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Asia-Pacific
Jakarta Tourism Rebounds to 2018 Levels
Chinese travelers’ spending on travel and tourism within China surged by 95.9% year over year in the first half of the year, with urban residents leading the increase. Jakarta’s hotel industry experienced its highest average daily rate and RevPAR levels since October 2018, with June 2023 occupancy reaching 66.7%. Bali will implement a US$10 tax per foreign holidaymaker starting in 2024, aiming to fund environmental initiatives, cultural preservation, and infrastructure development. -
North America
Choice Hotels Forecasts Higher-Than-Expected Earnings
Stock market indices showed positive movement, with the DJIA rising 317 points and the Nasdaq up 75 points, while lodging stocks mostly saw gains. IHG Hotels & Resorts clarified that it did not experience a demand reversal for leisure bookings, refuting an earlier misleading report. Choice Hotels issued a business update reaffirming full-year guidance, highlighting a drop in share repurchases and a higher-than-expected 2024 EBITDA projection, possibly indicating upcoming announcements or unique circumstances in the industry. -
Asia-Pacific
IHG Hotels Expands in Bhutan and Bangkok
Cambodia ‘s international airports experienced a significant increase in passengers, with a 270% year-on-year growth in the first half of 2023. IHG Hotels & Resorts signed agreements for new hotels in Bhutan and Thailand , expanding its presence in these countries. Radisson Hotel Group achieved strategic growth in the APAC region, adding over 60 hotels to its portfolio, including milestone openings and signings. -
North America
Choice Merger With Radisson Americas Is on Track
Choice Hotels to integrate nearly 600 Radisson Americas hotels onto its reservation delivery engine and loyalty program. Dauntless Capital Partners purchases Hilton Garden Inn Bethesda Downtown for immediate renovation. Excel Hotel Group plans to build a 130-room SpringHill Suites Hotel in Grover Beach, California. -
Asia-Pacific
Vietnam Hotels Struggle Amid Recession and Tourism Slump
Vietnam hotels face challenges: Recession and sluggish tourism lead to hotel sales and closures. High demand in Fiji tourism: Shortage of 4,000 hotel rooms, increased spending. New hotel developments in Asia: 25hour hotel in Jakarta , Lanson Place in the Philippines , Hilton Garden Inn in Islamabad . -
North America
What Do Guests Want? Connected Rooms
Stock market summary: DJIA up 429 points, Nasdaq up 156, S&P 500 up 53. Increased demand for connecting rooms and suites in hotels due to multigenerational family and group travel. Acquisitions and expansions: Fairmont Hot Springs Resort acquired for $40 million, Rimrock Resort Hotel acquired for $170 million with renovations planned, and Bluegreen Vacations expanding accommodations across various properties. -
North America
More San Francisco Hotels Face Loan Pressures
Stock Market: DJIA, Nasdaq, and S&P 500 showed gains, while lodging stocks had mixed performance. San Francisco Hotels: Park Hotels plans to surrender ownership, raising concerns about more foreclosures. Multiple hotels face loan due dates in the next two years. Hotel Updates: Various hotels undergo management changes, renovations, and new openings in different locations, including California, Illinois, Texas, and Canada. -
Asia-Pacific
Radisson to Open 5 Hotels in Bangkok
Radisson Hotel Group will open the Radisson Hotel Ploenchit Bangkok in Q2 2024, aiming to double its footprint in Thailand by mid-2024. The Laguna, a Luxury Collection Resort & Spa, Nusa Dua, Bali , will open in July 2023 after a year of renovations, including the addition of new facilities and restaurants. Legoland Shenzhen Resort , the largest Legoland Resort in the world, is set to open in 2024, featuring theme parks, water parks, and three themed hotels. -
Asia-Pacific
Oyo Valued at $6.5 Billion in Share Sale
H World Group sells one-fifth of its OYO stake, generating 500% return on investment. Dalian Wanda Group seeks to offload assets amid financial challenges, including selling a Shanghai hotel and shopping malls. IHG Hotels opens new Holiday Inn property in Melbourne, featuring modern amenities and conference facilities. -
North America
Hyatt to Expand in Upper-Midscale Through Luxury
Hyatt Hotels held an Investor Day today. They are forecasting $650 to $850 million of free cash flow by 2025 and will be 80% asset-light for their earnings mix. Effective Thursday, the Board of Directors of Louvre Hotel Group has appointed Federico J. Gonzalez as Group CEO. Hilton announced the signing of a management agreement for the first all-inclusive Curio Collection by Hilton property in the Dominican Republic , the new build Zemi Miches All-Inclusive Resort, Curio Collection by Hilton.