Cathay Hospitality Management Co (國泰商旅) aims to boost combined revenue from its five hotel outlets to NT$1 billion (US$30.3 million) next year, as the impact of a global slowdown and dengue fever tapers off despite lingering political uncertainty, general manager Phyllis Chuang (莊婉華) said yesterday.
The hotelier is a subsidiary of Cathay Real Estate Development Co (國泰建設) and owner of two hotel brands — Madison Taipei (台北慕軒) and Hotel Cozzi (和逸).
“The revenue target represents an increase of 5 to 10 percent from this year, with each outlet contributing NT$200 million,” Chuang said.
The addition of Cozzi Kaohsiung this month would lend support to revenue growth, while the outlet in Tainan could see growth momentum recover after being hit hard by an outbreak of dengue fever, Chuang said.
Occupancy rates at Cozzi Tainan slumped to 15 percent earlier this year, she said, but the hotel is hoping to raise this to at least 60 percent next year — the threshold for a hotel to turn a profit.
Business travelers might choose to wait and see to gain a better understanding of potential policy changes in Taiwan after the elections next month, she said.
An increasing number of foreign companies are also skipping trade fairs in Taiwan, choosing instead to showcase their products in China, she said.
Cathay Hospitality aims to raise occupancy rates at other Cozzi hotels and Madison Taipei by 5 to percent to 75 percent and 65 percent respectively, she said.
Madison Taipei, which targets international business travelers, could make above-par revenue contributions due to its convenient location in downtown Taipei and higher daily room rate of NT$6,000, compared with NT$5,000 for Cozzi, Chuang said.
Madison Taipei is applying for a five-star rating, not content with its current four-star rating, hotel director Joyce Hwang (黃雅琪) said.
To help achieve its goal, the hotel has invited Michelin French chef Xavier Mathieu to star in its Italian restaurant Gustoso from yesterday to Tuesday next week.
Dining facilities generate 20 percent of Madison Taipei’s revenues, compared with more than 40 percent at Landis Taipei Hotel Co (亞都麗緻), Formosa Regent Taipei (台北晶華酒店) and Westin Taipei (台北威斯汀六福皇宮).
All hoteliers are looking at a modest increase of room rates next year in line with GDP growth forecasts for Taiwan.
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