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Nomura Predicts Chinese Tourism Level for 2024

Alan Woinski

January 10th, 2024

Skift Take

Nomura reports that China’s outbound tourism faces significant recovery challenges through 2024-2025, due to eased supply constraints but hampered by economic issues and reduced consumer demand, with a forecasted recovery to 73% of 2019’s travel levels by year-end.

Investment bank Nomura said sizeable headwinds remain for the recovery of outbound overseas tourism from China in 2024 and possibly 2025. Supply side constraints had eased in terms of things such as available flights and their cost, and the availability of exit visas for Chinese. The weakness of China’s currency related to other major currencies is an issue as is the condition of the domestic economy, stagnated income growth, and high youth unemployment. This means the demand side drag on Chinese consumers’ appetite for outbound travel was now starting to kick in. Nomura said they expect Chinese passengers carried by cross-border flights to recover to 73% of 2019 levels by the end of this year. The current level is 57.9%. Spending by outbound Chinese tourists is expected to fully recover to 2019 levels this year. Chinese tourists made 155 million overseas visits in 2019, spending US$255 billion.

Central Hotels & Resorts said its goals for 2024 include an impressive 3.5% overall growth in both revenue and occupancies. They are set to embark on strategic expansion with a sharp focus on key international markets. Their targeted approach will have a specific emphasis on capturing the travel markets of the CIS and East European regions. Central also aims to make substantial inroads into the dynamic travel landscapes of China and Central Asia. In 2023, Central’s December occupancy rates rose from 91% to 94% with an 11% boost in revenue during the same period. Diverse nationalities including France, Germany, the UK, Saudi Arabia, and the Netherlands emerged as primary sources of guests during the period. November was the peak month of occupancy in 2023 at 98%.

Hilton unveiled the opening of Conrad Singapore Orchard, the second property under the Conrad Hotels and Resorts brand in Singapore. The announcement follows an extensive period of reinvention and refurbishment. Conrad Singapore Orchard is located in the Orchard Road district and is positioned as a refined urban oasis with the entertainment and retail hub of the city. The hotel is owned by Pontiac Land Group, originally designed by architect John Portman. The hotel has 12 floors housing guest rooms, meeting spaces, restaurants, and bars. The skylit atrium provides natural light throughout the space. There are 445 newly imagined guest rooms with botanical-inspired designs. The hotel includes 45 suites, each featuring a spacious lounge and terraces. Facilities include an outdoor pool, fitness center, executive lounge, and 14 event venues. In the F&B space, there are 10 restaurants and bars available to guests to choose from.

Club Mahindra, the flagship brand of Mahindra Holidays and Resorts India Limited, has broadened its reach in Southeast Asia through collaboration with resorts in Vietnam and Indonesia, providing accommodation options to its members. The partnership introduces access to two resorts in VietnamCitadines Pearl Hoi An and Citadines Bayfront, along with one in BaliAyodya Resort. The strategic expansion reflects Club Mahindra’s ongoing commitment to offering holiday experiences and solidifies its standing as a destination for travelers exploring Southeast AsiaClub Mahindra now offers leisure holidays at 12+ resorts in Southeast Asia and a total of more than 60 destinations globally.

Cygnett Hotels & Resorts Pvt Ltd announced the opening of a new property in Jaipur, marking it as the hotel chain’s second property in the vibrant ‘Pink City”. The new hotel is Cygnett Style Ganga and is strategically located in JaipurIndia’s Jagatpura area, offering proximity to the Jaipur Airport and the Sitapura industrial area. Cygnett Style Ganga features 45 well-appointed rooms, equipped with modern amenities and comforts. The full-service budget hotel offers a diverse array of global cuisines at C Pavillion, an all-day dining venue. Forthcoming additions will include a Rooftop Resto BarSpa and Gym and there is a rooftop swimming pool. The hotel also offers versatile spaces for gatherings and events including a boardroom and banquet hall.

Radisson Hotel Group unveiled its newest hotel in the history city of Ayodhya in IndiaPark Inn by Radisson Ayodhya. The hotel offers proximity to notable landmarks and is not far from Maharishi Valmiki International Airport. The hotel offers amenities like a swimming pool and a fully equipped gym as well as versatile event spaces. The hotel is owned by Usharani Developers.

Aarin Hospitality, a Chennai-based company, inaugurated Apartel at Hiranandani ParksOragadam, near Chennai in India. The recent addition to their offerings is a collaboration with Hiranandani Residences. The serviced apartments are available in various sizes, including 1,2, and 3 bedroom configurations with areas ranging from 900 to 1,700 square feet. Aarin Hospitality now has over 150 keys available across two properties and is aiming to expand to over 3,000 keys by the year 2030. They plan to expand their presence in ChennaiBangalore, and Hyderabad.

Hilton will open two luxury resorts in the Indian Ocean nation of Seychelles in the coming months. Waldorf Astoria Hotels and Resorts is set to open the Waldorf Astoria Seychelles Platte Island on February 15. This will mark the debut of the brand in the Seychelles. The first Canopy by Hilton will open in Africa, the Canopy by Hilton Seychelles, expected to open its doors on March 25th. Waldorf Astoria Seychelles Platte Island lies just over 130km south of Mahe. The resort will be home to a collection of 50 seafront villas, featuring up to five-bedroom villas all equipped with their own private pool and personal concierge. The resort will feature six restaurants and bars along with The Waldorf Spa featuring six treatment rooms, a beauty salon, hammam, spa suite, and outdoor spaces. This will take Hilton’s Seychelles portfolio to five as it further expands its footprint in the destination. The Canopy by Hilton Mahe is expected to open in March 2024. That hotel will feature 120 guest rooms overlooking the waters of Anse La Mouche, as well as three restaurant and bar concepts and the Afloya Spa.

Personnel Moves

Pro-invest announced Tom Woods has been named Director of Commercial Performance. He joined Pro-invest two years ago to assist with the opening of voco & Holiday Inn Express Auckland City CentrePro-invest also promoted Mitchell Hacene to the role of Senior Director of Sales – Luxury & Lifestyles Hotels Portfolio. He was an integral part of the pre-opening team at Kimpton Margot Sydney.

Alan Woinski

January 10th, 2024

Companies: Canopy by Hilton, Central Hotels and Resorts, Conrad Hotels & Resorts, Cygnett Hotels & Resorts, Hilton Hotels & Resorts, Mahindra Holidays & Resorts India, Park Inn by Radisson, Pro-Invest Hotels, Radisson Hotel Group, Waldorf Astoria Hotels & Resorts

Locations: Bali, Bengaluru, Chennai, China, Hyderabad, India, Jaipur, Seychelles, Singapore, Vietnam

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