Japan's RevPAR Impresses Despite Yen Depreciation
Skift Take
Japan's hotel business has seen impressive RevPAR growth over the past 15 months due to a late post-pandemic reopening, high inflation, international demand, and a depreciating yen – all despite minimal return of Chinese travelers.
The Hong Kong Tourism Board said provisional visitor arrivals in April reached 3.4 million, up 20% year on year. They noted a more than 50% increase in growth in non-Mainland markets. Among the short-haul markets, the end of Ramadan was said to have played a pivotal role in boosting visitor arrivals from Indonesia by over 80% compared to the same period in 2023. Long haul markets such as the U.S. and Canada also saw increases of over 80% in visitor arrivals. From January to April of this year, Hong Kong welcomed a total of 14.62 million visitors, a two-fold increase over last year. Mainland visitation was up 97.3% to 11.2 million, while non-Mainland visitors rose 109.6% to 3.4 million.
Lodging Econometrics' Q1 2024 Hotel Construction Pipeline Trend Report reveals steady growth in China's construction pipeline, with 3,775 projects encompassing 695,212 rooms, a 3% increase in projects, and 2% in rooms year-over-year. The upper midscale and upscale chain scales l
