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Asia-Pacific
Cambodia to Revive Coastal Tourism Projects
A white paper on the Corporate Travel Management Market said some 84.5% of companies in China are expecting an increase in domestic travel business budgets for 2023 . Cambodia is making plans to finish developing large tourist areas along its coast on the Gulf of Thailand. Dusit Hotels and Resorts is set to expand its global and domestic footprints by opening three hotels in the next 30 days, including two new properties in Bangkok. -
Asia-Pacific
India’s Hotel Demand Is Outpacing Supply
An HVS Anarock report on the Indian hotel market shows the number of hotel rooms in tier-II and tier-III cities increased to 38% of the total inventory at the end of 2022 from 33% four years ago. Hyatt Hotels and Sun Hung Kai Properties announced the opening of Andaz Nanjing Hexi in Greater China . RCI , part of Travel + Leisure Co , announced its new affiliation with two luxurious resorts in Vietnam: APEC Mandala Phu Yen and APEC Mandala Retreat Kim Boi . -
North America
Hotel Brands See Guest Satisfaction Boost
Upper upscale hotels, the property types most associated with business travel, are well represented in the U.S. development pipeline . According to the American Customer Satisfaction Index Travel Study 2022-2023, satisfaction across all four industries measured, airlines, hotels, car rentals, and online travel agencies, is up . STR reported US lodging data for the week ended 4/15. US hotel RevPAR was up 8.6% year over year. -
Asia-Pacific
Foreigners Buying Japanese Hotels at a Higher-Than-Usual Rate
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. -
North America
Rosewood to Bring Its Branded Residences to Florida
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. -
North America
Kimpton Adds Resorts, Goldman Sachs Buys Resorts
Kimpton’s first-ever resort in the Western Caribbean is officially opening this summer, with the debut of the new Kimpton Grand Roatan in the Bay Islands of Honduras . According to The Wall Street Journal, Goldman Sachs is investing between 150 million and 200 million euros in three seaside resorts in the northern region of Halkidiki . Key International completed the purchase of The Perry Hotel on the waterfront in Key West, FL as part of an ambitious expansion of its $2 billion portfolio. -
Asia-Pacific
Chinese Outbound Travel Continues to Expand
Singapore has urged Chinese authorities to restore flight capacity between the two nations to pre-Covid levels as soon as possible in a bid to improve business and tourism ties. South Korea will increase the number of flights into the country from China to 80 from 62 per week by the end of this month. European Union countries have agreed to phase out pre-departure Covid testing for travelers from China by the end of the month. -
North America
CBRE Raises Forecast for Hotel Performance in 2023
Earnings rolled out at a rapid pace with Hyatt, Wyndham, Host and Hersha reporting results. Hyatt reported above expectations and sounded very confident on the conference call. The lodging stock star of the day was definitely Service Properties Trust . SVC owns nearly 8% of Travel Centers of America and RMR has 1.67%. Travel Center agreed to be bought by BP for $1.3 billion. CBRE is raising its forecast for hotel performance on the heels of industry gains in Q4 2022 and the expectation of slightly positive GDP growth in 2023. -
Asia-Pacific
China’s Average ADR Surpassed 2019 Levels During Lunar New Year
STR said during the seven-day Lunar New Year holiday period, China’s hotel average daily rate surpassed 2019 levels . In the recently released China Construction Pipeline Trend Report from Lodging Econometrics , analysts report the country’s total hotel construction pipeline, at the close of the fourth quarter, stands at 3,581 projects/675,074 rooms. Morgan Stanley said Macau’s hotel occupancy and daily room rates are showing unprecedented strength in the post-Chinese New Year period with at least two hotels fully booked through February and many others close to capacity. -
North America
Phoenix Hotels Project Second-Highest Revenue for a Super Bowl Weekend
According to STR , Phoenix’s hotel RevPAR is forecasted to reach $419 for February 10-12, which would be the second-highest level for a Super Bowl weekend . On Friday lodging stocks were lower. SOND was the biggest mover, down -8% while ABNB was down -5% on the day. White Lodging announced the renaming of its new Autograph Collection hotel in San Antonio, Texas , formerly known as The Otis Hotel .