HOTEL rates in Malaysia have fallen to 1985 levels due to the Asian economic crisis, according to Starwood Hotels and Resorts.
The group’s managing director for Asia, Nigel Gaunt, urged the trade to take advantage of the slump in prices, particularly for the groups, conferences and incentive markets.
Hosting an event for UK agents in the city, Gaunt said: “Things are starting to change. In two or three years time, you will look back and say ‘Why didn’t we choose Kuala Lumpur in 1999 or 2000?'”
He cited the example of the Sheraton Imperial in Kuala Lumpur offering rates of £40 per room per night. “If this hotel was in London, it could command rates of £400 per night,” he said.
Gaunt added that rates in Kuala Lumpur were particularly low because of a surge in new hotels.
“Because we own the [Sheraton] hotel, and we are a large group with hotels all over the world, we can afford to bring our rates this low – as long as we can pay our staff and keep things running,” he said.