The plush Makati Shangri-La hotel, one of the biggest leisure establishments in the country, is going to stop operating effective Feb. 1 owing to its tight financial position caused by the Covid19 pandemic in the past 10 months, wherein its sales have plummeted by as much as 95 percent.
Hotel management said it is reluctantly folding up for now as the existing depressed business levels in the Philippines has rendered Shangri-La’s continued operations financially unfeasible.
The 700-room hotel – owned by Malaysian billionaire Robert Kuok – shall reopen its doors to the public sometime in the future when the economic situation once again percolates.
“We look forward to reopening the property (situated along Ayala Avenue in the nation’s main business district) when conditions have improved,” they said.
Management said that all future bookings of the 28-storey Makati Shangri-La will be referred to its sister hotels at The Fort In Taguig City and the Edsa Shangri-La in Mandaluyong City.
Photo: Shangri-La Hotel