CBRE|WTW: Luxury hotel outlook remains bleak
Until international borders are re-opened and interstate travel restrictions are lifted, many luxury hotels in Malaysia will continue to face a bleak future as they struggle to stay afloat.
Until international borders are re-opened and interstate travel restrictions are lifted, many luxury hotels in Malaysia will continue to face a bleak future as they struggle to stay afloat.
Beyond our shores, it goes without saying the hotel industry is similarly in deep water as it is a sector that relies heavily on foreign travellers as its main income source.
Over the weeks since the second Movement Control Order (MCO) was reinstated almost nationwide on Jan 13, 2021, news of hotels doing the “impossible” have been reported by the media.
PETALING JAYA (Feb 18): The Federal Court today ruled in favour of a hotel operator who had sued the Penang Island City Council (MBPP) over the revoking of its temporary operating permit half a year before it expired back in 2016, FMT News reported today.
SINGAPORE (Feb 15): The government’s tourism voucher coupled with school holidays have boosted the demand for staycation in Singapore hotels, but challenges are still there with the absence of international travellers, according to The Straits Times report.
KEDAH (Feb 9): After operating for almost 15 years, BDB Hotels located in Bandar Darulaman, Jitra, Kedah will change its operations from a hotel to serviced apartments when its operating license ends.
PETALING JAYA (Feb 2): Half of the industry players remain positive about the hospitality sector outlook in the next 12 months, with 45% feeling that the sector is on its way to recovery, albeit contingent on the progressive roll-out of the vaccine and opening up of international travel restrictions, a survey by property consultancy firm Knight Frank revealed.
KUALA LUMPUR (Jan 30): The various movement controls since March last year imposed by the government to combat the Covid-19 pandemic have no doubt been a big blow to the hospitality and tourism industries.
PENANG (Jan 25): Hotel Equatorial Penang announced cease of operation from March 31 this year due to adverse business conditions caused by Covid-29.
KUALA LUMPUR (Jan 18): Local hoteliers say the RM15 billion Perlindungan Ekonomi dan Rakyat Malaysia (Permai) assistance package, which was just announced by Prime Minister Tan Sri Muhyiddin Yassin, falls short of expectation as the tourism industry continues to grapple with struggling businesses amid the on-going Covid-19 pandemic and recently imposed Movement Control Order (MCO 2.