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.
Indian Hotels Company (IHCL), India’s largest hospitality company, today announced a strategic alliance with the Tree of Life Resorts & Hotels, which was recently acquired by the Ambuja Neotia Group, offering IHCL’s marketing and distribution network to its portfolio of 14 resorts across the country.
Helped by Coldplay’s World of the Spheres Tour, Singapore hotels saw healthy performance growth, according to preliminary January data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
Marriott International and Delonix Group, one of the leading China-based hospitality companies, today announced a long-term cooperation agreement under which the two companies will work together to grow Marriott's Tribute Portfolio brand in mainland China. The Delonix portfolio currently includes ten hotel brands with over 1,400 hotels open or in the development pipeline. The parties anticipate that at least 100 properties could become part of the Tribute Portfolio over the coming years.
This is a monthly industry update that highlights the key trends in the Indian hospitality industry.
Helped by New Year’s Eve, Sydney’s hotel industry recorded its highest monthly average daily rate (ADR) on record, according to December preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
Jakarta hotels recorded their highest levels in occupancy and revenue per available room (RevPAR) since November 2011 and November 2013, respectively, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
This is a monthly industry update that highlights the key trends in the Indian hospitality industry.
The Leela Palaces, Hotels and Resorts, one of India’s most awarded luxury hotel brands, and Preferred Hotels & Resorts, the world’s largest independent hotel brand celebrates 15 years of partnership. In a joint statement today, they announced the expansion of their relationship with the inclusion of The Leela Kovalam, A Raviz Hotel, The Leela Ashtamudi, A Raviz Hotel and The Leela Gandhinagar to the Preferred Hotels & Resorts portfolio.
Phuket hotels experienced promising momentum for the first half of 2023, which has set an optimistic path for the remainder of the year. At the mid-year juncture, international and domestic flight volume was already up 75% over total flights in 2022. Russia and China led the way as the two top tourism source markets in the first six months of the year according to research from C9 Hotelworks in their new Phuket Hotel Market Update report.
This is a monthly industry update that highlights the key trends in the Indian hospitality industry.
A later Mid-Autumn Festival created a longer holiday period than last year, combining with National Day festivities to provide impressive improvement in China’s hotel performance.
Melbourne’s hotel industry reported a decline in revenue per available room (RevPAR) for just the second time this year, according to September 2023 preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
Even though room rates remained flat in comparison with 2019 during the first half of the year, Japan posted elevated average daily rate (ADR) of JPY18,507.46 in July. That level was 126.9% of what was seen in the comparable month of 2019. Japan’s hotel occupancy is still yet to reach full recovery, with July’s 73.4% average coming in at 88.3% of the pre-pandemic comparable. When looking at daily data, the highest occupancy level was on Saturday, 15 July (at 89.2%), which was the first day of Marine Day, a three-day-long national holiday in Japan. That occupancy level was the highest in Japan since 15 December 2019.
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 World Travel & Tourism Council (WTTC), today shed light on the substantial resurgence of China’s Travel & Tourism sector.
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.
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.”
This monthly industry update highlights the key trends in the Indian hospitality industry.