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Nepal’s hotel industry recorded its highest ever losses in the last fiscal year ending in July.
Travel restrictions and the economic downturn caused by the Covid-19 pandemic have taken a heavy toll on luxury hotels in Nepal, decimating their revenues and profits. The Nepalese hotel industry is still struggling to recover from these losses.
The country’s posh hotels have suffered heavy financial losses in the last fiscal year. To make matters worse, based on the current recovery scenario which is mainly based on tourist arrival figures, the industry may take another two years or more to return to pre-pandemic levels.
“The hotel industry has been left in a state of total disarray. It will take years for the sector to recover,” laments Yogendra Sakya, a hotel entrepreneur. “If there is no new variant, we can expect a quick recovery within two years. It will depend on the vaccination campaign.”
According to the financial reports for the fourth quarter of 2020-2021 ended in mid-July, Oriental Hotel Limited, which operates the five-star Radisson Hotel in Kathmandu, was the big loser in this story, due to a closure that lasted almost a year. In its financial report, the hotel said it recorded a net loss of Rs 260.47 million, while its net profit plunged 489%.
“The government imposed the lockdown on March 24, 2020 and continued it till July 21. Although hotels were allowed to operate under health safety protocols, tourist numbers fell to a low, not to mention meetings and conferences were restricted, resulting in the complete closure of the hotel,” the Radisson Kathmandu said in its financial statements.
However, the situation is improving. On 23 September, Nepal dropped the seven-day quarantine requirement for all travellers and resumed issuing visas on arrival to vaccinated foreigners in a bid to revive its virus-ravaged tourism industry, which accounts for about 8% of the country’s GDP and more than a million jobs.
Similarly, more and more independent travellers are arriving from the US and Europe, despite warnings from their governments. A glimmer of hope for this territory in great difficulty with hotels.
Read also > RADISSON TO OPEN LUXURY HOTELS IN INDIA
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Nepal’s hotel industry recorded its highest ever losses in the last fiscal year ending in July.
Travel restrictions and the economic downturn caused by the Covid-19 pandemic have taken a heavy toll on luxury hotels in Nepal, decimating their revenues and profits. The Nepalese hotel industry is still struggling to recover from these losses.
The country’s posh hotels have suffered heavy financial losses in the last fiscal year. To make matters worse, based on the current recovery scenario which is mainly based on tourist arrival figures, the industry may take another two years or more to return to pre-pandemic levels.
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Nepal’s hotel industry recorded its highest ever losses in the last fiscal year ending in July.
Travel restrictions and the economic downturn caused by the Covid-19 pandemic have taken a heavy toll on luxury hotels in Nepal, decimating their revenues and profits. The Nepalese hotel industry is still struggling to recover from these losses.
The country’s posh hotels have suffered heavy financial losses in the last fiscal year. To make matters worse, based on the current recovery scenario which is mainly based on tourist arrival figures, the industry may take another two years or more to return to pre-pandemic levels.
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