Accor

Vietnamese travelers are said to be opting for outbound tours due to the significant increase in the price of domestic flights as the holiday season approaches, according to travel agents and tour operators. The South China Morning Post said hotel room rates in Hong Kong are surging ahead of the Labour Day holiday. The number of visitor arrivals to Macau in March rose by 271.4% year over year to 1,956,867, according to the Statistics and Census Service.

Fitch Ratings said China’s domestic travel has seen a significant uptick in the first quarter of this year and is likely to gain momentum in the second quarter. Trip.com said the first round of outbound travel fever in China is coming ahead of the May Labor Day . The construction of Galaxy Entertainment’s Raffles at Galaxy Macau and Andaz Macau , as well as the resort of the phase 3 hotel project for the Cotai casino , is basically complete.

STR said China hotel RevPAR for the week ended April 15, was up 155.1% year over year. Marriott International announced it signed agreements with Vinpearl for an additional seven hotels and resorts in Vietnam , comprising more than 2,500 rooms. The Ascott Limited , a unit of CapitalLand Investment Limited, has achieved its target to secure 160,000 units by 2023 with the  signing of over 4,000 units in 1Q this year .

Bloomberg published an article saying foreign investors are buying up Japanese hotels at a scale unseen in almost a decade , as the nation’s tourism recovery, weak currency and low-interest rates drive an appetite from abroad. As expected, the Japanese government wasted no time in approving the Osaka prefecture Integrated Casino Resort plan once the Governor was reelected and the first poll came out showing a favorable view. Accor is expanding its presence in Japan with the signing of ibis Styles Tokyo Ginza East , centrally situated in the shopping and entertainment district of Ginza.

CBRE released its US Hotels State of the Union March 2023 Edition . Key takeaways include February marked nine consecutive months of easing inflation. Baird said that with industry wide March RevPAR being better than expected, it de-risked 1Q23 earnings a bit, and the trade is likely higher into the earnings prints. Jefferies said they continue to believe Host Hotels is best-positioned among peers to generate growth and expanding cash flows irrespective of macro challenges and has yet to receive valuation credit.

Heading into the upcoming 1Q earnings season, JP Morgan said they expect relative upside in 1Q23 RevPAR results and, for the C-Corps, at least in-line net rooms growth with both operating metrics benefiting from improvements in China. A record number of loyalty program members should help hotel brands lower their customer acquisition costs, increased direct-to-consumer engagement and offset any occupancy shortfalls during an economic downturn. Corporate travel spending is tracking toward full recovery to 2019 levels by 2024 or 2025 , but higher costs and climate concerns will keep trip volumes smaller than pre-pandemic levels in real terms.

Hotels were reported to be full in parts of the Philippines during the Holy Week break. The Commerce Federation of Macau Central and Southern District said Macau received over 300,000 visitors during the four-day Easter holiday period . Fosun Tourism expects a sustained boom in Chinese tourism in the second and third quarters. Fosun is planning expansions in resort projects in China’s tier I and tier II cities.

Macau saw over 93,000 tourists come to the SAR on Saturday over the Easter weekend. Macau tourism officials continue to try to narrow the gap between current visitation and 2019. Macau average hotel occupancy was about 75% in March . Officials are expecting up to 90% occupancy during the upcoming Labor Day holiday. Accor has 56 operating hotels in India . They entered the country almost two decades ago in 2004. Accor’s vision is to have 200 in five years’ time.

Rosewood Hotels & Resorts  announced Rosewood Residences Hillsboro Beach , located two miles from both Boca Raton and Pompano Beach, Florida . The Vinoy Resort and Golf Club, Autograph Collection has completed the initial phase of a comprehensive renovation led by Rockwell Group . Simon Property Group purchased the Hampton Inn & Suites at Phillips Place from Phillips Place Hotel Investors for $42 million.

The Bulgari Hotel Tokyo has opened its doors. The hotel is located on floors 40-45 of Tokyo Midtown Yaesu, a new skyscraper overlooking the Tokyo Station, the Imperial Palace Gardens and the city. The Singapore Tourism Board said the number of visitors arriving in the first quarter of 2023 reached 2.9 million, representing 62% of its 1Q19 visitation figure . STR reported on China hotel data for the week ended April 1. China hotel RevPAR rose 153.9% year over year for the week against easy comps.