HotelInvestmentConferenceAsiaPacific
14-16 October –InterContinental,Hong Kong
Report by Rebecca Lo
The mood at the 20th “It fundamentally changed how Broadfoot uses a pyramid as the everywhere else was negative,”
anniversary of the most people bought and sold hotel model for the industry, with the he said. Ogren agreed that while
significant hotel event in rooms.” base representing mass tourism the top tier of the market has
Asia Pacific was remarkably Next, Robert Broadfoot, Political and the top as the luxury market. declined, the low tier has fared
different compared to 12 & Economic Risk Consultancy’s He cautions that the assumption not as badly.“Weekend business
months ago. Despite the Managing Director, gave his the pyramid will simply expand was not affected as badly as
suits’continued reluctance macro outlook for the region.“In back proportionally is false. weekday, meaning that leisure
to indiscriminately lend out a bear market, it is easier to see “During the crisis, the top end travel was not as badly hit as
their clients’cash,HICAP the future.” he noted.Although was hurt more and will not corporate.”While expectedly
stuck to its theme of 20/20 he believes that greater China bounce back as quickly as the Beijing and Shanghai are seeing
Vision.Throughout the (which includes Hong Kong, bottom,” he advised.“These new below 50% occupancy rates due
conference,speakers were Macau andTaiwan) and India markets are price sensitive and to the oversupply backlash post
invited to simultaneously look will continue to see growth, want more for less. Chinese and Olympics, China on the whole
back and look ahead,applying northeast Asian countries such Indians are very conservative has gone up 6.2%.“It will be a
recent lessons learned to as Japan and especially Korea – they want value for money and slow and drawn up climb back
gaze into the hospitality are poised to set aside their they have very different tastes up,” he cautioned.
crystal ball.The dreaded legacy issues to cooperate with in amenities.” Broadfoot sees HICAP dinosaurs then took
“D”word was put into better international brands more. more government intervention a nostalgic look back at the
perspective and the hotel Broadfoot feels the real growth in hotel and infrastructure changes to the industry over
industry appears stronger as a will stem from domestic travel, projects, where state-owned the past 20 years. Robert Stiles,
result of the global economic with China followed by India companies are getting actively ExecutiveVice President &
downturn. expanding the most internally involved in development.“See Principal Head of western
due to their rising middle classes. which governments are getting region at Cushman &Wakefield
Robert Hecker, Horwath HTL’s He also forecasts expansion in involved,” he recommended. Sonnenblick Goldman, began
Managing Director, welcomed Indonesia, despite the political “Creative companies with out-of- with a recount of moderating
800 management and senior instability constantly looming the-box approaches will be ahead a session at the first HICAP in
executives in the ballroom of over the most populated of the game.” Kowloon Shangri-la. Richard
InterContinental Hong Kong democratic Muslim country Joans Ogren, STR Global’s Asia Hartman, Chief Executive Officer
with a lively recap of HICAP’s in the world.“Everyone wants Area Director, reinforced the at Millennium & Copthorne
past 20 years.“The most Indonesia to succeed,” Broadfoot position of previous speakers with Hotels, noted that over the past
important innovation was in stated.“As a result, terrorist his global lodging report.“Seoul two decades, guests are using
1990 with the global use of the groups like al-Qaeda will always and Bali experienced growth their rooms more.“Rooms got
WorldWideWeb,” he stated. be a threat to that country.” in occupancy this year, while bigger and have more stuff in
WWW.SLEEPERMAGAZINE.COM JANUARY / FEBRUARY 2010 119
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