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Unlike the other Covid waves, the economic downturn for the hospitality sector has been short during the third-wave given the fact that travel demand has been returning at a significantly faster rate, property consultant Anarock said.

That said, the reintroduction of travel restrictions due to the Omicron variant across states threw the Indian hospitality sector into an upheaval.

"Except for critical and urgent travel, other leisure and business travel, plans were put on hold in January 2022 as people exercised caution," the consultant said.

In January, domestic air traffic declined by 43 per cent as compared to December 2021, it said.

In line with the air-traffic, the hotel sector also reported lower performance, with occupancy falling to its lowest level since June 2021, while on the other hand, room rates continued to improve on a year-on-year basis, it added.