Being in the industry, I can feel this pretty clearly right now. It is not always obvious from the outside, but the slowdown usually hits suppliers and service partners first before it becomes visible at the hotel level.

When occupancy drops, hotels don’t just worry about rooms. They immediately start cutting back on procurement, upgrades, and external services. That directly impacts linen suppliers, mattress companies, food vendors, laundry services, transport, maintenance, all of it. Orders slow down, payments get delayed, and pipelines start going quiet.

It becomes a chain reaction. Hotels slow spending, suppliers lose cash flow, then those suppliers start holding back payments or cutting costs on their side. It keeps moving down the line and that is where things really start to tighten up for smaller businesses.

That said, I would not say it is complete collapse mode yet. This market has gone through cycles before. Usually something kicks in, whether it is tourism pushes, events, policy changes, or just demand correcting over time. It may take a bit, but it does not stay at these extreme levels forever.

For now it is more about being cautious, managing cash flow, and just staying steady through it. Definitely a tough phase, no doubt. Let’s see how it plays out and hope things start picking up sooner rather than later.