News

March 17, 2022

Outlook for Australia's backpacker and hostel market

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.

By Hayley Manvell, Associate Director, CBRE Hotels Asia Pacific, CBRE Hotels

Australia

March 14, 2022

STR: Sydney hotel occupancy stable in February amid COVID concerns

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.

Sydney, Australia

March 9, 2022

Preferred Hotels & Resorts Expands Partnership with The Leela Palaces, Hotels and Resorts

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.

Preferred

March 9, 2022

Ascott Residence Trust Invests JPY10.4 billion to acquire four rental housing properties and first student accommodation property in Japan

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.

Ascott Residence Trust

Japan

February 22, 2022

China’s Travel & Tourism sector could reach CNY 11 trillion this year, says WTTC

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.

WTTC

February 22, 2022

Outlook for China tourism in 2022: Trends to watch in uncertain times

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.

McKinsey & Company

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Radical Innovation

February 15, 2022

STR: China hotel rates higher than 2019 level during Lunar New Year

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.

February 14, 2022

HVS Monday Musings: Travel Rebounding Faster Post-Omicron

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.

February 14, 2022

STR: Melbourne hotel rates reached pandemic-era highs in January

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.

Melbourne , Australia

February 1, 2022

HVS Musings: Indian Hotel Sector – 2021 Performance Review

Following an abysmal performance in 2020, the Indian hotel sector found some much-needed hope in 2021, as it made steady headway on the road to recovery. The year began on a promising note with the commencement of the vaccination program, which, combined with a decrease in COVID cases, improved travel sentiment in the country. Domestic leisure travel drove the recovery throughout the year, with business travel also picking up as most businesses and organizations returned to a full or hybrid work-from-office model. Additionally, weddings and social events, as well as the resurgence of small-to-medium-sized domestic MICE events, helped to stimulate hotel demand in 2021.

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Radical Innovation

January 27, 2022

Beijing hotel performance expectations as Lunar New Year and Olympics intersect with the pandemic

Overlap between the Lunar New Year, 2022 Winter Olympic Games and the ongoing pandemic will create a conflicting mix of demand drivers for hoteliers in Beijing. With New Year celebrations typically driving travelers out of major metros, the Olympic Games pushing demand into the event center, and China’s zero-tolerance COVID-19 precautions overlaying both major events, February will be a month to remember for the Chinese capital.

January 17, 2022

HVS Monday Musings: Chandigarh – the Emerging Hospitality Hotspot in India

Chandigarh, also popularly known as the Tri-city region, is quickly becoming the new hospitality hotspot in India. Following the second wave, Chandigarh's hotel sector has recovered quicker than several other markets in the country, with occupancy rates rising from a low of around 15% in May 2021 – the peak of the second wave – to close to 70% by November 2021, comparable to pre-pandemic levels.

Chandigarh, India

January 11, 2022

STR: Sydney hotel rates reached pandemic-era highs in December

Reflecting the beginning of summer and impact of the holiday season, Sydney’s hotel industry reported its highest room rates of the pandemic-era, according to preliminary December 2021 data from STR.

Sydney, Australia

December 27, 2021

The Indian Hotel Sector – 2021 in Review

The year 2021 has been nothing short of a roller coaster ride for the Indian hotel sector. All through the year, the sector has shown resilience by navigating through uncertainty, adapting to an ever-changing environment, and persevering through the ups and downs on the rocky path to recovery. The silver lining being that the leisure segment, which was ignored in the past, is now being awarded its due focus.

December 22, 2021

Review of Shenzhen Hotel Data Information Seminar

On 25 November 2021, STR held the Shenzhen Hotel Data Information Seminar at Hilton Shenzhen Futian.

Shenzhen, China

December 21, 2021

China’s Travel & Tourism sector set to recover by more than 60% this year, reveals WTTC

New research from the World Travel & Tourism Council (WTTC) reveals the recovery of China’s Travel & Tourism sector has soared ahead of many major tourism markets such as France and the U.S., and ahead of the global recovery.

WTTC

December 20, 2021

As lockdowns end, hotel bookings surge in Australia’s Gold Coast

Over recent months, Australia has experienced a number of lockdowns and travel restrictions which have resulted in record low levels of hotel demand. However, as the country enters the summer months and restrictions ease, positive trends are already developing for hoteliers. And while an uplift in demand can be observed across many of Australia’s key markets, it is the Gold Coast that is leading charge in forward bookings.

Australia

December 17, 2021

STR: Australia hotels show holiday demand lift

Lifted by the upcoming holiday season, occupancy on the books is rising in Australia’s key hotel markets with Brisbane and Adelaide nearing 70% for New Year’s Eve, according to STR’s Forward STAR.

Australia

December 14, 2021

STR: Melbourne hotel rates reached pandemic-era highs in November

Reflecting the end of lockdown and eased travel restrictions, Melbourne’s hotel industry reported its highest room rates of the pandemic-era, according to preliminary November 2021 data from STR.