Sanjay Sethi, MD & CEO of Chalet Hotels, said the hotel industry should completely recover by the second half of 2023.

Chalet Hotels; the owner, developer and asset manager of hotels in key metro cities in India; has made some climate commitments. The company is looking at 100 percent renewable electricity by 2031. It will also look at non-fuel based renewable sources of energy.

In an interview with CNBC-TV18, Sanjay Sethi, MD & CEO of the hotel chain, said, "Today we have committed to all three initiatives of the Climate Group - RE100, EP100 and EV100. It makes us the first hospitality company in the world to commit to all three of them together. We have been working on things that matter to climate for over a decade now. Our hotels are Gold Leed certified, our energy consumption per room is way below industry average in India, we have conserved water, we have moved away from single-use plastic, etc."

"In the pre-pandemic period we were having occupancy in the low 70 percent and currently we are comfortably over 50 percent in occupancies. So we will probably be at par with revenue as an industry across India in FY23-24 and we should hit H2 of the previous year with similar numbers. So, it means a recovery back to normal would be achieved for the industry as a whole may be in H2FY23."

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He believes that the company should be back to normal in the next 4-6 quarters.

"Occupancy trend that we saw building up from June onwards has continued into July and August. So occupancies remain stable and rates are slowly but steadily climbing up. So we are confident of the next few quarters that we will be back to normal in the next 4-6 quarters."

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(Edited by : Bivekananda Biswas)