
GUINDAP: “We’re here to stay.”
The global financial crisis has begun to take its toll on the luxury hospitality industry as corporate and leisure travelers either shy away from high-end hotels and resorts or postpone travel plans altogether, but the local head of Ascott International remains optimistic this year, despite the challenging environment. The Ascott Group is a leading serviced residence owner-operator with nearly 18,000 operating serviced-residence units in key cities of Asia Pacific, Europe and the Gulf region. In the Philippines, the group operates three brands including its flagship development, The Ascott Residences in Makati, as well as the Somerset and Citadines brands, positioned “lower” than Ascott Makati. In an interview with the BusinessMirror, Arthur Guindap, country general manager of the Ascott Group, said that business has slowed down slightly, as he noted the decrease in overall visitors for Ascott Makati. “Occupancy is at 80 percent but traditionally we run closer to 90, when times were good. But our expectations [this year] are very high,” said Guindap. He said the group is also waiting for signals of recovery before starting on expansion to other areas in Metro Manila, such as in the Oritgas Central Building district and Alabang, for Citadines, which Guindap described as the company’s growth brand. The Ascott executive added that despite reports of hotels in the region reducing prices, Ascott has increased its rates. In the latest price index released by Hotels.com, a leading global provider of hotel accommodations, Asian rates dropped 2 percent in the fourth quarter of 2008. Globally, the drop was 12 percent, it said. |