'Unprecedented' times to explore hotel opportunities in Hong Kong - Colliers International
The potential re-introduction of regular travel between Hong Kong and Mainland China provides optimism for the recovery of the Hong Kong hotel market after 12 months of unrest, according to a new report by Colliers International.
The introduction of international travel restrictions and the closing of the border with Mainland China has forced Hong Kong hoteliers and investors to consider whether to buy, sell or hold, a new report from Colliers International says.
Unprecedented times to explore hotel opportunities (Colliers report) - At a glance:
- Hong Kong's hotel sector has been challenged in the last 12 months with COVID-19 compounding the effects of city-wide social unrest.
- Hoteliers and investors with a long-term vision should take this opportunity to revisit strategies and establish or expand their footprint in the city.
- Conversions from hotels into other uses provide viable options for owners and investors.
However, Colliers International Senior Director for Capital Markets, Shaman Chellaram, told WILLIAMS MEDIA the potential re-introduction of regular travel between Hong Kong and Mainland China provided optimism for recovery as pre-COVID-19 figures demonstrated cross-border travel contributed to 80 per cent of the city's inbound tourism.
"Uncertainty in the market is creating the potential for owners, investors and private families to consider their position in the sector" he said.