China YoY RevPAR Growth up 103% but Still Short of 2019
Skift Take
- China experiences a significant year-over-year increase in hotel **RevPAR**, while **India** anticipates robust growth in the hotel industry, driven by domestic and international tourism.
- Sri Lanka aims to revive its economy by offering free tourist visas to visitors from seven countries, as it targets five million foreign arrivals by 2026.
- Major hotel chains like Marriott, Hilton, and Red Planet are expanding their presence in Asia, while Sarovar Hotels opens an upscale Golden Tulip in Bhopal, India.
STR reported China hotel data for the week ended October 21st. China hotel RevPAR was up 102.9% for the week year over year, up against an easy decline of -35.8% in RevPAR for the week in 2022. When compared to the same week in 2019, China hotel RevPAR was down -2.8%.
Rating agency ICRA issued a report on the Indian hotel industry. They expect the industry to achieve double digit revenue growth in FY2024. The positive outlook is underpinned by sustained domestic leisure and business travel, along with a rise in foreign tourist arrivals. The industry has seen a boost from significant events in 2023 such as the G20 summit and the ongoing ICC World Cup in 2023. ICRA is projecting hotel occupancy across India to reach 70-72 percent in FY2024, following the recovery to 68-70 percent on FY2023. Average room rates for premium hotels across India are anticipated to be in the range of Rs 6,000-6,200 in FY2024. ICRA expected the demand to be driven by enhanced infrastructure and ai
