Reinvent to re-scale business

Facing numerous challenges in tackling the pandemic led eminent leaders of the hospitality industry to brainstorm on navigating the marketplace out of crisis, at a virtual session of India International Hospitality Expo (IHE). These were their suggestions…

KB Kachru, Chairman Emeritus & Principal Advisor, South Asia, Radisson Hotel Group

We all have to accept that the hospitality market has shrunk. We have seen losses amounting to `90,000 crore. Although we have green shoots of revival, I still think significant recovery will not be seen before end of 2022 or early 2023. To stay afloat, we have to reinvent ourselves and rethink in terms of designing and rebuilding.

Rajiv Kaul, Advisor, The Leela Palaces, Hotels & Resorts

As a hotel manager, one needs to keep an eye out on achieving breakeven as an immediate goal. While the much-awaited vaccine will have its own trajectory, we will have ups and downs, but we will need to take full advantage of all the micro opportunities for growth that come to us. This is the most important thing that GMs should focus on.

Dilip Puri, Founder & CEO, Indian School of Hospitality

COVID-19 has been a humanitarian crisis. The industry needs to confront it, accept it, and have a strategy on what to do about it. As an educator, parents question us saying, what is the future of the industry? If that is the crisis today, when the industry returns to normal, there will be no one wanting to work here. When it comes to re-scaling, it is a real opportunity.

Sonica Malhotra Kandhari, Joint Managing Director, MBD Group

Before COVID started, more than 50% hospitality players were feeling stress in their balance sheets. About 90% of the players have not been able to take benefit of the interest-free loans. So, the ‘Make in India’ initiative will also take a hit as this will give an opportunity to cash-rich, private equity funds/hospitality funds. Ownership by Indians will go down.

Anil Chadha, Chief Operating Officer, ITC Hotels

The biggest learning this year has been to make your entire business model efficient in every respect. We have learned so much on cost lines. The survival phase is still on; this is not the revival phase. We have to survive for at least the next 12-18 months. How you drive the customer back to your hotel is the challenge.

Inputs by Manas Dwivedi