Developer Lih Pao Group (麗寶集團) is moving ahead with the construction of a mixed-use complex near Yuanshan MRT Station in Taipei, after it on Monday last week announced it would close an unprofitable hotel on Taipei’s Jianguo S Road on Sept. 1.
The group, which operates 13 hotels under the Fullon Hotels and Resorts (福容大飯店) brand, said it plans to spend NT$4.3 billion (US$154.1 million) building the complex, which is a joint venture with the National Housing and Urban Regeneration Center (國家住宅及都市更新中心).
The complex is to feature two buildings, one with 10 floors and the other with 11, containing residential, retail and recreational spaces, as well as a new Fullon hotel, the developer said.
Photo courtesy of Fullon Hotel Taipei
The decision to build a new hotel comes amid a difficult operating environment due to the COVID-19 pandemic. Occupancy for tourist hotels in Taipei has fallen below 10 percent this month, after the government last month urged people to stay at home and banned dine-in services amid a level 3 COVID-19 alert.
The outgoing Fullon Hotel Taipei (福容大飯店台北一館) had an average occupancy rate of 14.57 percent in the first five months of this year, with daily room rates at NT$3,187, company data showed.
The occupancy rate slipped to 12.9 percent this month, said the hotel, which opened 15 years ago.
The Fullon Hotel Taipei employees can choose to work at other properties or subsidiaries, while customers with restaurant and hotel vouchers are eligible for refunds or can redeem them at other locations, Lih Pao said.
The group also owns theme parks in Taichung and hotels in New Taipei City, Taoyuan, Taichung, Kaohsiung, Pingtung City and Hualien City.
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