Macau's Five-Star Hotels Are Back to 2019 Rates
Skift Take
- China's hotel RevPAR rose 44.3% in a week, compared to a strong 89.7% rise a year ago. RevPAR also increased by 12.3% compared to 2019.
- Vietnam's flexible economy attracts investors despite short-term challenges. M&A deals increased, supported by lowered interest rates, with a positive medium-term outlook.
- Macao's daily visitor arrivals exceeded expectations in August, reaching 139,000 in a day. Hotel occupancy rates rebounded, hosting numerous MICE events, and a new Andaz hotel is set to open.
STR reported China hotel data for the week ended August 19th. Hotel RevPAR in China rose 44.3% for the week. It was up against a tough 89.7% rise a year ago. Compared with the same week in 2019, China hotel RevPAR was up 12.3%.
Savills Vietnam issued a report saying Vietnam still has been one of the destinations drawing great interest from investors thanks to the positive recovery capacity and the flexibility of the country's economy. They highlighted large-scale merger and acquisition deals in Vietnam in the second quarter of 2023, including Everland Opportunity IX's purchasing of three hotels in Vietnam and Indonesia from Strategy Hospitality Holdings Ltd., along with other residential and mixed-use project deals. Savills said that despite short-term pressures on inflation as well as a decline in production and exports, Vietnam's medium-term outlook remains positive. The reduction in interest rates by the State
