Hyatt Regency, which has recently contributed to the hotel industry by establishing luxury facilities all over the world and has hotels in Istanbul, Izmir, Gebze, Nevşehir, Bodrum and Fethiye in Turkey, suffered the first blow in Mumbai, one of the largest cities of India, after the financial conditions became difficult.
The former entrepreneurs of Asian Hotels (West), which operates the luxury hyatt regency hotel in Mumbai, have reportedly declared bankruptcy of Hyatt Regency's branch in Mumbai after a failed attempt to pull the hotel out of the ongoing bankruptcy process by contacting a shareholder with an offer to revive the hotel through funding support.
The five-star hotel, located across the street from Mumbai's international airport, was forced into bankruptcy in September last year after failing to pay its employees and vendors during a troubled period due to coronavirus-related travel restrictions.
According to JLL India, in India, where the hospitality sector has shown a major growth surge after the coronavirus outbreak, the average daily rate increased by more than 16 percent year-on-year in June, while revenue per available room increased by 15.4 percent. With festivals and corporate travel gaining momentum from next semester, the pace of recovery and increase is expected to increase.