Singapore and Thailand Lead the Hotel Recovery in APAC
Skift Take
- Global hotel businesses are rebounding to pre-pandemic levels except in Asia-Pacific. Vietnam lags in recovery with reduced Chinese tourism and increased flight costs, despite aggressive hotel development since 2016.
- Macau's August hotel occupancy averaged 88.7%, with significant visitor growth during the Golden Week, particularly from mainland China, showing signs of a robust recovery to near 2019 levels.
- Wyndham Hotels unveils its first Auckland hotel, Espire Hospitality launches the ZANA Forest Resort in India, and Ascott Limited partners with Vimut Hospital in Thailand to offer combined lodging and healthcare benefits.
Savills reported hotel business activities in most countries worldwide are gradually returning to pre-pandemic levels, but not the Asia-Pacific region. Savills said Singapore is leading the recovery process in Southeast Asia, led by growth in ADR. Thailand is also experiencing a good level of recovery. Savills said business activities in the Vietnamese market still lag behind pre-pandemic levels in both room occupancy and average room rates. Given how Vietnam has had problems living up to expectations over the past decade, is this really a surprise? Savills said the factors affecting the Vietnamese resort market can be divided into three groups: short-term, medium-term, and long-term. The absence of Chinese tourists is hurting them in the short term, and the rising costs of long-haul flights are impacting the European tourist market. In the first eight months of 2023, the Asian tourist market was also lower than pre-pandemic levels by 32%. So
