Leading hoteliers seek opportunity in crisis
SINGAPORE – The inaugural ITB Asia travel show last week gave the industry an opportunity to bunker down and discuss the impact of the credit tsunami on global travel.
On stage at the Web in Travel (WIT) event and the ITB Asia Convention, the mood of presenters was sombre but not, thankfully, suicidal.
The WIT hotel leaders’ forum which focused on the econopmic crisis drew this comment from Michael Issenberg, chairman of Accor Asia/Pacific. “We shouldn’t be afraid but we should be very concerned for at least a year.
“If you’re not concerned – good luck.â€
Miguel Ko, president of Starwood Hotels & Resorts, Asia/Pacific, said that Asia was impacted by two forces: the global meltdown and internal issues such as the political crisis in Thailand.
He said that solving the internal issues would help Asia to recover faster than the travel sectors in North America and Europe.
Both Loh Lok Peng, owner of both the New Majestic and 1929 hotels in Singapore, as well as Yenn Wong, owner of the JIA boutique hotel in Hong Kong, made their start in hotels during the Asian financial crisis in 1997.
Loh said the latest financial downturn might also present good buying opportunities.
Accor’s Issenberg agreed. “I think there will be buying opportunities in the United States,†he said.
Ko, asked where he would be investing right now, had no doubts. “Starwood shares,†he said.
Apo Demirtas, chief sales and marketing officer for the Jumeirah group, said the current crisis was being fed by emotion. “We should not be adding to the panic out there,†he said.
Ian Jarrett
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Phocuswright reveals the world's largest travel markets in volume in 2025
Cyclone in Sri Lanka had limited effect on tourism in contrary to media reports
Higher departure tax and visa cost, e-arrival card: Japan unleashes the fiscal weapon against tourists
Singapore to forbid entry to undesirable travelers with new no-boarding directive
Euromonitor International unveils world’s top 100 city destinations for 2025