Indian Premium Hotels Projected to See 80 Percent Rise in Revenue
Skift Take
- A Crisil Market Intelligence report predicted the revenue of premium hotels in India will rise 80% this current fiscal year.
- The Macao Government Tourism office said the number of mainland visitors to Macau reached 50% of pre-pandemic levels while the rebound of Hong Kong visitors is even stronger.
- The MGTO also said they completed the approval process for the Raffles at Galaxy Macau hotel tower, part of Cotai’s Galaxy Macau Phase 3 project.
A Crisil Market Intelligence report predicted the revenue of premium hotels in India will rise 80% this current fiscal year. The rise will be on the back of 19%-21% after a 13% jump in 2022. Occupancy levels for premium hotels are expected to rise from 50% in the last fiscal year to 67-72 percent in Fiscal Year 2023. Crisil expects revenue for premium hotels to rise a further 15%-20% in fiscal 2024.
The Macao Government Tourism office said the number of mainland visitors to Macau reached 50% of pre-pandemic levels while the rebound of Hong Kong visitors is even stronger, topping 80%. Of course, mainland visitors usually account for 90% of visitors to Macau but we believe the office is trying to make a point that their promotions are working. The MGTO has been rolling out a ‘buy one, get one free’ transport offer for Hong Kong. They are trying to push that same offer for foreigners, which so far have not resulted in the visitation the government has been hopin
