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Moving Forward: How Hotel Businesses Plan to Adapt to the New Normal

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Poor sales performance, delayed development projects, and mounting overhead costs – these are just some of the challenges that the hospitality industry has faced since the start of the COVID-19 pandemic. How are hotels and similar businesses responding to this situation?

Planned Reopenings for Hospitality Businesses

Hotels in Malaysia are scheduled to reopen in the later part of 2020. However, Malaysian hospitality businesses are expected to experience lacklustre performances across the board in Australia, Singapore, Canada, and China.

Large commercial conglomerates in Malaysia typically invest in offices, retail outlets, hotels, and other commercial units. However, groups are expecting abysmal returns on investments for the rest of 2020.

Malaysian groups heavily rely on overseas businesses, and some groups have reported taking a hit of as much as RM148.63 million in the first quarter. These overarching losses are mainly due to foreign exchange currency loss influencing stock markets, as well as closed borders.

Long-Term Planning for a Resilient Hospitality Industry

Even so, operators remain optimistic as the hospitality and tourism industry has historically been one of the world’s most resilient industries. In the first quarter of 2020, property investment divisions and property developments recorded healthy profits despite the current global pandemic. Moving forward, Malaysian groups will be relying on brokering, credit and lending, property investment, and property development, areas which have recorded higher profit contributions.

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Source: New Straits Times

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