Slow recovery a setback for hotels, but there're encouraging signs
For hospitality Reits, hotel occupancy for Singapore surpassed the 90 per cent mark in Q3
THE recovery for the travel industry remains slower than expected, throwing a spanner into the works for the hotel sector as peak season looms.
The International Air Transport Association was previously banking on international borders re-opening by the fourth quarter of this year, but those hopes are rapidly dimming as subsequent waves of infection prompt countries to keep their borders tightly sealed.
Singapore, for its part, has established fast lane arrangements with countries such as China, Malaysia, South Korea and Japan to facilitate essential travel. More recently, it proactively lifted border restrictions to Australia (except for the state of Victoria), New Zealand, Brunei and Vietnam, which means that travellers from those countries can come here without serving a quarantine period.
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