Four New 5-Star Hotels for Bangladesh
Skift Take
- China's hotel industry shows strong recovery with a significant increase in RevPAR, benefiting companies like STR and driving pent-up travel demand, particularly from Chinese tourists.
- Major developments in the hospitality sector are underway in various locations, including Thane (Maharashtra) where Oberoi Realty plans to develop a luxury hotel managed by Marriott International or Hyatt, and Dhaka (Bangladesh) with multiple new five-star hotels expected to open in the coming years.
- Hotel projects and expansions are also taking place in Nagoya (Japan), Tokyo's Shinjuku area, San Fernando (Pampanga, Philippines), and Nha Trang (Vietnam), indicating growth and investments in these respective regions.
STR said China hotel RevPAR was up 93.8% year over year the week ended May 20. It was up against an easy comp of down -38.2%. When compared with the same week in 2019, China hotel RevPAR was down -2.4%.
Minor International Pcl said they expect a record year for its hospitality business on pent-up travel demand and a recovery in Chinese tourists holidaying abroad. Bookings all across Minor’s markets, especially Europe and Thailand, will remain high in 2023 after a strong recovery earlier this year, according to Chairman Bill Heinecke. He expects the return of the Chinese traveler to shift into gear as early as the third quarter and that it will support further demand for accommodation. Thailand’s tourism authority predicted earlier this month that arrivals from China are on course to hit 1 million a month from October, a level last seen before the pandemic. Heinecke said they are having trouble hiring staff for its existing and new hotels as a
