Cheer up! When you are feeling low remember goods times are round the corner, so do not despair. Use your talents and skills to chart a new course ahead. Even if you have to take up offers a notch lower than your previous position, in terms of income or outlook, remember it is only a strategic pull back/ retreat to gather steam and your wits about you to forge ahead with a cool mind.
My friend no amount of fretting or losing sleep over your present position will help you recover, everything that goes up comes down and everything that seems down will go up eventually. Hold on to your self belief. With 15 years of experience you can surely chart your own course. Maybe at the moment you are experiencing self pity on having to feel low when you had a continuous good run in life, but that's part of life. Do not worry, I promise you good times are just round the corner. Do not throw in the towel, hang on with all your might, try to work somewhere in your town or Mumbai or look to start some kind of training exercise for companies or something on your own since you have the experience. When good times come do remember to spread the cheer and help others in the same position.
All the best
Since you ran a hotel management institute you would have had a clientele. Can they use your skills ?
People you have trained are probably working in some Hotels. Maybe they can refer you to some opportunities ?
Look at the skills you have developed over the years - can you offer them as a Free Lancer to other institutes ?
Approach the various contacts you developed during the courses you did and see if they have some advise to offer, if not a position...
You could also make a profile and put them on various Portals to increase your visibility......also, proactively search out positions where you feel you could fit in SPEAK to the recruiter / decision maker concerned if you can to make your case.
For a Corporate Role, previous background is a major factor. Whether we like to admit it or not, all are risk -averse and more senior the position is, safer one wants to feel in their hiring decisions. So, as already said, if a Corporate role is what you are looking for, you may have to start small. Besides, you should be flexible re location.
Hope some food for thought....
With your experience and aptitude for training/education you could easily pick up threads into teaching/guiding/mentoring young people in your area albeit in a new field. Being in a small city also has its advantages as people know each other well. You have not written the reason for closure of the institute. Whether you could continue on a smaller scale on your own? Otherwise you may have to shift to other big city with its relative overheads and adjustments... Think with an open mind and then decide depending on how much back up you have - financial, family support, contacts etc.....or immediate liabilities/responsibilities you have...START AFRESH