Asia-Pacific Expected to Hit Two-Thirds of Pre-Pandemic Airline Traffic by EOY
Skift Take
- STR reported Melbourne, Australia’s hotel performance reached a pandemic era high, according to preliminary October 2022 data from STR.
- JP Morgan issued a report projecting that airline travel in the Asia Pacific regionwill hit two-thirds of pre-pandemic levels by the end of the year.
- Indies Capital Partners announced the acquisition of a 60% stake in PT Swiss-Belhotel International Indonesia and PT Zest Hotels International Indonesiafrom Ciputra Group Indonesia.
STR reported Melbourne, Australia’s hotel performance reached a pandemic era high, according to preliminary October 2022 data from STR. Occupancy for the month was 69.9%, ADR was A$232.07 and RevPAR was A$162.21. The market’s ADR level was the highest for any month on record while occupancy and RevPAR were the highest since February 2020 and November 2019 respectively. Occupancy is still 17.5% below the pre-pandemic comp.
JP Morgan issued a report projecting that airline travel in the Asia-Pacific region will hit two-thirds of pre-pandemic levels by the end of the year. Thailand is poised to meet its 2022 foreign arrivals target of 10 million tourists, already seeing 7.56 million visitors as of October. At the Asean Summit in Cambodia recently, the commentary was that the Southeast Asian region is looking to attract 152 million tourists by 2025 and 187 million tourists by 2030. Pre-pandemic the region was expecting 123 million foreign visitors each
