in

The worst is over for the travel trade, but expect a ‘spotty’ restoration, hotelier says


Tourists take a tour of the Ancient Commercial Street in Beijing, China.

Costfoto | Barcroft Media | Getty Images

SINGAPORE — There’s pent-up demand for travel, but the tourism trade could take two steps ahead and one step again on its path to restoration, the founding father of a hospitality firm informed CNBC this week.

Ho Kwon Ping, government chairman of Banyan Tree Holdings, stated whereas there is no actual solution to measure the urge for food for worldwide travel in Asia, home travel has seen robust demand.

“You can extrapolate from this and draw the conclusion that, when it’s safe to travel internationally, the same pent-up demand that’s driving domestic tourism today will also affect international travel,” he informed CNBC’s “Squawk Box Asia” as a part of the Milken Institute Asia Summit.

Airlines and tourism had been badly hit when the Covid-19 outbreak compelled borders to shut.

“I think the worst is over for sure, in terms of the travel industry,” he stated. “The only thing that’s really unclear right now is how long recovery will take.”

Ho stated the restoration is prone to be “very spotty.” While he sees extra international locations attempting out bilateral quarantine-free “travel bubbles,” they should shut if the native coronavirus scenario worsens.

That’s what occurred with the Hong Kong-Singapore travel bubble, which was postponed earlier than it may start due to a spike in Hong Kong’s case numbers.

“We’ll have to expect that there will be two steps forward, one step backwards,” he stated.

We see the gentle at the finish of the tunnel, we see the form of what is occurring past the tunnel.

Ho Kwon Ping

Banyan Tree Holdings

Mike Milken, chairman of the Milken Institute, stated the coronavirus disaster must be solved on the world stage.

“The message of this pandemic is none of us are safe unless all of us are safe. Whether you’re in Kenya, or South Africa or Nigeria, or in Brazil, or in France or in Singapore or Korea, people move,” he stated.

Still, by vaccines and trial and error, Banyan Tree’s Ho stated there can be a return to “normality.”

“We see the light at the end of the tunnel, we see the shape of what’s happening beyond the tunnel,” he stated.

Changes in travel



Source hyperlink

What do you think?

Written by Business Boy

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

Chewy CEO claims 45% revenue growth was driven by pet industry developments, despite a pandemic online boom

Jim Cramer identifies popular stock picks among young investors