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Companies seek to buy up cash-strapped hotels

Companies from various sectors are acquiring hotels drained of cash due to the COVID-19 pandemic to convert them into office spaces, apartments and workers’ dorms, property broker CBRE Taiwan said yesterday.
Several hotels have exited the market over the past two-and-a-half years, succumbing to business slowdowns as a result of COVID-19 border controls and social distancing restrictions, CBRE Taiwan said.
The Ministry of the Interior has offered tax relief and renovation subsidies to help some distressed hotels transform into temporary social housing, while others have sought to sell properties to generate cash flow, it said.
“It is wise to buy idle hotels and ....

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Hotels compete to attract guests at Taipei travel fair

Major hotel chains are taking part in this year’s Taipei International Travel Fair, offering cutthroat prices to revitalize business, which had been hit hard by a local COVID-19 outbreak.
Cosmos Hotel & Resorts Group (天成飯店集團) is selling joint hotel vouchers priced at NT$1,800 (US$64.59) each for one-night stays with free breakfasts at its hotel facilities, 88 percent off the group’s regular room rates.
The facilities include Cosmos Taipei (台北天成大飯店) near Taipei Railway Station, Taipei Garden Hotel (台北花園大酒店) near Ximen MRT Station, Hua Shan Din (華山町) near Zhongxiao-Xinsheng MRT Station and the Sun Dialogue Hotel (繪日之丘) in Chiayi City.
Hotel Royal Group (老爺大酒店集團) ....

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Revenue at two hoteliers increase by double digits


Revenue at two hoteliers increase by double digits
HIGH OCCUPANCY:
FDC International Hotels invited Taiwanese to stay at its properties to allow relatives returning from abroad to quarantine at their homes
By Crystal Hsu / Staff reporter
Two major Taiwanese hotel groups have reported that their revenue last month pick up by double-digit percentage points from one month earlier on the back of a high sales season, but the COVID-19 pandemic continued to weigh on their year-on-year showings.
FDC International Hotels Corp (雲品國際) yesterday said its revenue last month grew 15 percent from one month earlier to NT$221 million (US$7.76 million), but weakened 9.5 percent from a year earlier. ....

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