Taiwan Hotel Update 2021 - Trends, Outlook & Opportunities
Taiwan is a popular travel destination in Asia with a majority of visitors from Greater China and North Asia. However, the government decided to close the border in early 2020 during the onset of the COVID-19 pandemic. As a result, Taiwan successfully managed the COVID situation in 2020 and the island maintained a “zero-COVID” policy. During the course of the pandemic, the local hotel market faced many changes and challenges similar to the global hospitality industry. In these testing times we seek for opportunities to prepare for the new normal in the market.
The unprecedented decline in visitor arrivals to Taiwan caused drastic changes in hotel RevPAR performance under the pandemic, and domestic demand suddenly became critical to hotels. The article highlights top performers in the hotel market amid the changes posed by COVID-19 and analyses factors of success behind these properties. Additionally, it dives into current and future supply in the hotel market and evaluates the potential of hot spring tourism, as it gains popularity among domestic travelers.
This article covers:
- Taiwanese hotel performance in 2019 to 2021 year-to-date through June with analysis in trends and individual properties. Overall resort hotels recorded stronger performance than city hotels – an interesting change due to the pandemic.
- The current and future hotel supply, including both international chains and local chains. Several international chains and regional hotel groups continued their expansion amid the global pandemic, and local chains looked into new opportunities at the same time.
- With abundant natural resources in Taiwan there are still gaps in the current development of hot spring tourism across Taiwan. This presents opportunities for future development, especially in wellness tourism.
- Trends in hotel food & beverage revenues show flexibility and resilience among local hotels – varying by location.
- Most importantly, we present the outlook and opportunities for future development in the Taiwan hotel market, from overall strategy to specific hotel types.
To read the full report (PDF), click on the link below. Enjoy reading!