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.
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.
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.
Leading travel service provider Trip.com Group reveals its Chinese mainland May Day travel trends, with strong domestic and international booking growth.
In 2022, India’s outbound travel market made an above-average recovery, for the first time generating Asia’s highest outbound travel volume, with foreign trips exceeding those of China, South Korea and Japan. Compared with pre-pandemic figures they reached slightly more than half of the travel volume achieved in 2019. With people keen to travel in 2023, the stage is set for a further recovery this year.
China's hotel industry showed strong recovery in the first quarter of 2023, with domestic travel for both leisure and corporate purposes maintaining a V-shaped trajectory across the country and segments, including provincial and capital levels. As a result, hotel profitability has improved due to the return of demand, a sharp increase in hotel rates, and the industry's ability to manage the new reality of rising costs in labor, energy and logistics.
Melbourne’s hotel occupancy was its highest for any month since February 2020, according to preliminary March data from STR.
In Japan, the cherry blossom is in full bloom, providing spectacular sights in cities and signaling the arrival of warmer weather. Known as Sakura, these trees also provide the perfect metaphor for the country’s hotel industry, which is beginning to show reasons for optimism after a later reopening than many parts of the world.
Thailand’s leading resort island of Phuket’s post-pandemic tourism recovery has been headlined by a surge in Russian travelers in the high season. But the backstory is how a spike in regional visitors from India, Malaysia, and Singapore set the stage in Q4 of last year that pushed hotels and the service sector back into action. Data on hotel Phuket hotel performance in C9 Hotelworks' newly released Phuket Hotel Market Update 2023 shows how the industry escalated after Thailand lifted travel restrictions at the beginning of October 2022.
Sydney WorldPride 2023 drove the market’s hotel average daily rate (ADR) and revenue per available room (RevPAR) above pre-pandemic levels, while occupancy remained slightly below 2019, according to preliminary data from STR.
Australian hotel sales hit $2.14 billion in 2022 - the second highest transaction volume on record - with significant additional equity capital still on the sidelines waiting for signs of a stabilisation in interest rates and inflation according to new CBRE research. CBRE’s latest Hotels Overview and Outlook report highlights that recovering occupancies and strong growth in Average Daily Rates (ADR) assisted in insulating the hotels sector from the effects of rising inflation.
The reopening of Japan’s international border several months ago, along with the National Travel Support campaign, have helped boost Tokyo’s hotel average daily rate (ADR) beyond pre-pandemic comparables for two straight months, according to STR.