As a result of the COVID-19 pandemic, many luxury hotels have been forced to close as they have been unable to survive the drastic decline in inbound tourism. However, the closure of some hotels is not wholly down to the pandemic.
With the Taiwanese government implementing a lockdown in May 2021, and travel restrictions and lockdowns in other countries severely affecting the number of inbound arrivals the country has received in 2021, many hotels have had to close indefinitely, while others have closed with the hope of reopening again once the situation begins to ease. During this time, some hotels have taken the opportunity to review their hotel's performance with the aim of reopening them with an improved or wider offering than previously seen.
As a result of the declining number of international tourists due to the COVID-19 pandemic, some luxury hotels began offering cruise-style accommodation packages to encourage local consumers to stay with them. For example, the Regent Taipei introduced a 3-day package under which local consumers were able to dine in any of its restaurants and use any of the facilities included within the package during their stay in the hotel.
Luxury hotels are anticipated to recover slowly over the course of the forecast period. Since the lockdown in Taiwan in mid-2021, luxury hotels they not been able to return to normal all that quickly.
Luxury hotels are anticipated to rebound faster than economy hotels. Luxury hotels benefit from having a complete range of facilities, enabling them to offer attractive package deals, even during the COVID-19 pandemic, to offset some of the losses from empty rooms.
Over the forecast period, the government’s COVID-19 cash bailout policies are expected to boost the recovery process. For example, many players within luxury hotels have been taking advantage of the benefits of the subsidies for staff salaries and operating costs to help minimise their losses in 2021 – hotels have been able to get subsidies based on the number of their employees, at up to TWD40,000 per employee.
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Luxury: includes luxury and upper upscale hotels. Would generally include 5-star hotels and above, but may include some “4.5-Star” outlets, provided that the brands positioning warrants it. The luxury classification is primarily determined by the brand’s positioning and marketing, which will be at the high-end. Brand examples include Marriott, Hilton, Sofitel and InterContinental.See All of Our Definitions
This report originates from Passport, our Luxury Hotels research and analysis database.
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