Pune: Two leading Fivesttar hotels, one in the Bund Garden area and others in Hinjewadi, have become the latest victims of covid-induced limitations in the city, with their management expressing dirty inability to run it again because of the crisis of severe cash and uncertain future.
Confirming Development, Members of the Association of Poona Hoteliers (Pha) said that in addition to these two properties sold, management at other Fourstar hotels in MG Road and four-star hotels in other busy areas were looking for new operators to manage the property.
“Some star hotels in Pune looking for buyers, with five-star hotels in Hinjewadi are reported to be sold for more than Rs 200 Crore.
We have heard that stakeholders in some larger hotels change.
Hinjewadi is in very bad condition and mostly The hotel is closed or on the verge of closing or sold in the area, “said a source from Pha.
The source of the Hospitality Industry said ‘Hotel property for searches online looking for many results for hotels in places like Pune, Lonavla, Mumbai, and even Goa.
They are ready to be contested on the market for crores rupees.
“Many of these properties appear in four to five years and have great debts to be paid.
It takes a while for anyone on the market to buy some of these properties because the economy has not lived back to pre-covid time,” said a city-based hotel .
Some hotels have not opened so far as long as / after the second wave.
“Some of them opened last year in November-December and remained closed during the second wave.
Many hotels have run on average residential 10%.
This is a big burden to open with high-running operational costs,” said another hotel from the city that.
A businessman from the Association of Western Indian hotels and restaurants (Hrawi) said at least four hotels could not start operations after the pandemic, with one put on part of his part as an office space.
“The loss of repeated sidewalks is one of the main reasons, making the situation worse for some of the competition with new hotels that appear since the last few years.
Investors at many hotel properties have searched for their dilute bets.
Some of the Outloundriven properties find it difficult to run property And therefore make it sold “, he said.
He said the commercial business trip was almost non-existent, with a medical representative conference, training, exhibition at the hotel came to Zilch.
Insider industry said Maharashtra had around 10,500 hotels and 2,10,000 restaurants.
“Nearly 30% of hotel hotels and half of the total restaurants or around 3,000 hotels and 1 lakh restaurant closed in the last 15 months,” said a source from Hrawi, added that of the 50 lakh employees who were directly involved in the Maharashtra industry, more than 25 lakh had been Loss of work due to covid-induced sidewalks and the loss of the business produced.
Because recurrent restrictions, the hospitality industry has demanded total neglect on all legal and tax costs, and the company should not be billed for water and electricity for the duration of the sidewalk.
Two 5 star hotels for sale in Pune
