Hotel Revenue Is Growing in Asia and Latin America
Skift Take
- 79% of markets showed growth in Revenue Per Available Room (RevPAR) compared to 2019, with countries like the United Arab Emirates, South Korea, and Singapore leading.
- Wyndham Hotels & Resorts is set to open over 10 new hotels in Malaysia, and BWH Hotels announced a new upscale hotel in Vietnam, indicating significant growth and investment in the Asian hospitality market.
- Chinese airlines are canceling flights to Thailand amidst decreasing traveler numbers, despite visa waivers. Meanwhile, the Philippines surpassed its target for international visitor arrivals, with South Korea being the top source market.
STR’s global update as of November 11, 2023 showed 79% of markets with growth in RevPAR compared to 2019. Different from the previous update, more markets outside of Europe have taken the top positions in recovery as winter approaches in the Northern Hemisphere. Among countries with 50,000 rooms, the United Arab Emirates, South Korea, Singapore, France, and Italy led in RevPAR on an actual basis. More counties in Asia are in leading spots in the measurement as most European countries approach low season. Notably, the United Arab Emirates and South Korea reached occupancy of more than 80%, while Japan was not far behind at 79%. South Korea and Japan ADR came in at US$214 and US$223, respectively. The top five countries leading in RevPAR growth compared to 2019, with monthly room supply above 50,000 rooms, included Brazil, Saudi Arabia, Colombia, the Dominican Republic, and the United Arab Emirates. Excluding provincial areas, country markets, and markets affected by fluctuating ex
