Vietnam Overtakes Singapore as Third-Most-Visited Country in Southeast Asia

Bloomberg reported that Vietnam now ranks as the third-most-visited country in Southeast Asia, with 17.5 million international arrivals in 2024, edging ahead of Singapore. Malaysia is in second place with 25 million visitors, with Thailand well ahead of all with 35 million. The jump in visitor arrivals makes Vietnam the regional leader in terms of its tourism recovery pace. Vietnam has gotten back to 98% of 2019 visitation while Thailand and Singapore are at 87.5% and 86%, respectively. 2025 is getting off to a great start, with Vietnam seeing international tourist arrivals rising 30.2% year-on-year in January and February. The country is looking for 23 million international arrivals in 2025 and then 25 million in 2026 after the new Long Thanh International Airport opens for business.

International tourist arrivals to the Philippines grew by 9.2% in 2024, but that was short of government targets. JLL said tourist receipts rose to PHP 760 billion, surpassing the pre-Covid level. Metro Manila's hotel occupancy rose to 83.2% in the fourth quarter of 2024 due to strong demand from leisure and corporate guests, particularly during the holiday season. Room rates rose and are expected to increase to PHP8,300-8,400 per room per night by the end of this year. JLL said that between 2025 and 2029, Metro Manila is expected to see an influx of 2,300 new rooms, with Makati CBD, Pasay City and Paranaque City accounting for about 54% of the new supply. Foreign operators such as Marriott, Ascott, Okura Nikko Hotels, Radisson and Polaris Holdings Group will manage about 82% of the new supply.

Hotel transactions in 2024 in India reached approximately Rs 2,900 crore, with tier 2 and 3 cities accounting for 50% of the transactions, predominantly involving unbranded midscale properties. This was in a report released by JLL that showed diverse participation with high net worth individuals, family offices and private owners contributing 51% of the investment volume. JLL said 4Q24 showed the top six markets experiencing year-over-year increases in both ADR and RevPAR.

Hyderabad emerged as the standout performer, recording the highest RevPAR growth at 23.3%, driven by an increase in ADR, JLL said. Bengaluru showed impressive resilience with high RevPAR growth supported by improvements in both ADR and occupancy rates. 99 new hotels were signed in India in 4Q, totaling 11,943 keys. For the full year 2024, JLL said there were 367 new hotel signings and 154 new hotel openings, 14% growth over 2023. 53% of the hotel openings were from the midscale segment, also accounting for 44% of the signings. Uttar Pradesh led the signings with 1,744 keys.

Ying'nFlo, the select-service hotel brand launched by Langham Hospitality Group, hosted "Ying'nFlo: Beyond A Stay" in Shanghai, officially marking its entry into the mainland China market. This year, Ying'nFlo plans to open five hotels in the mainland market, with the first one located in Hangzhou.

Resorts World Sentosa's US$5 billion expansion project will feature an 88-meter tall "light sculpture" as a new landmark attraction that the company says is set to transform the Singapore skyline. Also set to form part of the RWS 2.0 expansion at the Singapore property will be what Genting Singapore describes as an immersive, experiential mountain trail upon which guests will be able to embark on a scenic 88-meter climb to enjoy expansive views of the city and surroundings. The RWS 2.0 development will be anchored by a four-story world-class retail and dining podium with entertainment offerings plus two new luxury hotels featuring 700 keys. The entire renovation/expansion will open in phases, starting in early 2025.

Hyatt Hotels, in partnership with Asia Resorts Limited, has officially announced the signing of the Grand Hyatt Shiwalik Hills resort. Located in the hilltops of Kasauli, Himachal Pradesh in India, the resort is set to open its doors in early 2028, just a 90-minute drive from Chandigarh. With 200 guestrooms and suites, Grand Hyatt Shiwalik Hills will be strategically located along the scenic Shimla route in the Solan district.

Earlier in the month, we reported that the Jim Corbett Marriott Resort & Spa was accepting reservations beginning in April. Yesterday, there was an announcement that the property has opened in Uttarakhand, nestled within the Jim Corbett National Park along the banks of the Kosi River. This is the 13th hotel in India under the Marriott brand. The resort features 99 rooms with views of the Malani Range and Kosi River.

It wasn't as smooth as the promoters wanted, but Bengaluru-based hotel chain operator Grand Continent Hotels' IPO was fully subscribed to on the final day of bidding, March 24th. Investors have applied for 81.97 lakh shares in the three days, higher than the offer size of 47.16 lakh shares. Trading of the shares will begin on the NSE Emerge on March 27th.

Tower Estate, one of Australia's most iconic and luxurious wine country escapes, has been listed for sale on behalf of local winemakers in the Hope family. The property has two distinctive and recently renovated operations – the luxurious Tower Lodge and Tower Whiskey Distillery. The property is owned by Michael and Karen Hope and occupies an expansive 16.1ha landholding in the heart of the Hunter Valley, comprising 14 recently renovated and luxuriously appointed suites. Guest facilities include the Tower Lodge Restaurant, a private event space and a wellness amenities with a secluded swimming pool and sauna. CBRE Hotels is exclusively managing the sale via an international Expressions of Interest campaign which will close on April 30th. The property is being offered with vacant possession.

Centara Hotels & Resorts signed a Hotel Management Agreement with Patch Patana Land and Business (1994) Co., Ltd., marking the launch of Centara Life Wisma Hotel Ratchaburi. The Centara Life Wisma Hotel has 69 rooms and initially opened in the third quarter of 2022. It came under Centara's management on March 20. Amenities include an all-day dining restaurant, versatile meeting spaces, and a large ballroom.