China's tourism industry is witnessing a robust resurgence in 2023, characterized by evolving traveler preferences both domestically and internationally. On the home front, eased travel regulations combined with rising incomes are spurring interest in local exploration. Globally, Chinese tourists are keen on re-embracing the world, gravitating towards immersive, wellness, and culture-centric experiences.
Hotel investment volumes will likely cross US$7 billion for the full year 2021, a 15% year-on-year increase, as investors continue to look past the industry’s short-to-medium term headwinds brought on by COVID-19. According to JLL (NYSE: JLL) Hotels & Hospitality Group, healthy transaction volumes will continue into next year, with the industry expected to attract a minimum of US$9 billion in capital in 2022.
China, usually seen as the global leader in the hotel industry’s recovery from the pandemic, took a massive fall last week in its hospitality comeback due to the Delta variant. Prior industry optimism about the country’s ability to quickly rally after a setback doesn’t seem to apply this time around.
The second wave of the pandemic caused by the variant of the COVID-19 virus, which was first identified in the United Kingdom has been the most severe in India. As a result, travel and tourism have been halted across the country, and the impact on the hotel industry is immense, especially in major cities such as Mumbai.
While the global travel sector continues to withstand the negative impact of the COVID-19 pandemic, some markets have started to show signs of recovery. In China, where the virus first broke out, domestic airline passenger levels have grown steadily, and now sit at 50 percent of precrisis levels. Hotel occupancy rates have also improved since the depths of the crisis, and are now back to 60 percent of last year's levels. Domestic travel is now positioned to accelerate as summer approaches, with segments that drive demand during this period, such as families, reporting an increased desire to travel in the near term. In this article we explore some key trends in travel, and how these have changed from the early stages of COVID-19 recovery, in April.
The introduction of international travel restrictions and the closing of the border with Mainland China has forced Hong Kong hoteliers and investors to consider whether to buy, sell or hold, a new report from Colliers International says.
Reservations for domestic flights and hotels in China are recovering from a coronavirus-induced slump as people return to work across the nation, online travel company Tongcheng-Elong Holdings Ltd. said.
OYO's Chinese rival H Hotel, a budget hotel chain backed by Shanghai-based hospitality group Huazhu and venture capital firm IDG Capital, has now been merged with Huazhu's economy hotel brand Elan, according to an announcement by the Huazhu Group on March 9.
As hotel occupancy plunges to a single digit, Hong Kong's leadership toward one of its most important industries is being put to the test during the coronavirus crisis. So is the leadership of hotel CEOs in keeping their companies whole.
After Singapore's residential and office markets made comebacks, the next property sector to bet on might just be its hotels.
Tourism and hospitality leaders are so confident of meeting industry job growth targets that they are already turning their focus towards setting new projections for the next decade.
Indian hospitality sector is expected to witness an exponential growth over the next three years, with the branded hotel chains set to see a 50 percent growth in their capacities by 2022, on the back of rising demand hugely outstripping current supply, a recent PwC report has said.
Hyatt opened its first hotel in China in 1969 and today has grown to 58 hotels, seven brands and more than 19,000 rooms in Greater China. Over the next four years, Hyatt plans to double its presence in China with 60 hotels and 22,000 more rooms in the pipeline, representing nearly one-third of Hyatt's global development pipeline.
In an interview with Mint, Michael Issenberg, CEO (Asia-Pacific) at AccorHotels, talks about plans for India, challenges in the hospitality industry, and the impact of millennials and social media on the sector.
Singapore's illustrious hotel history may have started with Raffles, but it took many decades for another new hotel -- the Marina Bay Sands in 2010 -- to capture travelers' popular imagination in the same way. Since then, the hotel scene in Singapore has only grown more exciting, as the city-state now ranks not only as the best place for business in Southeast Asia, but also as a compelling destination for leisure travelers to explore. That new allure has come to a head in 2017, with a veritable explosion of new hotels coming onto the travel scene. "The last couple of years have been quite big with more than 8,000 rooms coming into the system," says Jesper Palmqvist, area director for Asia at STR, a market data and analytics firm with offices in Singapore.
Mantra Group Ltd (MTR.AX) on Thursday agreed to a A$1.18 billion ($920 million) buyout from French hotel company Accor SA (ACCP.PA), a deal which will create the biggest hotel group in Australia where tourism is rising sharply.
Uber may have become the latest in a long line of Western tech firms to have failed in China, but fellow gig economy darling Airbnb is determined to succeed in the Middle Kingdom.
Today, the company announced a new brand for its China-based business and the local launch of Trips, its travel services feature. Beyond those launches, the firm pledged to increase its local presence via plans to triple its headcount in China and double its investment in the country.
Companies wager on demand for flashier lodgings that offer distinctive experiences. The boutique-hotel trend, which took the lodging industry by storm in the U.S. and Europe starting in the late 1990s, is beginning to gain traction in China.
President Xi Jinping’s crackdown on fancy feasts and penthouse suites has decimated China’s hospitality industry, with a notable exception. China Lodging Group Ltd. is the only Chinese hotelier to have gained in 2016. The Shanghai-based hotel operator has risen 23 percent to $38.43 so far this year, making it the fifth-strongest performer within the Bloomberg-China Index, which tracks Chinese stocks traded in the U.S. After taking leadership of the Communist Party at the end of 2012, Xi banned official extravagance as part of an effort to stamp out widespread corruption. Lavish spending on anything from showy cars to luxury hotel rooms was out, with far-reaching consequences to caterers, entertainment and lodging businesses not to mention alcohol giant Remy Cointreau SA. Intensifying that effect has been slowing economic growth, which hovered at a seven-year low in the first half of 2016.
Revenue per available room slips amid an overexpansion by hotel chains. A glut of hotel rooms in Chinese cities is forcing owners to reduce rates in a bid to attract customers.