Hotels in Asia Pacific Region See Signs of Recovery
Full Economic Recovery Dependent on Pandemic's Path
Hotels in the Asia-Pacific region are still in need of international travel, but there are other promising signs contributing to a recovery.
Hotels in the Asia-Pacific region are still in need of international travel, but there are other promising signs contributing to a recovery.
Full economic recovery will depend on the path of the pandemic, said STR Area Director, Asia Pacific, Jesper Palmqvist, speaking during the STR COVID-19 Webinar: Asia Pacific Hotel Performance Analysis.
He noted the U.S. and Europe have opened up more than Asia Pacific in regard to companies returning to office and the easing of travel restrictions.
STR is CoStar's hospitality analytics firm.
"What do we need to get rid of? Travel restrictions," he said, noting there's been more positive news in the fourth quarter of this year than before.
Palmqvist said China is the market that stands out as it has a zero-tolerance COVID-19 policy. Japan, on the other hand, eased restrictions for vaccinated business travelers. Korea is looking to welcome arrivals by the first quarter of 2022. India is officially open, driving domestic arrivals. Cambodia is allowing vaccinated travelers to forego testing and quarantining.