Vietnam Sets International Tourism Goal at 18 Million

The Vietnam National Administration of Tourism issued a target of 18 million international tourist arrivals this year. This follows the news that there were more than 1.5 million international visitors in January, 10.3% higher than December and on par with January 2019. The recent implementation of unilateral visa exemptions for 13 European countries was credited for the strong growth in arrivals from the UK, France, Germany and Russia in January. South Korea remained Vietnam’s largest source market, accounting for 27.6% of all arrivals, followed by mainland China and Taiwan. Visitation from the Americas rose 27.3% in January from December and 26.6% growth from Europe. Along with the 18 million international arrivals in 2024, the tourism agency is also expecting 110 million domestic tourism trips with total revenue from the industry expected to hit US$34.4 billion.

Macau’s Public Security Police are expecting the number of visitors and border crossings to reach 2019 levels or exceed them by 3%, totaling 6 million border crossings during the Chinese New Year break. They expect tourism volume to peak on February 12th. The Macau Tourism Office is still saying they expect 120,000 visitors each day during the February 9-18 holiday period. Most are now expecting that to be higher.

TFE Hotels announced the signing of the WMK-designed, Adina Apartment Hotel Chermside Brisbane, a new build hotel set to open in 2025 that TFE will manage. The 148 key hotel will be in the heart of one of Brisbane’s most vibrant and fasted growing suburbs, Chermside. Facilities will include an all-day dining restaurant, café/bar, lobby lounge, meeting room, gym, rainwater harvesting capabilities and hotel car parking. Adina Chermside is owned by Limitless Developments.

MA Financial is buying the Vibe Docklands in Melbourne from Singapore real estate group Hiap Hoe for A$96 million in a highly structured deal. A second major transaction that is taking place is the sale of the Oaks Melbourne on William Street to a private investor for A$70 million. MA Financial has appointed TFE Hotels to manage the 273 room Vibe Docklands, located at the northwestern end of the Docklands precinct. The hotel comprises conference rooms, a ground floor bar, bistro and café, gym, outdoor swimming pool and car spaces. The former Four Points by Sheraton is the acquisition expected to see MA’s new MA Accommodation Hotel Fund. Savills negotiated the deal for Hiap Hoe. As for the 200 room Oaks Melbourne, the deal is not expected to settle for several months. JLL is the agent on this deal.

Central Pattana, the developer of Central shopping centers, residential projects, office buildings and hotels across Thailand, together with Centara Hotels & Resorts, introduced Centara Ayutthaya, a new upscale hotel in the heart of Bangkok. The hotel is directly connected to the Central Ayutthaya Mall and features 224 rooms and suites ranging from 30 square meter Deluxe Rooms to 63 square meter Executive Suites. Guests can savor Thai and global cuisine at the House of Kin while in the hotel lobby is the café, Summer Coffee. On the 20th floor is the Diwa Rooftop Bar & Restaurant. Other amenities include the rooftop infinity pool, fitness center and three function spaces.

CapitaLand Ascott Trust is divesting Citadines Mount Sophia Singapore to an unrelated third party for S$148 million. The 154 unit property will be divested at 19.4% above book value with net proceeds expected to be S$138.6 million. CLAS will recognize a net gain of S$14.6 million with the sale to be completed in this current quarter. Including this property, CLAS has announced divestments of S$408.1 million at a premium to book value in the last eight months. CLAS also completed the divestment of Courtyard by Marriott Sydney-North Ryde on January 31, 2024. Divestment of the Novotel Sydney Paramatta is expected to be completed in 3Q 2024.

Hyatt Hotels Corporation announced the opening of Ronil Goa, part of the JdV by Hyatt brand, in the holiday state of Goa, India. This marks the entry of the JdV by Hyatt brand in Southwest Asia. The boutique resort will be the first five star hotel on the Calangute Baga Road in north Goa. The hotel has 135 rooms with private balconies, two swimming pools, a spa, and features a vibrant entertainment project. Dining offerings include Ronil Bistro, Patrao’s, and The Hub with a stunning swim up pool bar. Event spaces total 5,446 square feet.

IHG Hotels & Resorts announced a management agreement with Yuvaan Developers Private Limited for Holiday Inn Guwahati in India’s North-East region. The new-build 158 key hotel is scheduled to open in January 2028. The hotel will offer three dining options, including an all-day dining, bar and a lobby lounge. The hotel will have a dedicated fitness center and a pool as well as four meeting rooms and a banquet hall. IHG currently has 45 hotels operating across five brands in India.

Indian Hotels Company Ltd. plans to launch a new upscale hotel brand after its third quarter results on Friday. The new brand will provide F&B and banqueting facilities which will enable IHCL to tap growth in new markets and expand its presence in existing locations. They currently operate 200 properties in locations in India and overseas. IHCL is looking to open 50 hotels under the new brand in a short period of time.

The Ascott Limited announced the opening of residential and serviced apartment suites in Mandaue City, under its Citadines brand in 2027 called “Vitale Suites.” The Philippines project is in partnership with Cebu-grown property developer Worldwide Central Properties Inc. and will provide a total of 233 residential units and 150 service apartment suites that will be managed by Ascott’s Citadines brand. Vitale Suites will be the second project partnership between Ascott Limited and Worldwide Central Properties Inc. after “The Suites at Gorordo” under Ascott’s Somerset brand. Ascott Limited currently has four properties operating in Metro Cebu under the Citadines and Somerset brands. The Vitale Suites in Mandaue City will have about 36 accessible units built on the seventh and eighth floors of a 23 story tower with room size of 33.8 square meters for studio suites and 47.6 square meters for one-bedroom suites. Vitale Suites’ hospitality component will have 150 serviced apartment suites. The hotel services of Citadines will also be available to the residents. Amenities will include a swimming pool, rock climbing wall, jogging path, outdoor fitness area, indoor gym, kiddie play area, bicycle parking and golf bag lockers.