Modem world is debating extensively on risks. There exist differences about understanding of risks, appraisals of risks, communications pertaining to risks, measurement of risks and hence managing them. The subject has been extensively researched by engineers, scientists-pure and applied, social and political analysts, academic organizations, individual researchers and experts, only to conclude that meaning of “risk” and “risk management” is not standardized. The contemporary hotel industry, like other industries is affected by uncertainty and risk. Hotels have to identify and manage risks emerging from multiple sources to be sustainable. There is growing curiosity amongst researchers and managers to study risk perception and management practices. India is the largest destination for international tourist arrivals in the south Asian region with above 11% increase reported in year 2014 (UNWTO, 2015). The rise of the hotel industry is bedeviled with the changing dimensions of risk. The extant hospitality literature is on a steep growth path but a relatively small proportion of research is undertaken in area of risk.