- The closures are likely to lead to losses of at least US$50 billion in first-half revenues for the segment, the property consultancy says
- About 2 per cent to 3 per cent of hotels in the region would have permanently shut their doors to guests, Colliers estimated
Eight out of 10 hotels in Asia-Pacific had to temporarily close down at the height of the Covid-19 pandemic in the first three months of the year, according to property consultancy Colliers.
That is likely to lead to losses of at least US$50 billion in first-half revenues for the segment.
“The number of hotels that temporarily closed down varies across markets, but eight out of 10 hotels would have been closed at the peak of the pandemic especially in hard-hit markets such as Wuhan and Singapore, with only those home to quarantine guests and essential workers remaining open, albeit they were not allowed to accept other guests,” said Govinda Singh, executive director, hotels, Colliers International.
About 2 per cent to 3 per cent of hotels in the region would have permanently shut their doors to guests, he estimated.
“We will know more in the fourth quarter,” said Singh. “No doubt the first casualties will be those hotels that were struggling during the peak.”
Hotels that have announced impending closure this month include the 22-year-old Marco Polo Davao, the only five-star hotel on the Philippine island of Mindanao, and the nearly 70-year-old Shamrock Hotel in Hong Kong.