Kathmandu's posh hotels are once again making a profit thanks to Indian tourists and Nepali partygoers. The luxury properties have returned to profitability as visitors from south of the border are filling their rooms while social events are keeping the banquet halls abuzz, industry insiders said.

 

All four five-star hotels listed on the Nepal Stock Exchange have reported net profits in the first quarter of fiscal 2022-23 ended September 30.

 

Soaltee Hotel Limited posted a first quarter profit of Rs112 million, according to the company’s statement.

 

In the same quarter of fiscal 2020-21, Soaltee had posted a loss of Rs21.16 million. The hotel said that its total income jumped 234 percent in the review period.

 

Tourism entrepreneurs said international tourism continued to show strong signs of recovery, with many countries reporting rebounding to more than 60 percent of pre-pandemic levels in the first 10 months of 2022.

 

In Nepal, arrivals are still less than half of what they were before Covid 19, a state which insiders blame on lack of promotion.

 

In October, the country received 88,582 foreign visitors, the highest monthly arrivals since March 2020.

 

Arrivals to Nepal during the period January-October totalled 473,563, according to the Nepal Tourism Board, the country’s official tourism promotional body.