Helped by the FIFA Women’s World Cup, Sydney’s hotel industry recorded its highest monthly performance levels since March 2023, according to preliminary August 2023 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
India's outbound travel sector is witnessing a resurgence, mirroring a trend akin to the pent-up demand that fueled domestic tourism in the last two years. Read on to know more.
Australia’s recent hotel performance represents normalization as leisure demand has peaked and given way to strengthening in corporate business, according to CoStar and STR analysis that will be presented this week at NoVacancy Hotel + Accommodation Industry Expo.CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. STR is CoStar’s provider of data benchmarking, analytics, and marketplace insights for the global hospitality industry.Australia’s occupancy through the first seven months of the year was 68.2%, which was up 9.8% from last year but down 6.0% from 2019. Average daily rate (ADR) of AUD234.46 was 7.4% higher than last year and 22.4% better than 2019. Driven by gains in ADR, revenue per available room (RevPAR) has been indexing at 120 (20 percentage higher) or better than 2019 since April 2022. “Australia is following many other countries into a period of normalization,” said Matthew Burke, STR’s regional director for the Pacific region, Central South Asia and Japan. “That is happening because the surge in domestic leisure travel peaked in 2022, and while room prices are considerably higher than 2019, we’ve seen minimal-to-no rate growth year over year. That isn’t a loss, but more of a shift, as we’ve seen gains in capital cities and on the days most associated with corporate demand.”
The Republic of Singapore is a metropolitan city-state and island country in Southeast Asia with a total land area of approximately 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 growing population of approximately 5.6 million people, Singapore has witnessed a remarkable record of sustained economic growth throughout the years and bolstered its role as a global commerce, finance and transportation hub.
This monthly industry update highlights the key trends in the Indian hospitality industry.
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.
There is plenty of time remaining in 2023, but Singapore’s hotel bookings are already increasing rapidly for 2024 with the market set to host several major events early in the year. Utilizing Forward STAR data, we took a quick look at the specific impact for Singapore’s hotels from Taylor Swift’s “The Eras Tour”, Coldplay and the global Rotary Convention.
Demand patterns in the Indian Hotel sector are normalizing after the severe fluctuations of the past three years. Even though revenge travel is gradually declining, demand in the leisure segment remains strong. Meanwhile, the MICE segment and corporate travel segment are continuing to recover, despite the hybrid work culture, online meetings, and higher airfares slowing the turnaround rate. As a result, the sector witnessed an average nationwide occupancy rate of 63-65% in the first half of the calendar year 2023 (H1 2023), showcasing an increase of 6-8 percentage points (pp) from the same period in 2022. India’s average hotel rates saw a strong increase of 30-32% in H1 2023 compared to H1 2022 and were 21-23% higher than in H1 2019. The steady rise in average rates helped the nationwide RevPAR to reach INR4,650-4,850, reflecting a growth of 46-48% compared to H1 2022.
Check out the July 2023 edition of the HVS ANAROCK monthly industry update, Hotels & Hospitality Overview (H2O), for the key trends in the Indian hospitality industry.
Swiss-Belhotel International, the rapidly expanding global hotel management group, has signed a memorandum of understanding (MOU) with CTG Hotel, part of the largest tourism enterprise in China - China Travel Group. The partnership is set to significantly boost the Swiss-Belhotel International’s portfolio.
Accor, the region’s largest international hospitality group is expanding its presence in Japan with the addition of the Daiwa Resorts portfolio, adding 23 properties and over 6,000 rooms, to its network across the country.
Jakarta’s hotel industry recorded its highest average daily rate (ADR) and revenue per available room (RevPAR) levels since October 2018, according to preliminary June 2023 data from STR.
Check out the June 2023 edition of the HVS ANAROCK monthly industry update, Hotels & Hospitality Overview (H2O), for the key trends in the Indian hospitality industry.
The World Travel & Tourism Council’s (WTTC) 2023 Economic Impact Research (EIR) today reveals India’s Travel & Tourism sector is in strong recovery and will be within touching distance of the pre-pandemic peak this year.
Marriott International, Inc. today announced it has signed an agreement with Hiap Hoe Limited, through HH Properties Pte. Ltd, to bring the design-forward Aloft Hotels brand to Singapore. Following a strategic conversion, the signing of the 785-room hotel expects to open in in Q3 2023, marking the Aloft brand's debut in Singapore and the largest Aloft hotel in the world.
The World Travel & Tourism Council’s (WTTC) 2023 Economic Impact Research (EIR) today reveals China’s Travel & Tourism sector’s GDP contribution is forecast to grow more than 150% this year.
With long-held COVID restrictions in the rearview, China’s hospitality industry has embarked on a rapid journey to normalcy, which has been fairly successful thus far.
Jakarta’s hotel industry posted its highest monthly average daily rate (ADR) since August 2018, according to preliminary April 2023 data from STR.
Accor, Australia’s largest hotel operator, is pleased to announce its Gold Partnership with Opera Australia, Australia’s pre-eminent performing arts company, bringing together two iconic brands to offer unforgettable experiences to both domestic and international guests.
India's amusement & theme parks industry is still nascent, accounting for only a minuscule global market share, however, demand in this segment is expected to increase in the future. Read on to know more.