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M&C says its revenue slide easing

Posted on 6 Nov 2009 | Comments Off

But it warns that trading could take more than two years to recover

Hotelier Millennium & Copthorne said the worst of the recession may be over as its rate of revenue decline slowed but warned that it could take more than two years for trading to recover to the levels seen in 2007.

M&C, which operates 120 hotels across the world, said yesterday that revenue per available room (RevPAR), a key industry measure, dropped by 17.7 per cent in the third quarter compared with a fall of 21.3 per cent in the second quarter.

That trend continued into October, with RevPAR down by 12.8 per cent last year, M&C said. London saw growth of 0.6 per cent during the month, with New York RevPAR falling 17.9 per cent and Singapore down 26.5 per cent.

‘I believe that the industry is moving in the right direction. The rate of decline of our global RevPAR has slowed quarter-on-quarter and this trend has continued into October,’ said chairman Kwek Leng Beng.

‘While it is too early to predict with accuracy how markets will behave in 2010, we are encouraged by these improving trends which suggest that the worst may be behind us,’ he added. Continue reading →

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Hospitality market still going strong

Posted on 5 Nov 2009 | Comments Off

IE Singapore sees opportunities in the fast-growing markets of the Asia-Pacific and the Gulf

DESPITE the global economic slump, Singapore’s hospitality players do not seem to have let up in their aggressive expansion overseas, especially in Asia. They continue to be driven by new opportunities opened up by the recession, and new ways to meet the demand of travellers with tighter budgets. And International Enterprise (IE) Singapore, which has been pushing them to go global, is still egging them on.

‘Even in times of economic downturn we see opportunities in the fast-growing markets of the Asia-Pacific and the Gulf,’ says Tham Poh Cheong, director of IE’s infrastructure, environmental and engineering services divisions. ‘We are working with Singapore-based hospitality companies to facilitate their overseas expansion by unearthing these opportunities and providing market access.’

Among the help offered by IE: sharpening the competitive edge of Singapore companies, paving the way for them to break into emerging markets fast, and providing leads to grow their presence in mature markets.

Players such as Pan Pacific Hotels Group, Frasers Hospitality and CTC Holidays report launching new hotels or service apartments as well as signing new management deals in the past year. Where investments in hotels and service apartments were once unattractive because of high property prices, the picture has changed amid the recession. Continue reading →