Huazhu expects net revenues to decline 32% to 34% year-over-year in the second quarter of 2020, or 35% to 37% if excluding the addition of Deutsche Hospitality.
IHG expects to report a comparable RevPAR decline of 75% for Q2.
Disney is to cut a significant number of jobs in Hong Kong over the coming months; Trip.com Group to sell trips to South Korea in live streaming show.
Mainland China’s average hotel occupancy bottomed at 7 percent in early February but rebounded to as high as 52 percent the week of June 13.
Guests from mainland China decreased by more than 90% to 71,000.
It reports there are 26 projects in progress as of 10 June 2020, with a further five developments on hold.
Foreign hotel companies are setting up their flagship stores on Ctrip and Fliggy, and looking at them as a way to let locals shop in a way they are accustomed to.
Hoteliers and revenue managers must rethink their commercial strategy to navigate the new normal.