HVS Global Webinar 2021: The Impact of COVID-19 on Global Hotel Values

HVS in conjunction with our friends at EP Business in Hospitality, are pleased to invite you to join our colleagues from around the world as we discuss the impact on hotel values from both a regional and global perspective, at a time to suit your location.

To register for the global webinar, please click here.  

HVS Monday Musings: Is it Time to Cautiously Resume Inbound Tourism in India?

By Mandeep S Lamba and Dipti Mohan
Most countries have reopened their borders to fully vaccinated international tourists. This article highlights some best practices followed by tourism-dependent destinations such as Maldives, Dubai, and Croatia, which are now hailed as leading examples of destinations getting their inbound tourism back on track post-COVID.

To view and download the full article, please click here.  

Newly Built Bicol International Airport Fully Opened in Philippines

After 12 years of construction at a cost of approximately PHP4 billion, Bicol International Airport (“BIA”) in Daraga, Albay, has opened doors to serve domestic daytime and night flights starting from 7 October and 7 November 2021, respectively. The Department of Transportation stated that President Rodrigo Duterte expects to lead the first international airport facility south of Manila. The president announced that the facility would be ready for international flights this year, subject to airlines’ submission for International Civil Aviation review. Once BIA is fully operational, the airport will replace the Legazpi Domestic Airport and is expected to accommodate two million passengers per year.  Situated on a 148-hectare area with a 2,500-metre runway strip, BIA has 17 buildings including the 3,680-square-metre passenger terminal, cargo terminal, car park, fire station, and other facilities. The airport construction created 755 jobs, with 1,100 more indirect jobs expected to become available once the airport commences commercial operations.

Bali to Reopen to Selected International Travellers on 14 October 2021

On 4 October 2021, the Indonesian government has announced that it would be reopening Bali to certain international travellers from 14 October 2021. In a virtual press conference, Coordinating Minister for Maritime Affairs and Investment Mr Lufut Panjaitan stated that travellers from South Korea, China, Japan, New Zealand and the United Arab Emirates would be able to enter Bali through the Ngurah Rai International Airport. Travellers are required to provide proof that they would be quarantined in a hotel for a minimum of eight days at their own expense upon arrival. Prior to this announcement, visas were issued to foreigners classed as urgent and skilled workers, paramedics, or investors. Foreign spouses of Indonesians are also permitted to enter the country.

Taiwan to Issue NTD1.2 Billion Worth of Travel Vouchers

The Taiwanese government has announced the issuance of 1.2 million travel vouchers worth NTD1,000 each. Starting from 12 October 2021, these coupons will be awarded based on a draw, conducted each Tuesday for four consecutive weeks. Registration for the draws would take place from 22 September 2021 to 29 October 2021. The voucher’s validity of use would start from 1 November 2021 till 30 April 2022. With each draw having an estimate of 300,000 winners, the government estimates that these vouchers would increase tourism spending by NTD5.8 billion. This measure is part of a series of governmental promotional schemes that seek to restart Taiwan’s tourism economy, boost consumption, and improve employment. Other schemes include the Quintuple Stimulus Vouchers, where the government issued vouchers worth NTD5,000 per person, and various subsidies provided on tourism products and services. With all subsidies and measures in place, the government estimates that the tourism industry would benefit a total of NTD12.4 billion.

Absolute Share Price Performance, as on 8 October 2021