India's ITC May Sell Its Hotel Unit
Skift Take
- The Philippines Department of Tourism surpasses its tourist arrival target for 2022 and sets a higher goal of 4.8 million tourists for 2023.
- Banyan Tree Group expands its portfolio with new hotel openings in Vietnam and Japan, along with plans for future properties in various countries.
- ITC considers demerging its hotels business and exploring alternative business structures after a strong recovery in the industry, with plans for separate listing of the hotel section.
The Philippines Department of Tourism said they have already beaten last year’s full tourist arrivals target. As of June 26, the DOT said visitation was 2.64 million which is above the 1.7 million tourist goal set for 2022. The DOT is targeting 4.8 million tourists for the year 2023 as part of its National Development Plan. South Korea is the leading source visitor market for the Philippines with nearly 25% of the arrivals followed by the US and Australia.
Banyan Tree Group announced its seventieth property milestone with the recent openings of Angsana Ho Tram and Dhawa Ho Tram in Vietnam as well as Folio Sakura Shinsaibashi Osaka and Homm Stay Yumiha Okinawa in Japan, all unveiled in June. For Vietnam next up will be the opening of Angsana Quan Lan scheduled for next year. The two Japan hotels are the first in a planned global collection of micro-hotels under the new Folio and Homm brand extension, following the Group’s debut in Japan last year. Future plans i
