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Maldives Saw Resort Revenue Drop in 2023

Alan Woinski
April 8th, 2024 at 9:28 AM EDT

Skift Take

The Maldivian tourism sector experienced a significant revenue decline last year, with resort revenue dropping by $529 million and total tourism revenue decreasing from $5.4 billion to $5 billion, attributed partly to a shift towards guesthouses over traditional resorts.

The Maldives Association of Tourism Industry reported that the Maldivian tourism sector experienced a notable downturn in revenue last year. The figures reveal a decline in resort revenue by $529 million. In 2023, total resort revenue plunged to $3.9 billion from 2022’s $4.4 billion, contributing to an overall $406 million decline in tourism industry revenue. Total tourism revenue was down to $5 billion from $5.4 billion in 2022. The organization said there were 1.7 million visitors last year but the Maldives saw a shift in tourist preferences with an inclination towards guesthouses over traditional resorts. They believe the change is reflecting of evolving travel patterns and consumer choices, potentially impacting the long-established dominance of resorts in the Maldivian tourism market. The Maldivian government said they remain positive on the future of the tourism sector and are targeting 2 million tourists this year. Interestingly, there was no reference to the boycott by India consumers in their reports.

Hotel101 Global, a unit of DoubleDragon, said it agreed to merge with Nasdaq-listed SPAC JVSPAC Acquisition Corp, a deal that values the Singapore-headquartered hotel operator at $2.3 billion. Hotel101 will be publicly traded under the ticker symbol HBNB when the deal is completed by the second half of the year. This will be the first Filipino-owned company with a primary listing in the US. DoubleDragon is jointly owned by Philippines fast-food giant Jollibee founder Tony Tan Caktiong and tycoon Edgar Sia II. JVSPAC is led by Hong Kong-based businessman Albert Wong, CEO of Kingsway Group, sole distributor of Lamborghini in Hong Kong, Macau, and Guangzhou. The Nasdaq listing is expected to help bankroll Hotel101’s ambitious plan to grow its current footprint from over 1,000 rooms in two locations in Metro Manila to over 500,000 rooms across 100 destinations worldwide by 2040. They are currently building nine more hotels in the Philippines and three overseas projects in Japan, Madrid, and Los Angeles.

The Peninsula Excelsior Singapore, a Wyndham Hotel, will soon be renamed Wyndham Singapore during its official launch in 2H2024, following an extensive multi-million dollar renovation. Wyndham Singapore, located in the heart of Singapore’s Civil District, offers 591 rooms, a fitness center, sauna, two swimming pools, two restaurants, an executive lounge, and a grand ballroom.

Wyndham Hotels & Resorts is expanding its presence in Vietnam with the recent signing of Wyndham T&T Hai Duong in Hanoi, Vietnam. This marks the first Wyndham in Hai Duong, capitalizing on the global allure of the bustling city. The 214-room Wyndham H&T Hai Duong will offer a state-of-the-art gym, pool, spa, meeting spaces, and dining options, situated in the heart of Hai Duong City within the Trade – Service – Entertainment Center company. The hotel is scheduled to open its doors in 2026.

Hilton announced the opening of DoubleTree by Hilton Kyoto Station, located within walking distance of Kyoto Station in Japan. The new hotel complements and extends Hilton’s presence in the city joining the DoubleTree by Hilton Kyoto Higashiyama, ROKU KYOTO LXR Hotels & Resorts, Hilton Garden Inn, and their upcoming Hilton Kyoto that is expected to open later this year. The new DoubleTree by Hilton Kyoto Station is a nine-story, 266-room hotel with 16 accommodation types. Rooms from the second to sixth floors exhibit a retro-modern design inspired by Kyoto’s historic charm while the seventh floor and above include the Executive Rooms and Suites. The hotel also offers two types of 81-square meter Suites, including Deluxe Tatami Suite Rooms. Amenities include an all-day dining restaurant, a café and lounge, 24-hour fitness center, executive lounge, and an 88-square meter meeting space. The hotel was developed by Daiwa House Realty Mgt Co Ltd.

Hilton announced the signing of Conrad Jaipur, marking the debut of Conrad Hotels & Resorts in the pink city of India. The new 246-key hotel will be developed in collaboration with SunnyRaj Properties Pvt Ltd., slated to open in 2027. This adds to Hilton’s Conrad properties in Pune and Bengaluru and follows the signing of India’s first Waldorf Astoria in Jaipur last year. The hotel will be in the heart of Jaipur’s Mansarovar area, a 15-minute drive from Jaipur International Airport. Guest rooms will range from deluxe rooms to suites with private plunge pools and an expansive Presidential Suite. There will be over 1,800 square meters of event space.

Paras Buildtech and CapitaLand’s The Ascott Limited announced the grand opening of Citadines Paras Square Gurugram, its newest apart’hotel. The marks a milestone for Ascott’s expansion into North India. Citadines Paras Square is located at 63A Gurugram, part of Paras Square, a mixed-use development by Paras Buildtech. The apart’hotel features 94 fully-equipped studios, one-bedroom, and two-bedroom apartments, catering to both business and leisure travelers. Amenities include meeting space, fitness center, all-day dining multi-cuisine restaurant, outdoor swimming pool, guest lounge, bar, and laundry services. This will be the first hotel in North India under Ascott India’s portfolio, which now has 18 properties across Bangalore, Hyderabad, Pune, Goa, and Chennai.

Las Vegas Sands followed up getting a new $1.5 billion credit revolver with the update that they will start the $3.3 billion expansion of Marina Bay Sands in Singapore in July 2025 with a targeted completion by July 2029. The expansion will feature a luxury hotel tower (587 rooms and suites) with a sky roof, the fourth hotel tower, a 15,000-seat entertainment arena, and additional premium MICE spaces, along with new food and beverage and nightlife offerings. This is separate from the $1.75 billion reinvestment that is going on at the property. They have completed refurbishment of Towers 1 and 2 as well as new dining offerings and luxury amenities.

Personnel Moves

SkyCity Entertainment Group has appointed Avril Baynes as its Australia interim Chief Operating Officer following the resignation of long-time staffer David Christian. Baynes is currently the General Manager of Hospitality at SkyCity Adelaide.

Fusion Hotel Group announced the appointment of David Roberts as its new Chief Operating Officer. Roberts joins the Vietnam-based team at Fusion from his most recent role in Thailand overseeing global development for Dusit International where he focused on growth in Asia Pacific, Middle East, and Europe.

Alan Woinski
April 8th, 2024 at 9:28 AM EDT

Companies: CapitaLand Investment, Citadines, Conrad Hotels & Resorts, DoubleDragon Corp., DoubleTree by Hilton, Fusion Hotel Group, Hilton, Hilton Garden Inn, Hotel101, Las Vegas Sands, LXR Hotels & Resorts, Marriott International, Paras Buildtech, SkyCity Entertainment Group, The Ascott Limited, Waldorf Astoria Hotels & Resorts, Wyndham, Wyndham Hotels & Resorts

Locations: Delhi, Hanoi, Jaipur, Kyoto, Macau, Maldives, Singapore

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