Tokyo Leads Asia with Record Occupancy and Rates
Skift Take
- Notable are the predictions of 3% to 8% hotel rate hikes in 2024, with Asia leading in occupancy growth.
- Accor's execution of management agreements for 69 properties across Asia, enhancing its portfolio with over 16,500 keys, is a major development.
- The reopening of the Mandarin Oriental Singapore after a multi-million dollar transformation underscores significant refurbishment investments in the industry.
FCM Consulting is predicting 3% to 8% hotel rate hikes in 2024. They said global occupancy growth is close to normal across most gateway markets with Asia leading in hotel occupancy growth and Tokyo topping average room rates. Hotel occupancy levels around the world averaged 68% per month in 2023. Asia has seen key cities occupancy growth of 108%-153% YTD compared to 2022. Beijing and Shanghai lead at 153% and 139% but that wasn’t too difficult with the comps. Tokyo is at 137% while Hong Kong, Singapore and Delhi come in at 124%, 113% and 111% respectively. FCM said average room rates in Asia have gone up by US$33 to US$173 from 2022. The third quarter only saw a 1% rise with the bulk of the rise in the first quarter of the year. Tokyo leads with US$281 a night average followed by Seoul at US$277, Singapore at US$265 and Hong Kong at US$246. Bangalore leads India with US$143.
Accor said that as of October 2023, they have executed management agreements for 69 properties throughout Asia, augmenting its extensive portfolio with over 16,500 keys. The new signings include ibis Styles Phuket Bangtao and Swissotel Bangkok Pratunam (Thailand), Novotel Jakarta Pulo Mas (Indonesia), Mercure Cat Tien and ibis Styles Cat Tien (Vietnam), along with Grand Mercure Gao Candolim (India). The six signings in November 2023 total over 1,100 additional keys.
Australia’s first airport resort launched today, f
