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Tokyo Leads Asia with Record Occupancy and Rates

Alan Woinski
December 5th, 2023 at 7:24 AM EST

Skift Take

  • Notable are the predictions of 3% to 8% hotel rate hikes in 2024, with Asia leading in occupancy growth.
  • Accor’s execution of management agreements for 69 properties across Asia, enhancing its portfolio with over 16,500 keys, is a major development.
  • The reopening of the Mandarin Oriental Singapore after a multi-million dollar transformation underscores significant refurbishment investments in the industry.

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FCM Consulting is predicting 3% to 8% hotel rate hikes in 2024. They said global occupancy growth is close to normal across most gateway markets with Asia leading in hotel occupancy growth and Tokyo topping average room rates. Hotel occupancy levels around the world averaged 68% per month in 2023. Asia has seen key cities occupancy growth of 108%-153% YTD compared to 2022. Beijing and Shanghai lead at 153% and 139% but that wasn’t too difficult with the comps. Tokyo is at 137% while Hong Kong, Singapore and Delhi come in at 124%, 113% and 111% respectively. FCM said average room rates in Asia have gone up by US$33 to US$173 from 2022. The third quarter only saw a 1% rise with the bulk of the rise in the first quarter of the year. Tokyo leads with US$281 a night average followed by Seoul at US$277, Singapore at US$265 and Hong Kong at US$246. Bangalore leads India with US$143.

Accor said that as of October 2023, they have executed management agreements for 69 properties throughout Asia, augmenting its extensive portfolio with over 16,500 keys. The new signings include ibis Styles Phuket Bangtao and Swissotel Bangkok Pratunam (Thailand), Novotel Jakarta Pulo Mas (Indonesia), Mercure Cat Tien and ibis Styles Cat Tien (Vietnam), along with Grand Mercure Gao Candolim (India). The six signings in November 2023 total over 1,100 additional keys.

Australia’s first airport resort launched today, following the complete reimagination and integration of two existing airport hotels at Darwin Airport. The unveiling of the Novotel & Mercure Darwin Airport Resort followed a $30 million investment by the Airport Development Group which also owns the adjacent Darwin Airport. The $30 million project produced a transformation of the hotels with the progressive refurbishment of existing rooms and the creation of new pool villas, suites and bungalows capturing Darwin’s tropical environment. The two hotels now share a combined reception area along with a new 60 meter/one million litre swimming pool which is one of the largest city hotel pools in Australia, poolside cabanas, children’s aquatic playground, and new poolside dining. The newly launched resort will position itself as a premium destination venue for leisure visitors, business travelers and conference groups to the Northern Territory’s Top End. Darwin International Airport’s 2023 Master Plan focuses on the significant infrastructure required to support growth in passenger numbers to between 3.7 and 5.5 million annually by 2043. The resort is located on the lands of the Larrakia Nation, the traditional custodians of the greater Darwin area. A key feature is the diversity of the rooms available to guests as part of the 423 room inventory. There are new-look Novotel and Mercure hotel rooms along with the choices of family suites, freestanding bungalows and new 5-star tropical villas with their own plunge pools. There are two poolside dining options – Cossie’s Poolside Bar & Bistro and the new Splash Café.

Blackstone Inc has purchased a Kyoto, Japan hotel from Goldman Sachs Group. The 158 room Moxy Kyoto Nijo was acquired in a US$54 million deal that closed last week, according to Bloomberg, citing people familiar with the matter. The hotel is located near Kyoto’s historic Nijo Castle and opened in July 2021. As of August, foreign investors have spent $2 billion on hotel deals in Japan in 2023, more than any other sector in Asian commercial property, surpassing 2022’s investment figure. Blackstone has acquired at least 12 hotels for its Japan portfolio in the past two years. The number of foreign visitors to Japan in October surpassed levels seen in 2019. Their spending from July to September also has beaten 2019 figures with hotel accommodations accounting for the largest portion.

The Mandarin Oriental Singapore reopened, following a six month, multi-million dollar transformation. The renovation was completed in September, bringing an elevated look and feel to the hotel’s public spaces and guest rooms. The total renovation cost was reported by a Singapore newspaper to be more than $100 million. The Marina Bay hotel is owned by Marina Centre Holdings and operated by Mandarin Oriental Hotel Group. The original developer of the 510 room hotel is Singapore Land Group. Some of the changes to the hotel include a new Presidential Suite and four bedroom Royal Marina Bay Penthouse. The hotel also offers 45 residential suites fully equipped with a kitchenette, washer and dryer. Refreshed public spaces include a new lobby and lobby lounge dressed in bright colors and Vanda Miss Joaquim orchis. The hotel’s exclusive lounge, Haus 65, created in partnership with private membership club Mandala Club, has been transformed. The reopening of the hotel’s Mo Bar will include a new collection of innovative cocktails.

Hann Philippines, parent company of Clark’s Hann Casino Resort, has broken ground on the Philippines’ first ever Banyan Tree, part of the company’s 450-hectare luxury lifestyle development Hann Reserve in New Clark City. Hann Reserve is due to open in 2026, located around 15 minutes from Clark International Airport. When completed it will feature exclusive PGA-affiliated player development facilities alongside three 18 hole championship golf courses, clubhouses, a mixed-use commercial center, premium villas and residences, a 10 hectare public park and a collection of luxury resorts. Banyan Tree New Clark City will be co-managed by Banyan Tree Group and Accor. It will feature 50 high end pool villas in one and two bedroom configurations, designed in Banyan Tree’s signature nature-integrated style. The 106 square meter villas will combine alfresco relaxation areas with plunge pools, sun decks and inviting indoor living spaces as well as offering access to leisure facilities including a central swimming pool, health club and tropical garden spa. There will be dedicated event spaces and dining options.

Do we give Dennis Uy credit for continuing to try to develop its Emerald Bay integrated resort in Cebu or wonder when he is going to give up? Uy’s PH Resorts had yet another door slammed in its face from a financing partner as AppleOne Properties has become the latest to walk away from partnering up. AppleOne has not entered into a definitive agreement PH Resorts said, one again, they will be pursuing other investment options and parties. The company’s COO was optimistic in July that the property would be able to open within 18 months after securing a new partnership or investment. Construction on the IR casino was supposed to originally start in late 2017.

ITC’s Fortune Hotels group announced the launch of Fortune Park Tiruppur, its newest property in the historic city of Tiruppur, Tamil Nadu in India. The hotel is owned by KPK Hotels Private Limited.

Personnel Move

HVS Executive Search announced the appointment of Jennifer Hu as Vice President, based in Melbourne, Australia. HVS said Jennifer has over a decade of experience in hotel and leisure management at establishments like Ritz-Carlton and Shangri-La.

Alan Woinski
December 5th, 2023 at 7:24 AM EST

Companies: Accor, AppleOne Properties, Banyan Tree, Blackstone, Fortune, Grand Mercure Hotels and Resorts, HVS, ibis Styles, ITC Hotels, Mandarin Oriental, Marina Centre Holdings, Novotel, PH Resorts Group Holdings, Swissotel

Locations: Beijing, Bengaluru, Cebu, Darwin, Hong Kong, India, Indonesia, Kyoto, Philippines, Phuket, Seoul, Singapore, Tamil Nadu, Tokyo, Vietnam

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