Eight out of 10 Asia-Pacific hotels had to close at peak of coronavirus pandemic, Colliers estimates

Eight out of 10 hotels in Asia-Pacific had to temporarily close down at the height of the Covid-19 pandemic in the first three months of the year, according to property consultancy Colliers.That is likely to lead to losses of at least US$50 billion in first-half revenues for the segment.“The number of hotels that temporarily closed down varies across markets, but eight out of 10 hotels would have been closed at the peak of the pandemic especially in hard-hit markets such as Wuhan and Singapore,…

Read the original article at South China Morning Post