MAJOR players in the Philippine hospitality industry remain optimistic despite challenges in recovering to pre-pandemic levels. This was revealed in the first Philippine Hotel Investment Outlook Survey, an initiative of Leechiu Property Consultants and the Philippine Hotel Owners Association Inc. .Alfred Lay, LPC director for Hotels, Tourism and Leisure, and Benito Bengzon Jr., PHOA Inc.
In terms of cities and provinces, Bohol was the top bet of investors, with 41 percent of respondents ranking the island province highest.Factors that gave Bohol the advantage over other hotspots included its Unesco Global Geopark status, the proximity to Panglao airport, high tourist volume and 'stunning beaches, ' the report stated. This key finding supports the LPC forecast in late 2023, predicting Bohol as a major player in the Asian market for the next four to five years.
The survey report concluded with a positive prediction of the industry's full recovery in 2025 as 'consumers maintain their willingness to spend on travel.' Domestic tourism has proven to be a substantial growth driver, augmented by significant increases in Korean visitor arrivals and despite the loss of Chinese tourists. It was also observed that travelers patronized brands that reflect their values, prioritizing sustainability and ethical practices.