’s revenue fell more than 63% to RM1.06mil from RM2.89mil for the third quarter ended March 31 .
It should be noted that there are a whopping 4,500 odd hotels registered with the Malaysian Ministry of Tourism, Arts and Culture. However, many of these are smaller operators. There are around 140 five star hotels and 220 four star hotels in Malaysia, according to the MAH. However, 71% of the 320 hotels surveyed say they are staying afloat, with many dependent on serving quarantine needs. Others are catering to guests from essential services sectors.
Those with more means have taken this time to refurbish and renovate the hotel assets although this group is likely to be a very small minority of hotels. The first moratorium on bank loan repayments was announced in March last year to cover the period from April to Sept 2020. Subsequently, last month, the government has announced an extension of the moratoriums, to cover the period from July to Dec 2021.
He does add, however, that some banks would be hesitant to call it a default because they would have to sell the property below the market price. He says the 10% discount on electricity bills is not enough because utility bills form the bulk of operating costs for hotels. Mohan is the chief executive officer of Hospitality 360 Sdn Bhd, which manages most of the Ramada hotels in Malaysia.Almost every player in the hotel industry is banking on one thing -- for movement restrictions, both locally and internationally, to be lifted.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: staronline - 🏆 4. / 75 Read more »
Source: malaymail - 🏆 1. / 86 Read more »