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Vaccine path required for border opening and recovery

Hotel Clement Quoc, CEO of Hong Kong and Shanghai, said relaxing border restrictions and introducing vaccine passes are essential to reviving the damaged hotel industry.

His comments came after the company, which owns and operates a number of luxury hotels, reported a net loss of $ 250 million in 2020.

Quoc told CNBC that the group has reopened the luxury Peninsula hotel brand everywhere except New York, but continues to operate with 20% -40% capacity. A more meaningful recovery depends on Covid’s relaxation of travel restrictions.

“Continuous recovery will depend on the travel protocols being implemented and the increase in vaccinations,” Quoc said Thursday.

“As vaccinations increase, we certainly hope that there is a protocol that will ease travel restrictions if vaccinated,” he said, the so-called “vaccine” for vaccinated travelers. I mentioned “passport” and said. “That’s what we want and look forward to,” Quoc said.

A vaccine passport is a digital document that indicates that an individual has been vaccinated against the virus (Covid-19 in this case).

Exterior view of the Peninsula Hotel in Hong Kong.

Prisma by Dukas | Universal Image Group | Getty Images

Today, the group with its flagship hotel in Hong Kong relies heavily on local business to promote a range of staycation and experience packages.

“During this time, we were able to maintain a certain level of business,” said Quoc. “But what we really need more than anything else is to see the openness.”

Coup stops development in Yangon

In Southeast Asia, a military coup in Myanmar that caused several weeks of bloody protests stopped the construction of new peninsular real estate planned in major cities in Yangon.

“In fact, there isn’t much work going on in Yangon right now,” Quoc said, saying the group would reassess both the immediate and long-term plans for the property.

If you know you have been investing for 100 years, you will have highs and lows during that period, and you have the sustainability to overcome the lows as the highs come. is needed.

Clement Quoc

Chief Executive Officer of Hong Kong and Shanghai Hotels

The budget for renovation of the hotel, which occupies the building of the former Myanmar Railway Company, which is a legacy of the 1880s, has already risen from $ 90 million to $ 130 million.

The property is adjacent to Yoma Central, a large commercial and housing development currently under construction.

“These cost increases weren’t that important until Covid, which impacted labor and the supply chain,” Kwok said. “But the site is still shut down, so we need to assess its cost impact.”

“Full Steam Ahead” in London, Istanbul

Still, Mr. Quoc said the group is “moving forward” by opening two more locations in London and Istanbul.

Covid’s restrictions have postponed the construction of the property, but according to Kwok, the delay is months instead of years, and both locations are expected to open in 2022.

“We don’t want to delay the opening in terms of timing with the global recession,” Quoc said.

“When we enter the hotel, we are thinking of 100 years. If you know that you have invested 100 years, you will have highs and lows during that period, And you go through the lows so that the highs come. “

Vaccine path required for border opening and recovery

Source link Vaccine path required for border opening and recovery

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