MANILA -- The Peninsula Manila on Friday denied a report that it is "also headed for the wrecker's ball" as the novel coronavirus pandemic continues to cripple the hospitality industry.
In a statement posted on its website, The Peninsula Manila reacted to an article published by The Philippine Star saying that its Hong Kong parent "has written off its investment in the local luxury hotel."
"The Philippine Star published an incorrect and completely misleading headline and story claiming that The Hongkong and Shanghai Hotels was 'writing off' The Peninsula Manila. The newspaper has misunderstood an accounting term of 'writing down' the value of the hotel which was published in our group annual report," The Peninsula Manila said, adding that it has asked for a correction.
The five-star hotel in Makati went on to stress that its parent company, Hongkong and Shanghai Hotels Ltd., "remains committed to the Philippines where we have been operating the hotel since 1976."
"The group has no intention of 'writing off' The Peninsula Manila," the statement read.
While the property is here to stay, The Peninsula Manila said only its boutique is currently open for takeout and delivery daily in compliance with government-imposed quarantine rules.
"No reservations will be available until November 30, 2020. The safety and security of our guests and employees remains our highest priority," it said.
The article in question, titled "HK parent writes off Manila Pen as Ayala lease winds down," is no longer available on the website of The Philippine Star as of writing.
The Peninsula Manila released the statement after the report went viral, with netizens expressing their concern for the five-star hotel.
This as a number of properties have ceased operations amid the pandemic, such as Marco Polo Davao and the Mansion Hotel in Iloilo.
Responding to the effects of the COVID-19 crisis on the country's hospitality industry, a hotel marketing group launched an online sale featuring 89 establishments in mid-September.
Aptly called SOS or September Online Sale, the event will run until September 30 on the website of the Hotel Sales and Marketing Association.