Horwath HTL Sentiment Survey: Philippines Hotels & Resorts And The Impact Of COVID-19
This sentiment survey was conducted by Horwath HTL Singapore, in conjunction with Tajara Hospitality to gauge the impact of the COVID-19 pandemic on hotels and resorts across the Philippines. The survey received 72 responses (49 hotels and 23 resorts), representing 11,032 rooms.
Key Takeaways:
- 50% of respondents believe the impact will be felt for more than 4 months and 71% felt it's 'much worse' than any previous health scares
- Total revenue performance for 1H2020 is expected to be down 50% or more (45% of respondents)
- Total revenue performance for FY2020 is expected to be down 50% or more (38% of respondents)
- Domestic market segments are expected to bounce back positively whilst there is heightened concern for foreign demand that may never fully recover
- All respondents have implemented contingency plans from both cost and revenue perspectives
- Government assistance sought (top 3): subsidies (37%), tax reduction (28%), marketing by DOT (18%)
About Horwath HTL
Horwath HTL is focused one hundred percent on hospitality, tourism, and leisure consulting. Our services cover every aspect of hotel real estate investment, tourism, and leisure development. Our clients choose Horwath HTL because we have earned a reputation for impartial advice that will often mean the difference between failure and success. Each client project is unique, and they rely on us to utilize the experience we have gained throughout our 100-year history to assist them in achieving their goals. Being a global firm with 52 offices in 40 countries, we have successfully carried out over 40,000 assignments for both public and private clients. As part of the Crowe Global network, a top-ten accounting, and financial services network, Horwath HTL is the number one choice for companies and financial institutions looking to invest and develop in the industry.
For more information, please visit www.horwathhtl.com.
