Vietnam Int'l Visitor Arrivals Grow 58% in First Half of 2024

HVS Anarock said there was a dip in ADRs and RevPAR in India in May compared to April 2024. Year over year, May 2024 was up 2% in ADR and 4% in RevPAR which may be more important than month to month changes which include timing and seasonality. Compared to April 2024, May occupancy dropped by 1 to 3 percentage points with 6 to 8 percent declines in ADRs and a 9 to 11 percent drop in RevPAR of hotels on a nation-wide basis. Year over year, Kochi had a boost in occupancy by 6 to 9 percent year over year but that did not convert to ADR growth as it seems the 6 to 12 percent drop in ADR boosted occupancy. Hyderabad was the opposite with occupancy seeing the biggest year over year drop of 3-5 percent while ADR was up 12-14 percent. Goa occupancy was up 1-3 percent but ADR was down 9-11 percent. HVS Anarock said 49 new branded hotels have opened year to date, adding an additional 3,176 rooms. There have been 146 new signings giving a pipeline of 14,311 rooms.

The number of international visitor arrivals to Vietnam grew by 58.4% year over year to more than 8.8 million in the first six months of 2024. 1.89 million of those were from China but South Korea remains Vietnam's largest source market with 2.28 million arrivals between January 1 and June 30, up 42.4% year over year. The number of international tourists are expected to rise 40% in 2024 with stronger growth expected from October onwards. June visitation was up 28.1% to more than 1.2 million.

Marriott International's Sheraton Hotels & Resorts unit announced the opening of Sheraton Lanzhou Anning in Lanzhou, Gansu province, the 100th Sheraton hotel in Greater China. The hotel is centrally located in Lanzhou's Anning District, 55 kilometers from Lanzhou Zhongchuan International Airport and is the brand's debut in Lanzhou. The hotel includes 354 guest rooms and suites, ranging from 42 to 190 square meters. The hotel features three restaurants, the Sheraton Club exclusive to Marriott Bonvoy Elite members and Executive Floor guests, 1,900 square meters of banquet and meeting space, Sheraton Fitness and an indoor heated swimming pool.

The New World Chongqing Hotel on Yuhu Island in Chongqing's Bishan District was unveiled, marking New World Hotels & Resorts' debut in Chongqing, China. The first upper-upscale hotel from New World in China is being managed by New World Tongpai Hotels Group. The hotel is owned by GSH Corporation, located in the heart of Yuhu Lake. The New World Chongqing Hotel has 200 guest rooms including expansive lakeview rooms to indulgent spa suites. There are two distinctive dining venues, a state of the art gym, rejuvenating spa, swimming pool and event spaces which includes a 2,000 square meter area and three outdoor zones. The New World Tongpai Hotels Group has expansion plans that will include three new hotels in Mainland China.

Tuan Sing Holdings announced the Hyatt Regency in Perth would cease to be managed by Hyatt from September 1. The agreement was mutual and will allow the property to be repositioned and rebranded, according to the Singaporean company statement. Tuan Sing plans to announce details on the future of the hotel in the coming months. Another Singaporean owner of a Perth hotel, Low Keng Huat, announced the start of the second stage of its $35 million renovation of the 27 year old Duxton Hotel in a 1962 building at 1 St. Georges Terrace, originally built for the Australian Tax Office.

The Melbourne Airport hotel(s) that opened today that we referenced last week are the Novotel and Ibis Styles Melbourne Airport. The combined 464 rooms makes this the largest hotel opening in Australia for 2024 so far. The hotels bring the precinct's first dedicated health and wellbeing hub and is home to the airport's first co-working space, Aerofoil Workspace. The hub, Higher State, is home to an infrared sauna, pool, yoga studio and spa treatment room. Both hotels also feature a full range of facilities to cater to business, conference and leisure guests as well as workers and visitors to the airport district. There are three food and beverage outlets to go along with the other amenities.

The Star Entertainment Group announced it will officially open the Star Brisbane property on August 29, part of the multi-phase reveal of Queen's Wharf Brisbane. The A$3.6 billion total development will open in phases with F&B, public spaces and 'destinations' opening from August into September and throughout the remainder of 2024. The first phase includes the new Sky Deck, Miller Park and Neville Bonner Bridge, linking Queen's Wharf to the SouthBank. Other offerings will include the Event Center with the five star The Star Grand hotel to be accepting bookings very soon. Queen's Wharf Brisbane is a joint venture project between troubled Star Entertainment and Far East Consortium and Chow Tai Fook.

A receivership sale has been announced for the troubled Queenstown boutique property The Carlin Hotel. Kevin Carlin died last December. He opened the seven level, $30 million hotel in early 2022. Both the management company and a company owning six of the nine units were placed in receivership with the combined debt of $45 million. The first report into the Queenstown Views Villas Ltd said it owed $28.3 million to Pablo Pty Ltd, who appointed the receivers. The first report into Carlin Hotel Property Management Ltd. said it owed Pablo, $12.5 million. The report said the land and building had a book value of $26.04 million. The hotel is now being offered to the market by Collier's Queenstown.

SkyCity Entertainment Group announced the completion of construction works for its first five star hotel in Auckland, NZ with the opening scheduled for August 1, 2024. The 303 room property is connected to the under-construction New Zealand International Convention Center and SkyCity Auckland Precinct, adding the number of rooms in the complex to about 1,000, together with the Grand by SkyCity and SkyCity Hotel. The SkyCity Precinct and the convention center are set to open in 2025.

Banyan Tree, in collaboration with Nest Seekers, will open an ultra-luxury hotel and residences in Manila Bay in the Philippines. Phase 1 of Banyan Tree Manila Bay will include a hotel, residences and a retail area. The hotel will offer a mix of rooms and suites with facilities including a swimming pool, fitness center, signature restaurant and bar, and other facilities alongside the Podium Area featuring the meeting facilities and Banyan Tree Spa and Gallery. The Banyan Tree Residences Manila Bay will have units ranging from Penthouses, Bi-Level Units, Prime Units and two and three bedroom units.