Asia's Hotel Rates Soar on Chinese Traveler Wave
Skift Take
- CNBC produced a segment on how hotel rates in Asia Pacific are surging.
- CBRE said Australian hotel sales hit $2.14 billion in 2022, the second highest transaction volume on record
- The Ritz-Carlton, Fukuoka will open its doors on June 21, 2023 on the island of Kyushu in southern Japan.
CNBC produced a segment on how hotel rates in Asia Pacific are surging. Squawk Box Asia late last week interviewed Alan Watts, Hilton’s Asia Pacific president who told them rates are at an all time high, clearly following the same pattern rates did in the United States after they opened up the country. Watts said the rates are being fueled by travel demand that is like a feast to offset the famine. CNBC said that travel booking company Traveloka reported average hotel rates across Southeast Asia have gone up more than 10% since 2022 but rates have climbed more than 45% in destinations that are attracting the most Chinese travelers, naming Bali, Bangkok, Phuket and Singapore. The booking company said Bangkok rates are up over 70% and Singapore is coming in at over 40%. Ctrip told CNBC average hotel prices in Bangkok jumped nearly 70% in late January. As for airlines, international travel is being impacted by airfares that have doubled or tripled which shows why higher end h
