Mergers between behemoths to revive paralysed tourism market The pandemic has disrupted numerous travel plans worldwide, resulting in weaker hotel performances across the country. As such, average revenue per available room in the first half of 2020 went down significantly by 56 and 64 per cent for Hanoi and Ho Chi Minh City, respectively. Occupancy rates reached the lowest point in April when nationwide social isolation was imposed, then slowly recovered in May and June as local tourists started to hit the road again. Zurab Pololikashvili, secretary general at the United Nations World Tourism Organisation, stated on the organisation’s website that the rapid fall in tourist arrivals between January and May has cost the sector an estimated $320 billion – an impact three times greater than the global recession of 2007-2009. Large hoteliers like Accor and InterContinental Hospitality Group (IHG) also suffered heavy losses from the pandemic, which was the main reason for the emergence of the rumour that both brands would merge. Patrick Basset, Accor’s COO for Upper Southeast & Northeast Asia and the Maldives, told Timeout that even if more than 4,200 of the group’s hotels are currently operational, the group still suffered under the pandemic with revenue… Read full this story
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