Mumbai: Given the huge compensation boost needed for hospitality and tourism industry post lockdown, the Hotel Association of India (HAI) members have requested the finance minister to offer hoteliers and those into travel and tourism business relief under emergency credit line guarantee scheme by customising it for them. They want finance ministry to extend moratorium period and reduce loan interest rate in order to make up for the huge losses.
Hotels in India, shut for nearly 6-8 months, reopened in a staggered manner and were recovering somewhat on the strength of domestic leisure tourism, wedding functions and family get-togethers only to be impacted again on account of lockdown in some states, night and weekend curfews, reduced limits on number of guests allowed for functions and other restrictions.
“Hotels have a high percentage of fixed costs of operations that have become unsustainable. The recovery of hotels will also be long-drawn as borders will be…