Accor to Add 6,000 Rooms in Japan
Skift Take
- Chinese investors are shifting their focus from New York City hotels due to hostility towards Chinese capital.
- Radisson Hotel Group has achieved significant growth in the Asia Pacific and Europe, Middle East, and Africa regions with over 100 hotel openings and signings, particularly in Vietnam, India, Thailand, the Philippines, and China.
- Several major hotel companies, such as Sands China, Dharampal Satyapal Group, ITC Ltd., Accor, and Hilton, are making significant expansions, acquisitions, and rebranding efforts across Asia.
The Wall Street Journal published an article on how Chinese investors are fleeing the Western world, no longer having New York City hotels as their favorite place to put their funds. The report said the change is due to hostility to Chinese capital and that Chinese companies are now spending money on factories in Southeast Asia and mining and energy projects in Asia, the Middle East, and South America instead of five-star hotels in Manhattan. The article said nickel-rich Indonesia is the biggest recipient of Chinese investment so far this year. This is not the first time an Asian powerhouse changed its focus of investment from U.S. luxury hotels to somewhere else, as Japan did the same thing in the 1980s.
Radisson Hotel Group said the first half of 2023 resulted in milestone openings and signings in Asia Pacific and Europe, the Middle East, and Africa. That included the addition of the art’otel brand. Since the beginning of the year, the group has welcomed more than 100+ hotel openings and signings in APAC and EMEA. In APAC, Radisson Hotel Group added 60+ hotels to its portfolio, representing over 8,000 keys in Vietnam, India, Thailand, the Philippines, and China. The group has more than doubled its portfolio in Thailand by signing seven new hotels with over 1,300 rooms in the past 12 months.
Singapore’s Changi Airport said it handled 5.12 million passenger movements in June 2023, crossing
