Las Vegas Sands' $3.3 Billion Singapore Expansion
Skift Take
- Cushman & Wakefield reported significant growth in China's hotel industry, with domestic tourism on the rise and strong performance in the hotel market.
- Las Vegas Sands is embarking on a $3.3 billion expansion project in Singapore, while Wyndham Hotels & Resorts is expanding in Vietnam, including a massive complex on Bai Dai beach.
- Fine Acers Hotels and Resorts Pvt Ltd is partnering with Wyndham Hotels & Resorts to open a luxury Wyndham Grand Hotel & Branded Residences in Amer, Jaipur, India.
Cushman & Wakefield released its Hotels – Checking Out boutique neighborhood hotels in mainland China report. The National Bureau of Statistics and China Tourism Academy reported that in the first half of the year, the total number of domestic tourists reached 2.384 billion. This was up 929 million year over year and represents annual growth of nearly 64%. 1.859 billion visits were undertaken by urban residents and 525 million were by rural residents. Looking at hotel market business performance, in the second quarter of 2023 the average room rate for mainland China’s all-star hotels already surpassed the market business performance for the pre-pandemic period, reaching RMB373.79 per night. RevPAR was RMB195.90 per night, surpassing 2019. The average occupancy rate in the second half of the year was 52.41%.
STR said the later Mid-Autumn Festival created a longer holiday period than last year, combining with National Day festivities to provide improvement in Chinaâ
