The city is among the first key markets to bring the COVID-19 situation under control with a high recovery rate, JLL India said. Delhi has gradually opened its borders to facilitate business travel movement from the neighbouring cities of Gurugram and Noida, it added.
"Delhi's hotel demand is driven by corporate business travel, the government- and judiciary-linked travel and leisure segment travel," JLL Hotels and Hospitality Group (India) MD Jaideep Dang said.
He said that out of these, government-, judiciary- and administration-linked travel will likely come back soon followed by business-critical travel. Leisure travel is not going to come back in the next couple of years, he added.
Delhi has always been a strong hospitality market and hotel owners expect a faster recovery in comparison to other major cities, JLL India said.
"There are few high-ticket hotel assets on sale in the city. But, we do not expect distress sales in the market yet, since most owners are having strong balance sheets and are optimistic about the sector's recovery," it added.
In the post-COVID-19 world, Delhi's hotels market is expected to recover at a faster pace as compared to other key markets,JLL India said.
The hotels in and around the airport are expected to see a faster recovery as compared to the inner-city hotels with large banqueting and meeting spaces, it said. The property consultant added that it is because MICE (meetings, incentives, conferencing and exhibitions) demand will take more time to recover and come back to its pre-COVID-19 times.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.