Far East Organization

The Singapore Tourism Board said 1.13 million tourist arrivals were recorded in April, the second consecutive month of more than a million arrivals. The Vietnam National Administration of Tourism believes they may attract 10 million foreign tourist arrivals this year, surpassing the target of 8 million previously set. Savills Hanoi said the hospitality industry of Vietnam’s capital city of Hanoi is on the mend on the back of surges in both international and domestic tourist arrivals .

STR  reported China hotel RevPAR was up 99% year over year for the week ended May 13 . According to Lodging Econometrics’ latest China Construction Pipeline Trend Report , China’s total hotel construction pipeline stand sat at 3,659 projects/680,959 rooms at the end of Q1 2023. Macau visitor arrivals rose 16.2% in April from March, up 275% year over year, to 2,274,050.

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 revised the Maldives’ outlook to Negative from Stable while affirming its Long Term Currency Issuer Default Rating at B-. Hilton announced plans to expand the presence of Conrad Hotels & Resorts through Conrad Singapore Orchard . Singapore’s Far East Organization is planning to develop a new hotel in Sydney’s Rocks district , with a proposal to redevelop the Clocktower Square with a luxury new property.