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Indian Premium Hotels Projected to See 80 Percent Rise in Revenue

Alan Woinski
March 28th, 2023 at 7:31 AM EDT

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 hoping for. The promotional offer to foreign visitors will be available between the middle of April and end of June. The one for Hong Kong was supposed to end in March but the MGTO extended it until June. The MGTO also said the number of tour groups has recently totaled 2,048 groups with over 60,000 visitors with nearly 25% coming from Guangdong Province.

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. The Raffles at Galaxy Macau tower will have 450 rooms and is one of the two hotels in their Phase 3 expansion. The other hotel is Andaz Macau with 700 rooms and suites. Galaxy Entertainment recently said they will continue to monitor market conditions and launch Andaz Macau when appropriate. Galaxy Macau Phase 3 also features the Galaxy International Convention Center, 16,000 seat Galaxy Arena, and 40,000 square meters of space for MICE activities. Phase 3 will welcome its first MICE event and first concert in April.

KKR and Gaw Capital Partners announced the signing of definitive agreements under which funds managed by KKR and Gaw Capital will acquire the Hyatt Regency Tokyo from Odakyu Electric Railway Company.  The Hyatt Regency Tokyo is a 746 room luxury hotel located in Shinjuku, one of Tokyo’s busiest business and retail districts, adjacent to the Tokyo Metropolitan Government headquarters. The two parties see great potential to refurbish and to enhance the Japanese hotel’s offerings to both corporate and leisure guests while retaining its unique heritage. KKR is making its investment from Asia Real Estate Partners and marks the firm’s first hotel investment in Japan. The transaction is expected to be completed by Q2 2023.

The four star KSL Esplanade Hotel at Bandar Bestari in Klang, Selangor in Malaysia held its grand opening ceremony.  The hotel has 403 rooms, a skybar that offers panoramic views, a Japanese hot spring-inspired spa with seven pools and a ballroom that fits 1,800 people. For the kids there is a children’s pool designed to resemble a mini water park with a playhouse, water squirts and a tube slide. The hotel has an all-day dining coffeehouse, a gym and is connected to a shopping mall. The hotel is a project of KSL, a company that was established in 1982 and is listed on the main board of Bursa Malaysia. It is the parent company of Khoo Soon Lee Realty Sdn Bhd.

The Ascott Limited announced significant expansion plans for 2023, highlighting eight new properties in the Philippines, along with several elevated brand experiences and a strong focus on sustainability. Ascott is introducing its new lyf brand to the country.  The roster of new properties include lyf Malate Manila, The Suites at Torre Lorenzo Malate, Citadines Benavidez Makati, lyf Cebu City, Citadines Bacolod City, Somerset Valero Makati, Citadines Roces Quezon City, and Somerset Gorordo Cebu.

Construction on the $200 million Marriott hotel, rising above Adelaide’s historic General Post Office building has reached Level 4 with the hotel on track for completion in the first half of 2024. This will be the first Marriott Hotel in South Australia and the first hotel operated in South Australia by Marriott International. The 5-star luxury hotel will incorporate 285 guest rooms, including a Presidential Suite, Club Lounge, signature restaurants and bars, swimming pool and fitness center plus function and conference rooms. This follows the opening of La Loft Hotel in Tonsley in January and the Vibe Hotel and TRYP by Wyndham hotel in the CBD this month.  Adelaide has seen a terrific rebound in the hotel business with accommodation having its strongest week ever during Mad March with an average 9,140 of the 10,521 rooms available sold each night. Regional South Australia now has nine consecutive months of record-breaking occupancy rates.

IHG Hotels & Resorts has signed a management agreement with Amritsar Golden Hospitality LLP to develop the new Holiday Inn Amritsar Golden Temple in Punjab, India. The new build hotel is expected to open in Q2 2027 and will add 215 keys to IHG’s portfolio in the city. This would be IHG’s third hotel in the city along with Holiday Inn Amritsar Ranjit Avenue and Holiday Inn Express Amritsar Golden Temple, scheduled to open in 2025.  Holiday Inn Amritsar Golden Temple will feature well-equipped modern rooms and state of the art facilities including all-day dining, a lobby lounge, a swimming pool and a gymnasium. It will also have a 2,000 square foot meeting room catering to the growing demand from MICE and social events.

Chalet Hotels said it has acquired an 80-room resort in Khandala in India, expanding its owned asset portfolio in the leisure segment.  The resort land is owned by Sonmil Industries Pvt Ltd while the hotel structure and its businesses are owned by The Dukes Retreat Pvt Ltd. We had recently reported that Chalet Hotels Limited entered into definitive agreements to acquire The Dukes Retreat and Sonmil Industries for an enterprise value of Rs 133 crore.

The Pride Hotels Group announced the launch of Pride Hotel Rishikesh in Uttarakhand in North India. The hotel is located in the foothills of the Himalayas, centrally located at Tapovan, Badrinath Road. The hotel’s grand opening was held on March 19th.

Personnel Move

Accor announced the appointment of David Young to the role of Chief Sustainability Officer and Director of ESG for Accor Pacific. Prior to joining Accor, Young worked with the oneworld alliance as Global Program Director Sustainability and was previously the Executive Manager of Sustainability and ESG at the Qantas Group.

Alan Woinski
March 28th, 2023 at 7:31 AM EDT

Companies: Accor, Ascott, Chalet Hotels, Galaxy Entertainment Group, Hyatt Hotels Corporation, Hyatt Regency, Marriott Hotels, Marriott International, Raffles, The Ascott Limited

Locations: Adelaide, Hong Kong, India, Macau, Malaysia, Philippines, Punjab, Tokyo, Uttarakhand

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