Tokyo’s hotel industry reported record-high average daily rate (ADR) and revenue per available room (RevPAR) in May, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
The travel industry has been waiting. Waiting for Chinese travelers to return to the global tourism stage in a significant way. While there was some recovery in 2023, outbound travel from China remained largely in the role of supporting actor rather than the main character. Now that we’re well into 2024, that is changing.
The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) has revealed today that China’s Travel & Tourism sector is set to inject a record-breaking ¥12.62TN into the national economy by the end of this year.
Read the latest edition of the HVS ANAROCK monthly industry update, Hotels & Hospitality Overview (H2O), for the key trends in the Indian hospitality industry.
According to estimates from the Data Center of the Ministry of Culture and Tourism, the five-day May Day period (1-5 May 2024) brought 295 million domestic tourism trips – a 28.2% jump against the same period in 2019 and a 7.6% increase year over year. However, per capita tourism spending only recovered to 88.5% of the 2019 level.
CBRE Asia Pacific Hotels & Hospitality’s Market Update series explores key trends in the region across indicators such as tourism arrivals, hotels performance, supply and investment activity, as well as notable market developments that are relevant to the hotel sector.
Japan’s growth in hotel revenue per available room (RevPAR) has remained extremely impressive over the past 15 months – a function of a later opening post-pandemic, above-average inflation, and an influx of international demand. That’s largely reflected in average-daily-rate (ADR) growth, although through much of 2023, the first and third points helped drive double-digit occupancy increases as well.
Sydney's hotel industry recorded year-over-year increases in each of the three key performance metrics, according to April preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
KKR, a leading global investment firm, and Marriott International, Inc. (Nasdaq: MAR) today announced the launch of each company’s foray into the midscale hospitality space in Japan, which follows KKR’s completion of the acquisition of Unizo Hotel Company, Limited and a portfolio of 14 hotels in Japan from Unizo Holdings. The 14 hotels will be converted to Four Points Express by Sheraton. This marks Marriott’s entry into the affordable midscale segment in Japan and the brand’s debut in Asia Pacific following its global launch in this space in 2023.
Urban Rest, a leading provider of flexible alternative accommodations serving the corporate market, proudly announces its acquisition of The Urban Butler, effective 1 May 2024. This strategic move not only solidifies Urban Rest's position as a key player in the alternative accommodations sector but also marks a significant step towards its continued global expansion.
This report highlights the key trends in the Indian hospitality industry in 2023 along with the sector performance metrics, brand signings, and brand openings during the year. It also provides our outlook for the sector for 2024.
Read the latest edition of the HVS ANAROCK monthly industry update, Hotels & Hospitality Overview (H2O), for the key trends in the Indian hospitality industry.
The Indian Hotels Company Limited (IHCL), India’s largest hospitality company, reported its consolidated financials for the fourth quarter and full year ending March 31st, 2024.
A number of large-scale events have boosted hotel performance in Adelaide, with further jumps expected for upcoming events, according to recent data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
Marriott International and HMI Hotel Group today announced a signed agreement to rebrand seven existing HMI properties in five major cities across Japan to Marriott Hotels and Courtyard by Marriott. This signing will bring the rich legacy and guest-focused experiences of both Marriott brands to the increasingly sophisticated consumers in Japan and is part of HMI’s strategic repositioning, aimed at revitalizing and realigning these properties with the latest trends in global hospitality.
The host of six Taylor Swift concerts, Singapore’s hotel industry posted its highest March average daily rate (ADR) and revenue per available room (RevPAR) on record, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
Read the latest edition of the HVS ANAROCK monthly industry update, Hotels & Hospitality Overview (H2O), for the key trends in the Indian hospitality industry.
CBRE Asia Pacific Hotels & Hospitality’s Market Update series explores key trends in the region across indicators such as tourism arrivals, hotels performance, supply and investment activity, as well as notable market developments that are relevant to the hotel sector.
In Chinese culture, the dragon represents strength and good luck, which is fitting as Lunar New Year brought performance growth to China hotels once more during the important holiday period.
Boosted by Taylor Swift’s Eras Tour, the hotel industries in both Sydney and Melbourne posted their highest average daily rate (ADR) for any month on record, according to February preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.