Accor Has a Record 42 Signed Deals in Asia

Accor said they are gearing towards a record-breaking year in signings in the Premium, Midscale and Economy Divisions across Asia. As of September, Accor has already signed management agreements for a total of 42 properties, adding over 11,000 keys to its robust portfolio. The outlook for the remainder of 2023 includes plans to sign an additional 20 projects, bringing 15,000+ total new keys to the region. The Group is actively focusing on elevating its presence in the Premium segment with its Pullman, Swissotel, Movenpick and Grand Mercure brands with a substantial 17 hotels signed thus far. Accor said they also remain steadfast in maintaining its leadership in the Midscale and Economy market, primarily represented by Novotel, Mercure and ibis brands.

Starting November 10th and running until May 10, 2024, tourists from India and Taiwan can enter Thailand without the need for a visa. The Tourism Authority of Thailand said India is their fourth largest source of tourists, with around 1.2 million Indian tourists coming to the Kingdom in the past year alone. The visa waiver is a way to make Thailand more accessible to potential tourists, increasing their numbers and contributing to the recovery of the country’s tourism sector. Their decision earlier this year to waive visas for Chinese tourists seems to be paying off with a 30% increase in hotel and flight bookings, according to Thailand’s tourism minister.

Hotels in New Delhi, India, had a record average room rate exceeding INR 11000 in the month of September, according to HVS Anarock. The national capital played host to the G20 leader summit in the second week of September. The room rates were up 60% over September 2022. For all of India, the nationwide ADR was in the range of INR 7000 to INR 7200, which was up 17% to 19% than the year ago and up 5% to 7% from August. HVS Anarock said India has seen 114 new hotel properties open so far this year with a total inventory of 7,835 rooms. 207 new hotels have been signed so far in 2023 with a total inventory pipeline of over 17,573 rooms.

Macau’s hotel occupancy rates in September rose by 41.1 percentage points year on year to 78.6%. As we have said previously, year over year comparisons seem meaningless considering it was during the Zero Covid policy period. 5 star hotels’ occupancy rate was 81.9% and 2 star hotels were 77.3% booked on average during the month. Macau has 137 hotels, up 17% year on year, with an increase of 22.2% in rooms to 46,000. In June and July, the occupancy was averaging 89%. The Land and Urban Construction Bureau said Macau has eight hotels under construction which will offer a total of 3,137 additional rooms. Another eight hotel projects are in the phase of design with another 1,308 hotel rooms planned. The number of guests in hotel establishments in September reached 1,135,000 with Mainland Chinese guests the main contributors. In the first 9 months of the year, the average occupancy rate of hotels in Macau was 80.6%.

The Four Seasons Resort & Private Residences Okinawa project in Japan is scheduled to open in the second quarter of 2027. This follows Berjaya Land securing US$330 million in funding from a consortium of Japanese banks, led by Tokyo Star Bank. The Four Seasons Okinawa will be spread across 14 hectares of pristine beachfront paradise and will feature 279 accommodations including 127 resort rooms, 124 high-end condominiums, and 28 exclusive private villas. The groundbreaking was held in October 2020. The Four Seasons Okinawa is a collaboration between Berjaya Land Bhd and Four Seasons Hotels and Resorts.

Wharf Hotels has officially launched its Maqo brand with the first hotel opening today in Changsha in China. The Maqo Changsha is located in Tower Two of the International Finance Square shopping mall, offering 286 rooms and suites. Categories include M1 Deluxe Rooms, M2 Grand Rooms, M3 Grande Deluxe Rooms, and Premium Rooms. Facilities include the E.D.I.T. restaurant, MiXR bar, THE LAB social area, and the PWR ZONE gym.

Singapore-based Invictus Developments has continued to build its Australian hotel property portfolio with the $61.8 million acquisition of the historic Old Clare Hotel. The acquisition follows Invictus’ recent $25 million purchase of The Inchcolm by Ovolo Hotel at Spring Hill in Brisbane and $52.5 million purchase of an office building in Sydney that will be refurbished into an upper-upscale hotel. Invictus also purchased Harbour Rocks Hotel in Sydney and Quest Woolloongabba in Brisbane last year. Intergen Property Group advised Invictus on the Old Clare Hotel purchase and will continue as investment managers. The hotel will be acquired with vacant possession through Colliers from Loh Lik Peng, CEO of Unlisted Collection. Invictus will appoint new hotel managers for the 69 room hotel in early 2024.

Marriott Bonvoy’s Le Meridien Hotels & Resorts brand announced the opening of Le Meridien Phuket Mai Khao Beach Resort. Following a refurbishment and a rebranding inspired by the era of glamorous travel, Le Meridien Phuket Mai Khao Beach Resort features 244 rooms and suites, ranging in size from 41 to 110 square meters in size with a balcony or terrace in every room and views of the garden, pool, or sea. A selection of family rooms with bunk beds are available. The newly-reimagined resort has also introduced new pool access rooms, private cabana rooms, two-bedroom suites, and private pool suites. The resort features an outdoor lagoon pool, children’s fun pool, a kids’ club, and outdoor activities. Event spaces include a 214.5 square meter ballroom with two additional intimate spaces.

ITC Hotels’ Fortune Hotels announced the launch of Fortune Park in Aligarh in India, making it the fourth opening in the state of Uttar Pradesh. Fortune Park Aligarh offers 65 well-appointed, stylish rooms. ITC said there are top-of-the-line amenities, an array of F&B outlets, lavish event spaces, and a dedicated hotel team for guests. Sudharaj Hospitality is partnering with Fortune Hotels on the property.

Personnel Move

The Board of Directors of The Hongkong and Shanghai Hotels, Limited announced that Keith James Robertson will be appointed as Executive Director and Chief Financial Officer, expected to be confirmed no later than February 29, 2024. Robertson was most recently CFO of Destinations Development Company, a subsidiary of The Public Investment Fund of Saudi Arabia.