Hong Kong's distinction as a shopper's paradise used to draw tens of thousands of tourists to the China-ruled city every month, but a year of political unrest and the coronavirus crisis are driving some hotels to the brink of financial ruin.
HONG KONG - Hong Kong’s distinction as a shopper’s paradise used to draw tens of thousands of tourists to the China-ruled city every month, but a year of political unrest and the coronavirus crisis are driving some hotels to the brink of financial ruin.
“Nine-and-a-half hotels out of 10 are losing money now because there’re no more tourists and they need to solely rely on domestic demand, so they’re just hanging in there,” said property consultancy CBRE Executive Director Reeves Yan. The InterContinental Hotel overlooking Hong Kong harbour closed its doors last week to undergo a two-year facelift that will see it lay off around 500 people. Many 5-star international hotels recorded single-digit occupancy rates in February and March, but they have more cash reserves to keep them going than smaller hotels, industry participants said.
Potential buyers for hotel assets are mostly local private equity firms, developers and “co-living” operators.
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