The pandemic has dealt a devastating blow to the travel and hospitality industry.
Ever since lockdowns and travel restrictions were imposed, hotels across the globe have seen a massive drop in revenues, some falling as much as 90% in the recent months.
In Malaysia, approximately 20 hotels have already closed down, with several hundred more across the country up for sale.
In the recent weeks, several 5 star hotels have also been listed on property listing platform, iProperty, at a price range between RM350 million to RM1.7 billion.
Even before the pandemic struck, the hotel industry has been suffering severely due to the rise of Airbnb, budget hotels, and rental of properties.
When the movement control order (MCO) was implemented, many hotel owners started making preparations to sell their properties, most turning to property listing platforms to facilitate with the sales process.
“We can’t host meetings and events, there are restrictions for dining in, you can’t swim or use the gym – who would want to pay to stay at a hotel?” mentioned executive director of Malaysian Association of Hotel Owners, Shaharuddin M Saaid.