Thailand celebrated the arrival of its 10 millionth international visitor of 2022 on Saturday, according to the tourism authority. While that is strong, post-Covid, Thailand welcomed 40 million people in 2019. The government expects to generate nearly $16 billion in tourism revenue this year. Next year Thailand is expecting roughly 23 million tourists and possibly a full recovery in 2024. The return of tourists from Russia and across the Asia-Pacific region are expected to be the drivers next year. Thai officials said recovery in the tourism sector is still heavily dependent on China relaxing international travel rules as China was the biggest source of foreign tourist for Thailand, pre-Covid.
Accor signed its first multiple-property framework agreement with Asset World Corporation, Thailand’s leading integrated lifestyle real estate group. The Framework Agreement with AWC signals Accor’s continued rapid expansion across Thailand. Under the partnership, Accor and AWC will develop more than 1,000 keys across multiple Accor-branded hotels in key tourism destinations throughout the country, providing unique offerings and experiences for guests. AWC will develop the properties under Accor’s various luxury and lifestyle brands. Accor currently has 83 hotels operating in Thailand under 11 brands and has a pipeline of 20 hotels currently under development there.
Accor also announced a new strategic partnership with Overseas Chinese Town Hotel Group, expanding their relationship and adding a new journey to develop hospitality projects in China. Accor and OCT Hotel Group are exploring opportunities with many of Accor’s 40 brands, beginning with Fairmont Hotels & Resorts. Fairmont Shenzhen Interlaken is set to open by the end of 2024. The previous relationship with OCT Hotel Group has resulted in the Pullman Lijiang Hotel and Pullman Zhouzhuang Hotel. Fairmont Shenzhen Interlaken will be the first project under the new partnership, located in the nature resort of Overseas Chinese Town East in Yantian District.
Hyatt Hotels Corporation announced Hyatt Place Chengdu Bio-Town, the second Hyatt Place hotel in Chengdu. The new hotel features the Hyatt Place design and amenities including 24 hour food offerings and a 24-hour fitness center, along with a swimming pool, 861 square feet of event space, the Bar and more. The 227 room hotel was developed in a joint venture led by Chengdu Bio-Town Hotel Management Co., Ltd., Mingkai Hotel Brand and is operated by Minyoun Hospitality. The hotel is located in the center of Chengdu Tianfu International Bio-Town.
The Le Meridien brand’s return to Australia is a few months away. Le Meridien Melbourne was originally scheduled to open in 2020 but is now locked in for a March opening date. The 235-room and suite hotel replaces the historic Palace Theatre, located at the Parliament end of Bourke Street. The hotel includes a ground floor café and bar, restaurant, various meeting spaces and a rooftop pool deck.
Cosmos Hotel Management Co., Ltd announced five Apartment Hotel MIMARU openings in Tokyo and Osaka. MIMARU offers spacious rooms furnished with stocked kitchens. With the latest openings, MIMARU now has 25 hotels in the urban areas of Tokyo, Osaka and Kyoto as of 2022. The new locations in Tokyo are Asakusa, Nihombashi and Ikebukuro with the Asakusa one opening December 22. Osaka now has two MIMARU hotels, opening in October and November.
ITC’s Fortune Hotels division announced the signing of a new property in Aligarh, Uttar Pradesh. The new property will be Fortune’s forth hotel in UP. Fortune Park Aligarh is et to open in the winter of 2023, strategically located on the Grand Trunk Road just off the RTO office, well connected with the upcoming Noida International Airport. The modern hotel offers spacious rooms, a multi-cuisine all-day diner, large banquet spaces and a rooftop restaurant with a trendy bar.
Mahindra Holidays & Resorts India Ltd plans to invest up to Rs 1,500 crore in the next three years in expansion, including room additions and resort acquisitions. The company is also considering launching a new upscale brand for managing resorts, through which it will also look to further grow its Club Mahindra memberships. The company has added 1,000+ rooms in just about two and a half years, with a total of about 4,700 rooms across 86 resorts currently, 74 in India and 12 internationally. They plan to add 1,200 to 1,500 rooms in three year’s time at an estimated capital expenditure of about Rs 1,200 crore to Rs 1,500 crore which is sanctioned by their board. Among the major expansion projects is 185 rooms added at the company’s resort at Kandaghat in Himachal Pradesh at an investment of Rs 200 crore. Another 60 rooms will also be added to the Puducherry resort at an investment of another Rs 60 to 70 crore. The company will also be investing Rs 250 crore in developing a new beach-facing resort with about 240 rooms at the Ganpatipule area in Maharashtra. They have plans to break ground in at least two more locations as Mahindra moves into the next year. Mahindra is also actively seeking acquisition targets for resorts. They also are planning to launch a separate brand for the resort management business. They are looking to create an upper upscale brand, something that will add a new set of customers. They have over 2.7 lakh Club Mahindra members currently.
Lenders of India’s luxury Golden Jubilee Hotel are seeking buyers for their Rs 652 crore principal debt due to the delay in the resolution under the bankruptcy court monitored process. The Hyderabad National Company Law Tribunal approved a Rs 584 crore offer from Blackstone in February 2020 but the plan was not implemented due to land-related disputes. Lenders have set a reserve price of Rs 400 crore with expressions of interest expected by December 22 and an e-auction scheduled on December 23. Lenders have classified the loan as a fraud account. EIH Ltd, operator of the Trident chain of hotels, has 16% equity in the company. Golden Jubilee is located in Hyderabad, owned by Core Hotels.
Distrikt9, the first luxury hotel in Palakkad, India, and a flagship venture of the Indel Corporation, will start operations on December 31. The hotel is located on the newly developed Salem-Kochi National Highway. Distrikt9 has been built as per the Union Tourism Ministry’s specification for a five-star hotel and will become Palakkad district’s first five-star hotel once classification is over. The boutique hotel will have 40 rooms, a multi-cuisine restaurant, two banquet halls with 400 and 150 seats each, a conference hall, board room, rooftop pool along with a gym. The food and beverage outlets, including the pool-side restaurant and rooftop grill, will be opened after the classification.
