Australia Will Have Record Tourism Economic Impact in 2024

The World Travel & Tourism Council's 2024 Economic Impact Research forecasted Travel & Tourism will contribute more to Australia's economy in 2024 than any previous year on record. WTTC said the sector is poised to surpass the previous peak with a projected economic contribution of $265.5 billion, representing 10% of the Australian economy. They expect the sector to exceed $345 billion in contribution by 2034. Total spending by domestic visitors this year is expected to reach nearly $148 billion while spending by overseas visitors could be $35 billion this year.

Intercontinental Hotels & Resorts plans to continue to accelerate its expansion in the Chinese market because of a positive outlook on the business opportunities from inbound tourism and the development of the franchise model. IHG plans to drive the development of its Chinese projects with a dual approach of both management delegation and franchising. The expansion speed of opening 100 hotels will be shortened from the initial 24 years to five, four or even one and a half years.

IHG's expansion in Vietnam is continuing with the announcement of the debut of its Vignette Collection brand in the country through a partnership with Hoi An Pearl Joint Stock Company. Moire Hoi An, part of the Vignette Collection, will become part of IHG's Luxury & Lifestyle portfolio. The property, formerly known as Bay Resort Hoi An, has undergone extensive refurbishment and conversion. The hotel will have 128 guest rooms, including pool villas and suites. The property features two restaurants and a bar, swimming pool, fitness center, boutique spa and unique meeting facilities designed as a living room café. This expand IHG's presence in Vietnam with the hotel chain expecting to double its current portfolio from the current 18 to around 44 hotels within the next three years.

Lead Real Estate Co. announced plans to build the ENT Terrace brand's first "Premium Series" hotel, ENT Terrace Ginza Premium in Tokyo, Japan. The facility will have seven floors and six guest rooms, launching stays beginning in December 2024. Lead Real Estate is a Japanese developer of luxury residential properties, including single-family homes and condominiums across Tokyo, Kanagawa prefecture, and Sapporo. The company also operates hotels in Tokyo and leases apartment building units to individual customers in Japan and Dallas, Texas.

Brookfield has signed on JM Financial and Bank of America as investment bankers, exploring the idea of a landmark hospitality IPO with the Leela Palaces, Hotels and Resorts. Brookfield is aiming for a valuation of at least Rs 21,000 crore (US$2.5 billion) in the initial public offering. This would be the largest IPO in India'shospitality sector. Brookfield intends to sell a 15% stake initially with another 10% of their stake being sold over the next three years. Brookfield acquire the luxury hotel chain in 2019 during bankruptcy proceedings for Rs 3,950 crore.

Marriott International's Courtyard by Marriott unit announced the opening of Courtyard by Marriott Goa Colva, marking the debut of the Courtyard brand in the state. The hotel has 91 rooms and is Marriott's 10th property in Goa, located a 40 minute drive from Dabolim Airport. Some of the 91 rooms feature private balconies. The hotel includes an all-day dining restaurant and grab and go deli. Rounding out the F&B amenities is the poolside Solario bar.

Bharat Agri Fert & Realty Ltd said it will develop India's first 7-star resort on the outskirts of Mumbai with an investment of about Rs 55 crore. The company plans to launch an additional 170 rooms, along with a banquet hall and enhanced amenities by 2025-2026 on the banks of a river within the 120-acre freehold land. The new 7-Star resort project will operate under the Anchaviyo brand, India's first premier unique theme-based resort. This will be an expansion on the surplus freehold land at the existing Anchaviyo resort. The company currently operates 80 luxurious theme-based resorts. Besides this expansion, Bharat Agri Fert & Realty said a joint venture with a prominent hotel chain is on the horizon.

OYO announced the opening of its first luxury hotel in Dubai, Palette Royal Reflections Hotel and Spa. They expect the number of Indian tourists to grow significantly in 2024 after Dubai relaxed the visa policy for them earlier this year. OYO has over 700 properties in the UAE, including over 200 in Dubai alone. India is the biggest source country for Dubai tourism.

Indian Hotels Company announced its expansion into Bhutan in South Asia with the signing of an 83-key hotel in Thimphu. The new property will be rebranded as part of the IHCL SeleQtions portfolio. The hotel will feature a variety of dining options, including an all-day dining restaurant and bar, a rooftop restaurant along with wellness facilities including a gym, indoor heated swimming pool and a spa. The project is a collaboration with owner Yarkay Group. IHCL also announced the singing of a Taj hotel in Anjuna, North Goa. The beachfront resort is a greenfield project. The hotel is a collaboration with Bharat Realty Venture Pvt Ltd. and includes 170 rooms across 17 acres. There is a variety of culinary offerings and wellness amenities at the J Wellness Circle, offering spa and rejuvenation treatments. The resort has the largest banquet hall and outdoor lawns in North Goa. With the additions, IHCL will have 16 hotels across Taj, SeleQtions, Vivanta and Ginger brands in Goa including five under development.

PH Resorts Group disputed reports that their deal with Okada Manila operator Tiger Resort, Leisure and Entertainment to sell off its stalled Cebu resort Emerald Bay in the Philippines is close to falling through. It is not like Dennis Uyhas not said this same thing about all the past deals that fell through. InsidePH.com had reported talks between the two companies were close to collapsing due to an alleged disagreement on commercial terms with the belief that Tiger Resort believes Uy has set unrealistic terms, asking for a premium for his remaining stake in the project as well as repurchase rights.