Makati Shangri-La is the latest hotel hit hard by the COVID-19 pandemic, which has closed countless businesses due to extended lockdowns and halting economic activity.
In a letter obtained by Summit Media, Shangri-La Group's Vice President of Operations (Philippines) John Rice stated that the almost 30-year-old hotel will be temporarily closing its doors, but could reopen at a later date.
"As part of the reorganisation exercise, we will sadly be parting ways with a number of colleagues and we will be temporarily closing Makati Shanri-La, Manila from 1 February 2021 onwards," wrote Rice.
The letter, addressed to Philippine Hotel Owners Association President Arthur Lopez, referred to the move as a decision to "reorganize the workforce."
According to Rice, the property might reopen at a later date when "business conditions have improved."
"Despite our best efforts, the prolonged recovery timeline has resulted in increasing financial pressure on the company here in the Philippines," wrote Rice.
The Philippines has been under lockdown for 10 months, with many businesses still not operating at full capacity.
Below is the full statement from Shangri-La Group: