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Japan’s RevPAR Impresses Despite Yen Depreciation

Alan Woinski

May 15th, 2024

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 lead China’s pipeline in Q1 with 1,261 projects and 197,224 rooms and 906 projects and 206,919 rooms, respectively. 

China Construction Pipeline for Q1 2024

Total Pipeline3,775695,212
Under Construction2,691488,560
Starting in Next 12 Months37765,193
Early Planning Stage707141,459

China Construction Pipeline by City for Q1 2024


China Hotel Opening Projections as of Q1 2024

PeriodNew HotelsRooms
Q1 202412017,081
Q2-Q4 2024754121,121
By Year-End 2024874138,202
Forecast for 2025916160,166

STR published a report on Japan’s hotel business, saying RevPAR has remained extremely impressive over the past 15 months. They attribute that to a later opening post-pandemic, above-average inflation, and an influx of international demand. While that is largely the reason for the ADR growth, STR said the first and third points helped drive double-digit occupancy increases as well. The occupancy growth has trailed off, with STR saying there have been single-digit increases or declines year over year for the past five months, but rates have risen more than 20% year over year for each of the past 19 months with no signs of deceleration. Weekend occupancy is slightly weaker, which is something STR said suggests the end of revenge travel. Even as inflation is said to be part of the cause of the ADR rise, STR said the scope of the rate growth runs well beyond inflation. STR said there is one final macroeconomic factor at play and that is the exchange rate as the Japanese yen depreciated rapidly beginning in early 2022 with value relative to the US dollar falling -26% between January 2022 and April 2024. STR believes the lift in ADR growth in the past year or so has largely been impacted by the depreciating yen. Meanwhile, this is all occurring despite Chinese travelers yet to make any significant return to Japan partly due to geopolitical tensions. Japan has been able to more than offset the loss of one of their historical major source markets with long-haul US, western Europe and Australian travelers.

The ibis Styles brand from Accor announced the opening of ibis Styles Serpong BSD City in Tangerang in Indonesia. The newly built hotel is located in the BSD City, nestled among business and lifestyle hubs. The hotel features 156 rooms and suites. Culinary delights are available at sTREATs, an all-day dining restaurant with an open-concept kitchen. The hotel includes a Grand Ballroom and five meeting rooms. Other amenities include a swimming pool, children’s playground, gym, karaoke, movie screening and designated play areas.

Tuan Sing Holdings has acquired Fraser Residences River Promenade, a mixed-use property in Robertson Quay in Singapore. The development is being purchased from Frasers Property for S$140.889 million. The property is located on Jiak Kim Street and occupies a 99-year leasehold site fronting the Singapore River. The mixed-use property comprises a four-story block of 72 serviced apartments, three adjoining conservation warehouses as well as 47 carpark lots. The property was completed and opened in September 2023 and is part of a wider site that includes Frasers Property’s 455-unit luxury condo Riviere which was completed last year. Frasers Property’s hospitality arm, Frasers Hospitality, will continue to manage the property under the Fraser Residence brand. The acquisition marks Tuan Sing’s third hospitality asset. The other two are in Australia – the Grand Hyatt Melbourne and Hyatt Regency Perth.

Leisure Hotels Group opened the 42 room Brij Eternity in Vrindavan in north India. This is part of Leisure Hotel Group’s plans to have 100 hotels in operation by 2030.

ShriGo Hotels & Resorts has announced a significant expansion with the signing of a new property in JawaiRajasthan in India. ShriGo said the signing of this property reflects the brand’s strategic expansion efforts and its vision to offer guests unparalleled hospitality experiences in destination of cultural and natural significance.

Clarks Exotica Convention Resort & Spa announced the opening of the Ocean Convention Center in Bengaluru, India. The new event venue is designed to enhance gatherings and is said to be a significant development in the Meetings, Incentives, Conferences & Exhibitions industry. Clarks Exotica Convention Resort & Spa said with a total event space of 72,000 square feet, they can now host small gatherings of up to 1,200 guests, traditional theater-type presentations for up to 3,000 attendees or dynamic arrangements for up to 5,000 guests. The Ocean Convention Center is located just 10 minutes from Bangalore Airport. Clarks Exotica offers 151 well-appointed rooms for residential events, with plans for 150 more rooms in the future.

SJM Holdings said their Grand Lisboa resort property in Macau will undergo a phased renovation starting this year. SJM plans to focus on internal improvements. The entire project is expected to be completed within a two year timeframe with the result being a completely revitalized appearance. The renovation will be carried out in multiple stages, ensuring the operation of the Grand Lisboa remains unaffected. SJM said the project will encompass enhancements to the catering and hotel rooms, with the catering renovation expected to be the first to be completed.

Personnel Move

Hotelivate announced the appointment of Uttam Dave as their Chief Strategy Officer. Dave is said to be a seasoned entrepreneur with a track record in both the hospitality and real estate industries. His career includes pivotal roles in organizations including Accor HotelsInterGlobe Hotels and Pennell Kerr Foster Consultants where he is said to have played instrumental roles in shaping India’s hospitality landscape. He is expected to direct his efforts toward expanding the company’s development planning vertical, referred to as PEPA (Project Execution Planning and Advisory). He will also use his expertise to grow Hotelivate’s operator search business.

Hotel and Lodging Performance

Daily Lodging Report subscribers get full access to insights from ST200 as part of their subscription.

The Skift Travel 200, a tool from Skift Research, makes it easy to track travel industry performance as a whole, as well as within specific sectors. The Accommodations sector includes public companies in these sub-sectors: 

  • Global Hotel Brands
  • Hotel Management and Operations
  • Hotel REITs
  • Regional Hotel Brands
  • Time Shares
  • Alternate Accommodations

Alan Woinski

May 15th, 2024

Companies: Accor, Clarks Hotels & Resorts, Frasers Hospitality Trust, Hotelivate, Hyatt Regency, ibis Styles, ShriGo Hotels and Resorts, SJM Holdings Ltd

Locations: Bengaluru, Chengdu, Guangzhou, Hangzhou, Hong Kong, Indonesia, Japan, Macau, Rajasthan, Shanghai, Singapore, Xi'an

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