both business and leisure travellers,” said Sarbendra Sarkar, MD & Founder Cygnett Hotels & Resorts. “There is a lot of pent-up demand, especially in the smaller cities and towns, and we want to aggressively capitalize on that demand,” he added.
Speaking about the growth opportunities in India, Sarkar said, “We believe that the disruption created by the COVID-19 pandemic is now behind us and people have begun traveling again. The economy is steadily coming back on track and therefore the demand is accelerating, especially in non-metro cities.”
Pointing out that occupancy rates in Cygnett Group hotels have been going up for the past few months, Sarkar said that recovery in the hospitality sector has been faster than expected after the devastation caused by the pandemic.
Sarkar added that Cygnett properties are currently running at 70% occupancy as against India’s average of 52% occupancy. He also highlighted the challenge of a declining Average Daily Rate (ADR).
“ADR has gone down by 30% this season. That’s a little worrying for the industry,” Sarkar said, adding that it would take another 8-10 months for the ADR to up to the pre-pandemic levels.
