Minor Hotels' Plans to Grow Portfolio
Skift Take
- Strong RevPAR growth observed in China, Singapore, and India, indicating recovery and resilience in the Asian hotel industry.
- Minor Hotels plans significant expansion across multiple countries, capitalizing on pent-up demand and strategic partnerships.
- Radisson Hotel Group signs multiple new hotels in India, while ITC considers a potential demerger of its hotel business, reflecting evolving strategies in the market.
STR reported China hotel data for the week ended May 27. China hotel RevPAR was up 83.3% year over year while up 4.3% versus the same week in 2019.
Singapore hotels’ average room rate and RevPAR were up in April with ARR up 3.3% to S$273.18 from March. Year over year, ARR was up 32.8%. Overall room revenue, which set a four month high in March at S$370. million, was down slightly to S$368 million, as average occupancy fell. RevPAR was up 0.6% to S$212.69 from March. That was up 55.8% year over year. Tourist arrivals in April surpassed one million for the second month in a row. The decline in overall revenue was due to the economy and mid-tier hotels which both declined month on money while luxury and upscale hotels showed higher overall room revenues.
JLL’s updated Hotel Momentum India says Bengaluru has emerged as the leader in RevPAR in the first quarter of 2023, up 184%. Mumbai and Hyderabad both had growth of 139%. It has been a strong period for the hotel industry in India with 4,497 new rooms signed with 10 hotels converted into branded hotels.
Minor Hotels said they plan to grow their portfolio to 600 properties in 59 countries. They expect pent-up demand to drive the industry for years and want to quickly expand via its “Asset Right” strategy that seeks to balance investments or leased projects and management contracts. Minor currently operates more than 530 hotels featuring 78,226 rooms in 56 countries under eight brands. The new locations for Minor hotels comprise Egypt,&n
