Occupancy Rates Dwindle In Vishakhapatnam Hotels Like in the Rest of the Country.
The global economic meltdown has taken its toll on almost all the industries across the globe. Developing countries like India badly suffered in the wake of inflation and recession. Business, that was coming in from the developed countries particularly in the field of IT dropped down drastically triggering off a series of reactions in related industries. Along with business travelers, the number of leisure tourists also dwindled partly because of the sagging economy and partly because of the horrifying attacks of 26/11 in Mumbai. Places of cultural and historical importance like Vishakhapatnam that tourists used to frequent, saw a crucial drop in the number of leisure travelers recently and the occupancy rate of the hotels also went down. Even the start up http://www.fortunehotels.in/hotel_visakhapatnam.aspx hotels in Vishakhapatnam, in spite of lowering their rates are witnessing a low occupancy rate. The occupancy rate of the budget hotels in Vishakhapatnam as with the rest of the country has seen as high as a 30% fall in the occupancy rates. Known as the “Jewel of the East Coast” Vishakhapatnam is a very important industrial hub apart from being a tourist destination. In addition, it is very well connected to the capital of Andhra Pradesh, Hyderabad which is one of fastest growing IT hubs of the country. It is only natural therefore that there are quite a many top class business hotels in Vishakhapatnam. However, the current economic condition has changed the complete scenario and has affected the hospitality industry also.