Kwon Ping Ho, founder and executive chair of Banyan Group, has extensive experience in hospitality, having opened his first resort in 1994. He operates over 90 hotels worldwide and highlights the industry as management and people-intensive. Ho emphasizes the challenges posed by event risks, including health disasters, natural events, and political instability. During the COVID-19 pandemic, he faced significant business setbacks, including a 100% pay cut and layoffs of 15% of staff. Despite these challenges, Banyan Group's performance has bounced back, exceeding pre-pandemic levels by early 2024.
Ho described the hospitality industry as 'so management intensive, so time and people-intensive, and so vulnerable to event risk.' He highlighted that 'many events can just put travel to a halt.'
He elaborated on the challenges of running a global hotel group that has grown to 90 hotels, stating that risks such as 'health disasters, natural disasters, and political events' contribute to the fragile nature of the industry.
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