The COVID disaster has been fairly difficult for the hospitality trade as a result of lockdowns impacted each inns and trip properties, he added.
Agarwal was talking on the first session of the Global Unicorn collection organised by CII in partnership with SoftBank India.
“So when the COVID crisis hit, our revenues fell by upwards of 50 per cent, I would say even little upwards of 70 per cent actually at the worst, in early months of impact,” Agarwal mentioned.
But the corporate was ready to reply to the disaster by making varied changes on each the client facet and the companion facet, he added.
“On the customer side, we realised that trust is very, very critical now more than ever before. So, we partnered with Unilever to ensure that service quality and training are improved. We ensure that all our hotels were designed in a manner where ease of access and search was made,” Agarwal mentioned.
Highlighting that individuals now choose trip properties, he mentioned: “Massive amount of the scale of consumers that are going to leisure destinations and are choosing vacation homes as the number one choice because now people are travelling with families”.
This is a phase that’s witnessing an enormous uptick much more than inns, particularly mid to higher market inns, he added.
“At OYO Vacation Homes (OVH), we are recording strong and healthy booking and occupancy trends. Our brand DanCenter recorded significant growth of 137 per cent in its bookings, while Belvilla’s bookings increased by 56 per cent,” Agarwal mentioned.
This pattern is defined by the desire of travellers in the direction of vacation properties in immediately’s unsure occasions as the identical presents personal area whereas sustaining distance from others, he added.
OYO additionally expects the pattern of celebrating home holidays will proceed for a while to return and company will proceed primarily selecting homes near nature, Agarwal mentioned.
“Small is the new big, which is small hotels, small vacation homes will be a very active preference,” he added.