Hyatt Plans 200 More Hotels in Asia Through 2032
Skift Take
Hyatt Hotels plans to expand its Asia-Pacific portfolio by 67% with over 200 new hotels to meet rising demand from young, affluent travelers.
The Philippines welcomed more than 4.8 million international visitor arrivals through the first 10 months of 2024. While they are well on track to exceed the 2023 total of 5.5 million, the country will be short of its goal of 7.7 million international visitor arrivals for the full year 2024.
The Indian hospitality industry is expected to grow by 7% to 9% in the current FY25 financial year. Icra said this would be driven by domestic leisure travel, demand from MICE, including weddings and business travel, with spiritual tourism and tier-2 cities expected to contribute significantly. Icra expects the pan-India premium hotel occupancy to be at around 70%-72% in FY25 while the pan-India premium hotel average room rates rise by 8% to Rs 7,800 to Rs 8,000. RevPAR is still expected to be 8%-12% below the FY2008 peak this year (FY24). Supply is expected to increase at a compound annual growth of 4.5% to 5% over the medium term. That would still lag demand.
