Social media, Airbnb, climate change, digitisation. These are but some of the major disrupters of the hospitality industry.
In spite of that, hotels seem to be popping up like mushrooms everywhere, particularly in Asia, each vying for travellers’ attention.
“Strong demand fundamentals with a positive long-term outlook,” reasons Govinda Singh, Executive Director, Valuation and Advisory Services, Asia for Colliers International.
Singh feels that this is a trend that will keep up as long as it is cheaper for hotel owners to build than buy.
“In addition, as demand grows, and given the availability of development finance, it is likely we will continue to witness further development across the region. There is still room for growth, underpinned by the continued growth of the middle class and HNWI.”
This spells good news for architects and designers who are active in this industry, or who want to do more work in hospitality.
Innovative concepts that are sustainable, financiallysound and multi-generation-friendly, advises Singh, will be favoured.
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Annual Issue 2020