Meetings and Events Boost Southeast Asian Hotels
Skift Take
- STR said Southeast Asia’s hotel industry is seeing the return of MICE. While leisure travel has shown the most resilience in the region, much of the recent demand in Southeast Asia can be linked to MICE travel and events.
- The Singapore Tourism Board said the number of visitors from India rose by 3.5x in the first quarter of 2023, year over year.
- IHG Hotels & Resorts announced plans to expand its presence in Asia through developments in Nepal and Indonesia.
STR said Southeast Asia’s hotel industry is seeing the return of MICE. While leisure travel has shown the most resilience in the region, much of the recent demand in Southeast Asia can be linked to MICE travel and events. STR’s report showed conferences, expos and large-scale trade events made their in-person comeback throughout 2022 following two years of cancellations. The demand generated by such events was clearly highlighted in Singapore as The Business Show on September 28-29 in 2022 generated occupancy and average daily rate to peak levels. Occupancy reached 87% on the September 28 and ADR was US$382 on the September 29. The G20 Summit this year will take place in New Delhi in September. STR said there already has been a small spike in occupancy on the books. Festivals, celebrations and religious observances also are positive for the hotel sector. Songkran, Thai New Year, begins tomorrow through April 15. As of March 27, Bangkok’s occupancy on the books already
