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Asia Pacific
Leading hoteliers seek opportunity in crisis
SINGAPORE – The inaugural ITB Asia travel show last week gave the industry an opportunity to bunker down and discuss the impact of the credit tsunami on global travel.
On stage at the Web in Travel (WIT) event and the ITB Asia Convention, the mood of presenters was sombre but not, thankfully, suicidal.
The WIT hotel leaders’ forum which focused on the econopmic crisis drew this comment from Michael Issenberg, chairman of Accor Asia/Pacific. “We shouldn’t be afraid but we should be very concerned for at least a year.
“If you’re not concerned – good luck.â€
Miguel Ko, president of Starwood Hotels & Resorts, Asia/Pacific, said that Asia was impacted by two forces: the global meltdown and internal issues such as the political crisis in Thailand.
He said that solving the internal issues would help Asia to recover faster than the travel sectors in North America and Europe.
Both Loh Lok Peng, owner of both the New Majestic and 1929 hotels in Singapore, as well as Yenn Wong, owner of the JIA boutique hotel in Hong Kong, made their start in hotels during the Asian financial crisis in 1997.
Loh said the latest financial downturn might also present good buying opportunities.
Accor’s Issenberg agreed. “I think there will be buying opportunities in the United States,†he said.
Ko, asked where he would be investing right now, had no doubts. “Starwood shares,†he said.
Apo Demirtas, chief sales and marketing officer for the Jumeirah group, said the current crisis was being fed by emotion. “We should not be adding to the panic out there,†he said.
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