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Hotel industry's defining moment

The industry is already running on massive losses due to low occupancy rates throughout 2020 until now.
Compounding matters is that there is little visibility in sight of when movement and travel bans will be lifted due to the third wave of the Covid-19 pandemic resulting from new highly transmissible and airborne variants.
Like many businesses that face challenging times, mergers and acquisitions deals involving hotels are popping up as owners opt to sell out rather than incur more losses. Meanwhile opportunistic buyers with fat wallets are scouring the scene.
Listings of hotels for sale in Malaysia have jumped 40% year-to-date due to rising interest from both local and overseas investors, says Previndran Singhe of Zerin Properties, adding that prices for hotel properties have dropped by as much as 35% as compared to pre-lockdown times. ....

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Hotel Istana closes down for good on Sept 1

Lights dim in the city: Hotel Istana will be ceasing operations.
KUALA LUMPUR: Hotel Istana Kuala Lumpur in Jalan Raja Chulan is set to cease operations on Sept 1.
Located in the heart of the city centre, the 23-storey five-star hotel, which opened its doors in 1992, would be the latest to join the list of hotels closing its doors due to the Covid-19 pandemic that had wrecked the economy.
In a statement to the hotel’s associates on Wednesday, its general manager Noorazzudin Omar said they decided to close the hotel after considering the present circumstances and all available options.
“The hotel had lost its competitive advantage over the years with the insurgence of new or neighbouring hotels and serviced apartments,” he said. ....

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Pandemic shutters KL's Hotel Istana

/ Posted on 2 July, 2021 12:15
Hotel Istana Kuala Lumpur, a five-star property in the heart of the city, will close its doors come September 1, following 30 years of operation.
The hotel’s employees will be offered a voluntary separation scheme, general manager Noorazzudin Omar said in a notice of cessation to staff dated June 30.
Hotel Istana Kuala Lumpur will cease operations on September 1
“We have arrived at this decision after considering the present circumstances and all available options. We are left with little choice other than to proceed with this closure,” he said.
“Many of you will be aware that our competitive advantage has declined over a period of time in the face of stringent competition from new or neighbouring hotels and serviced apartments. The situation has now been aggravated by the Covid-19 pandemic which has and continues to impact our industry and its ability to achieve normality. ....

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Hotel Istana to close in September | The Malaysian Insight

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After nearly 30 years, Hotel Istana Kuala Lumpur is shutting its doors for good on September 1. – Pic from hotel website, July 1, 2021.
HOTEL Istana Kuala Lumpur is shutting its doors for good on September 1 after nearly 30 years.
IGeneral manager Noorazzudin Omar said the decision to close was made after taking into consideration the Covid-19 crisis.
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Hotel Istana Kuala Lumpur to shut down effective Sept 1

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