Amid continued recovery from the Omicron wave, India’s hotel industry eclipsed pre-pandemic comparables in occupancy and average daily rate (ADR) for three consecutive days during the second week of April, according to preliminary data from STR.
Thailand’s battered hotel sector is showing increased signs of fatigue as the global pandemic enters its third year. Nowhere is this more apparent than the resort island of Phuket, where over 73% per cent of new hotel developments either lay dormant or have been put in hold. According to data in the newly released Phuket Hotel Market Update 2022 from C9 Hotelworks hospitality consulting, the once robust island hotel pipeline has owners now suffering from ‘fear factor’ as they continue to reel in the wake of a volatile marketplace and unclear future outlook.
The World Travel & Tourism Council’s latest Economic Impact Report revealed last year the Philippine’s Travel & Tourism contribution to the nation’s economy climbed 129.5.% year on year, to reach US$ 41 billion.
Following the Beijing Winter Olympics and Paralympics, China’s domestic ice and snow economy continues to boom. According to the latest data, the number of participants in ice and snow sports across the country reached 346 million after the Olympics achieved nearly 600 million domestic TV viewers. However, as the second host city of a pandemic-era Olympics, how did Beijing’s hotel market fare? What were the performance differences among the city’s submarkets? How did that performance compare with pre-pandemic periods?
Remote work, which has gained acceptance in the last two years, has transformed the hospitality industry, opening up an array of new customer segments. The ‘work from anywhere’ trend that emerged post the pandemic has popularized tourism concepts such as Staycations, Workcations, and long-stay, helping the beleaguered hotel industry in its darkest hours.
This weekend’s Australian Grand Prix is lifting Melbourne’s hotel occupancy on the books to its highest level since November 2019, according to STR’s Forward STAR.
The year 2021 has been nothing short of a roller coaster ride for the Indian hotel sector, full of hope and opportunities but also uncertainty as new variants of the virus acted as temporary roadblocks on the road to recovery. While the year began on a positive note with a surge in domestic leisure travel fueled by a steady drop in active cases and the start of the country’s vaccination program, the recovery was quickly hampered by new restrictions and lockdowns imposed in response to the country’s second wave.
The year 2021 has been nothing short of a roller coaster ride for the Indian hotel sector, full of hope and opportunities but also uncertainty as new variants of the virus acted as temporary roadblocks on the road to recovery. While the year began on a positive note with a surge in domestic leisure travel fueled by a steady drop in active cases and the start of the country’s vaccination program, the recovery was quickly hampered by new restrictions and lockdowns imposed in response to the country’s second wave.
In one of Australia’s largest hotel management portfolio agreement deals for over a decade, Salter Brothers has announced that its portfolio of hotels, acquired as part of the recent Travelodge acquisition, will be joining the global hotel giant Accor at the start of the 2023 financial year.
An uplift in occupancy levels on the Sunshine Coast and Gold Coast is driving a resurgence in Queensland hotel performances for Australia’s largest hotel group.
The Republic of Singapore is a metropolitan city-state and island country in Southeast Asia with a total land area of an estimated 714.3 square kilometres. It is situated at the southern tip of the Malayan Peninsula, between Malaysia and Indonesia. With an economy supported by its population of approximately 5.45 million people, Singapore has witnessed consistent economic growth throughout the years and is prominent in the financial services, energy and infrastructure, biotechnology and tourism, medical tourism and information and communications technologies.
The tourism market in Australia, and in particular the backpacker and hostel industry, was one of the most impacted sectors during the COVID-19 pandemic. Despite this, the outlook is positive as borders reopen and backpackers start to pour back into the country.
Amid increased COVID-19 cases and a slow return to office, Sydney’s hotel industry reported a marginal occupancy increase from the prior month, but lower rates, according to preliminary February 2022 data from STR.
Preferred Hotels & Resorts, the world’s largest independent hotel brand, is pleased to celebrate its continued and growing partnership with The Leela Palaces, Hotels and Resorts through the addition of two new properties to its global portfolio. With the launch of The Leela Bhartiya City Bengaluru in September 2021, and the addition of The Leela Palace Jaipur in November 2021, Preferred’s partnership with the Mumbai-based group has expanded to encompass 10 globally recognized properties across India, with plans to expand further in 2022 and beyond. This longstanding partnership with one of India’s most awarded hotel brands is a testament to Preferred’s strength in executing innovative global strategies that cater to the individual needs of its member hotels to create mutually beneficial relationships.
Ascott Residence Trust (ART) will invest about JPY 10.4 billion[1] (S$125.0 million[2]) to acquire four rental housing properties and its first student accommodation property in Japan. The yield-accretive acquisitions are set to increase ART’s pro forma FY 2021 Distribution per Stapled Security by approximately 1.7%[3]. The average NOI yield[4] is expected to be about 4.0%. The five properties will be acquired on a turnkey basis from two different sellers on a willing buyer and willing seller basis. The transactions are expected to be completed between 1Q 2022 and 2Q 2023.
New research from the World Travel & Tourism Council (WTTC) has revealed China’s Travel & Tourism sector’s contribution to GDP could reach CNY 11 trillion this year, just 5.2% short of pre-pandemic levels.
Although Chinese consumer confidence is growing, desire for travel has shown a faltering recovery due to sporadic COVID-19 outbreaks. A predictable pattern is emerging where desire for travel recovers roughly two months after a decline and even though international travel is restricted, the desire for travel remains. Furthermore, travelers’ preferences are shifting, with implications for travel companies.
Mainland China’s hotel industry surpassed its 2019 comparable in Lunar New Year average daily rate (ADR) even with substantially lower occupancy, according to preliminary data from STR.
The emergence of a new COVID strain, Omicron, in late 2021, threw the global travel sector into upheaval once again, as several countries re-introduced travel restrictions to combat the spread of the highly transmissible virus. The crucial year-end holiday season was significantly disrupted with thousands of flight cancellations, cruises forced to dock, and fewer hotel bookings. As per media reports, over 4,500 flights were canceled worldwide over the Christmas weekend, and more than 3,000 flights, half of which were US flights, were canceled over the New Year. The impact was noticed in India as well, with 30-35% of travelers canceling or rescheduling their January 2022 travel plans as the reintroduction of travel restrictions severely impacted the impressive rebound in domestic travel.
Helped by the Australian Open, Melbourne’s hotel industry reported its highest room rates of the pandemic-era, according to preliminary January 2022 data from STR.