The industry is already running on massive losses due to low occupancy rates throughout 2020 until now.
Compounding matters is that there is little visibility in sight of when movement and travel bans will be lifted due to the third wave of the Covid-19 pandemic resulting from new highly transmissible and airborne variants.
Like many businesses that face challenging times, mergers and acquisitions deals involving hotels are popping up as owners opt to sell out rather than incur more losses. Meanwhile opportunistic buyers with fat wallets are scouring the scene.
Listings of hotels for sale in Malaysia have jumped 40% year-to-date due to rising interest from both local and overseas investors, says Previndran Singhe of Zerin Properties, adding that prices for hotel properties have dropped by as much as 35% as compared to pre-lockdown times.
GEORGE TOWN: With the vaccination programme picking up speed and the mood lightening, Penang hotels are seeing a spike in occupancy and events.
Cooped-up Penangites have been heading back to the beach for staycations while bookings for weddings are also on the rise.
Angsana Teluk Bahang, the newest kid on the block on the island’s northern tip, has seen a positive trend of increased weekend bookings over the last two weeks.
“On average, business has picked up especially for weekend bookings since the reopening of our resort on March 5 when the movement control order was lifted. “This weekend will see the highest bookings over the last few weekends, ” said hotel marketing communications manager Karen Chee.
Spice Market Cafe’s Eat-All-You-Can Seafood Live Cooking dinner will feature special dishes like (clockwise from centre) Roasted Sambal Fish, Ayam Goreng Berempah, Nasi Bukhari Kambing, Ayam Masak Madu Merah, Udang Masak Lada Hitam and Rendang Tok for the festive season.
THERE is doubly good reason to break fast at the Eat-All-You-Can Seafood live cooking dinner offering at Shangri-La’s Rasa Sayang Resort and Spa in Penang.
Besides bountiful fresh catch prepared in various styles, menus from April 16 to May 9 will also feature special traditional Malay dishes.
Head over to the Spice Market Cafe on any Friday, Saturday or Sunday to enjoy the meal which is priced at RM188 for adults and RM94 for children.
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