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Asia-Pacific
Covid Cases Triple in Macau
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Asia-Pacific
Macau’s October Hotel Occupancy Underwhelms
STR reported China hotel RevPAR for the week ended November 26 was up 2.2% year over year. Macau hotels’ had average occupancy in October of 41.8%, up 4.2 percentage points from September. Accor announced details on some of its newest properties across Australia and New Zealand that will be opening in 2023. -
North America
Lodging Stocks Surge With Broader Market Gains
Let’s go backwards to give you an overview of today’s market. The 10-year treasury yield plunged 0.32 to 3.83%. That is a nearly 8% drop in the yield on a modestly better CPI report. Vacasa reported 3Q results that went over as well with investors as their weak fourth quarter guidance. The LWHA Q3 2022 Major U.S. Hotel Sales Survey includes 119 single asset sale transactions over $10 million which totaled roughly $3.7 billion. -
Asia-Pacific
Lockdowns and Testing in Shanghai, Wuhan and Macau
Shanghai ordered mass testing of all 1.3 million residents amidst another lockdown, Wuhan locked down 900,000 people for at least five days, while in Macau the MGM Cotai casino resort was locked down after a dealer tested positive. The hospitality sector in India is looking at rapidly adding managed hotels to its portfolio. Hong Kong -based Langham Hospitality Group has launched an upper midscale brand called Ying’nFlo . -
Asia-Pacific
Accor’s Optimism in Australia and India
Accor said they are experiencing a sustained recovery in their Western Australia hotel, apartment, and resorts network . Accor also said they are bullish on India , with plans to open mid-level hotels across metros and budget brands in tier-2 and tier-3 cities but also adds to its luxury portfolio with another Raffles property in Jaipur soon. The Park Hotels will run a 65-room hotel at the Digha Convention Centre. An agreement was signed with the Kolkata Metropolitan Development Authority. -
Asia-Pacific
Hyatt Hotels’ Asia Pacific Property Pipeline
Hyatt Hotels Corp announced plans for its continued growth in the Asia Pacific market. They unveiled a robust pipeline of landmark luxury and lifestyle hotels and resorts. CEL Australia has listed The Sebel Hotel Mandurah for sale as Western Australia reopens to the world post-pandemic. Andrew Tan’s flagship property firm Megaworld is opening a new Belmont Hotel within the 30-hectare Mactan Newtown in Lapu-Lapu City, Cebu. -
Asia-Pacific
Cambodia Is Recovering, But Still Struggling
STR reported China hotel RevPAR for the week ended 8/20 was up 89.7% year over year, up against an easy -43.4%. Cambodia’s Ministry of Tourism said that while tourism is recovering, almost 50% of businesses in Cambodia’s main tourism hub of Siem Reap are still closed . In India, mid-sized hotel brands have embarked on aggressive plans and are signing up hotels at a record pace, encouraged by a major turnaround in performance across the country. -
Asia-Pacific
Singapore Eases Rules for Same-Day Visitors
The Singapore government said indoor masks will no longer be mandatory from August 29 on and that masks will only be worn in medical facilities and on public transport. The bigger… -
Asia-Pacific
China Covid Infections Hit 3-Month High
China reported 2,181 new Covid cases on Saturday , with infections surging to a three month high. Real Commercial said Sydney hotel occupancies are beginning to slip but hoteliers are still charging higher room rates. Tuan Sing Holdings is close to announcing plans to redevelop its 550 room Grand Hyatt Hotel in Melbourne’s Collins Street into a major mixed-use development.