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Hong Kong’s Rosewood aims to open 25 new hotels, shrugging off recession risk as pandemic-hit sector rebounds
- The hospitality group eyes expansion even as the risk of a global recession that would crimp travel spending rises, says its CEO
- The hospitality segment is arguably the pandemic’s worst-hit industry after travel ground to a halt in 2020
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Hong Kong-based Rosewood Hotels & Resorts plans to open 25 new hotels across the world in the next eight years, even as the risk of a global recession that is likely to crimp travel spending is increasing, according to Sonia Cheng Chi-man, its chief executive officer.
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The brand is part of the Rosewood Hotel Group, which currently has about 10,000 rooms in 43 hotels. Its two other brands are New World Hotels & Resorts and Khos. It has a presence in 20 countries, six of them in Asia.
“What we’re seeing is that overall, globally, the business levels are really strong, there’s a solid recovery across all segments,” Cheng said. “In Europe and the US, the business has recovered back to about 80 to 90 per cent of pre- pandemic levels and some of our hotels are even surpassing 2019 in terms of rates and occupancy.
“Of course, there’s the rising costs and inflation, but we do see a significant pent-up demand in luxury travel.
“And our customers are willing to pay for the higher rate, because they’re so eager to travel [and] they really want to invest in amazing experiences that Rosewood can offer.”
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Rosewood Hotel Group is owned by Chow Tai Fook Enterprises, a private company known for its jewellery business.
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