Vietnam Had 17.5 Million Visitors in 2024, Up 40%

STR reported China hotel data for the week ending January 4, 2025. Hotel RevPAR in China was down -1.1% on a year-over-year basis. It was up against a +41.8% comp in the year-ago week. China hotel average daily rate was up 3% for the week while occupancy was down -4%, both on a year-over-year basis.

Vietnam's tourism officials reported more than 17.5 million international visitor arrivals in 2024, up by 39.5% over 2023. South Korea remained the biggest source of arrivals, with 4.5 million, representing 26% of the total. China ranked second with 3.7 million or 21.3%. India jumped to number six in the arrivals, rising to 501,000 from 392,000 in 2023.

Marriott International announced the debut of the Ritz-Carlton, Bangkok, set in the 216-meter-high tower at One Bangkok, the largest holistically integrated district and world-class business and lifestyle destination in the heart of Bangkok. The 260-room hotel is the first Ritz-Carlton property in Bangkok. It includes many rooms with private loggias and terraces overlooking Lumpini Park. Guests can choose from the 50-square-meter Deluxe Rooms, the 102-square-meter Gardenia Suites, or the 127-square-meter Marigold and Amaranth Suites. The Ritz-Carlton Suite is at the top of the hotel, a 389-square-meter penthouse. On the 23rd floor is The Club Lounge, a key element of the Ritz-Carlton Club experience, which includes a dedicated Club Concierge. The hotel includes three dining experiences, the Ritz-Carlton Spa, Ritz Kids Club, while the Ritz-Carlton Grand Ballroom is the largest in the city, accommodating up to 1,200 people.

The luxurious Hotel The Mitsui Hakone in Hakone, Japan, will open by 2026, offering onsen wellness amidst Mount Fuji views. Hakone is a volcanic spa town in eastern Japan, preparing to welcome a new 33-acre luxury retreat. The resort will be situated within the lush Fuji-Hakone-Izu National Park and will include 126 guest rooms. A standout feature of the property will be its onsen-style wellness facilities, drawing from an on-site hot spring which is known for its high saline content. The project is led by Mitsui Fudosan with their hospitality division, Mitsui Fudosan Resort Management, to manage the property in collaboration with Marriott International's Luxury Collection under the Hotel The Mitsui brand. Culinary options will include an all-day dining venue and a specialty restaurant. The Hakone resort is the second property under the HTM banner, joining the Kyoto location. That hotel features a 1,000-square-meter spa with an onsen spring, private onsen facilities, a gym and specialized treatments rooted in traditional Chinese medicine.

Radisson Hotel Group announced the opening of its latest property – Park Inn by Radisson Vellore in Vellore, Tamil Nadu in India. The hotel features a large banquet hall and modern facilities for meetings, weddings and other events. Park Inn by Radisson Vellore offers a variety of restaurants and bars, including RBG – All Day Dining and rooftop restaurant Heaven's Gate. With this opening, Radisson Hotel Group now has seven hotels across the state. They are considered one of the largest international operators in the country, with more than 194 hotels in operation and development. Over 50% of its portfolio is in tier-2 and tier-3 markets.

Star Entertainment Group, even after paying through the nose to get executives that helped Crown Resorts survive, is fighting a losing battle. Their available cash plunged to A$70 million at the end of 2024. That means they blew more than half their cash, A$79 million in the fourth quarter of 2024. Star said they are exploring other liquidity solutions while continuing to try to get approval to draw the remaining A$100 million under the A$200 million credit facility they had negotiated to keep the company alive. Star blamed difficult trading conditions in their business, essential capital expenditure upfront fees' linked to the new loan and the first A$5 million of the A$15 million fine imposed by the New South Wales Independent Casino Commission last October. They also blamed significant legal and consulting fees, ongoing transformation and remediation activities, and joint venture contributions. The real liquidity crunch was revealed right as they opened their new Queen's Wharf Brisbane property in a joint venture with Chow Tai Fook and Far East Consortium. The company is up against a March 2025 deadline to prove to the NICC that they actually are trying to remediate themselves after about a dozen years of misdeeds and mismanagement. Star's stock price is at a record low of A$0.14 per share.

Speaking of mismanagement, Macau's THE 13 hotel probably should have been imploded a long time ago, but for some reason, Macau officials decided to give a new 12-month hotel license. Their last one was expiring on December 31, but according to Inside Asian Gaming, you can't book rooms there, or at least not online. The hotel's two restaurants are not open, with the hotel claiming they are undergoing repairs or maintenance work. The property had been put up for sale in March 2024 at an asking price of HK$2.4 billion.

The Hotel Ease in Hong Kong is for sale, and JLL has the listing. The property is originally a 24-story industrial building that received approval for hotel conversion in early 2013 and commenced operations in the fourth quarter of 2017. The property has 24 floors and features 160 guestrooms, with JLL saying it is ideally suited for student accommodation.

PT Suryalaya Anindita International, a subsidiary of PT Surya Semesta Internusa Tbk, recently signed a credit agreement with PT Bank Central Asia Tbkfor a principal amount of IDR 1.4 trillion. Tranche A of the loan, with a credit ceiling of IDR 1.2 trillion, will be used to renovate Melia Bali Hotels & Resorts. Tranche B, at IDR 215 billion, will be allocated for the extension of the land utilization deed held by Injourney Tourism Development Corporation, also for the benefit of Melia Bali Hotels & Resorts.