No salaries: Hyatt Regency in Mumbai in Financial crisis.
The financial crisis created by the corona epidemic is not all. The transport and tourism sector has been hit hard by lockdown-related sanctions. The pandemic was once again in the form of a second wave as it was recovering. In this context, the announcement of the closure of the luxury 5-star hotel Hyatt Regency in Mumbai has become a sensation. Hyatt raised the hand that they did not have the funds to pay salaries to the staff. It announced on Monday that it was suspending all operations until further notice. The hotel has notified employees that it is unable to operate due to a lack of funds.
The Hyatt Regency has revealed that it does not receive funding from its owner, Asian Hotels (West), and is, therefore, unable to pay salaries and is ultimately unable to operate the hotel. With this, the hotel will be closed till further notice that future reservations will not be available temporarily through Hyatt booking channels, Hyatt Regency Vice President, Country Head Sunje Sharma said in a statement that all future bookings are being diverted to Grand Hyatt at this time. However, staff at the hotel were not clear on the future.
On January 8, 2007, Asian Hotels merged with West Chilwinds Hotels Pvt. Ltd. Entered into the Scheme of Arrangement and Demerger with Asian Hotels Limited (currently Asian Hotels (North) Limited) effective February 11, 2010. Asia Hotels West currently operates two properties. Hyatt Regency Mumbai, JW Marriott Hotel new delhi. Asian hotels reported a loss of Rs 11 crore for the quarter ended December (Q3). The company had posted a net loss of Rs 31.9 crore in the first nine months of the current financial year. Moreover, according to the information given by the stock exchanges, the loan of Rs 4.32 crore to Yesbank defaulted. In total, as of May 1, 2021, the debt stood at Rs 262.54 crore. It is known that in the crisis of 2020, 1300 employees were laid off globally.
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