Will Omicron be the new obstacle?
The hospitality industry has witnessed a healthy growth in the occupancy rate of hotels since December 2021. The base line of improving conditions has been the government's easing of restrictions and an acceleration in economic activity. In addition, the government has also loosened rules on domestic and foreign travel.
We foresee a slower pace of business approaching the upcoming Eid holidays. However, given a more positive outlook in the economy and the easing of pandemic curbs, the hospitality industry should regain strength. Hoteliers also need to optimize non-room revenue such as F&B.