The Indian Hotels Company Ltd

India is poised to lead Asia Pacific's hotel market in 2024, with record-breaking hotel investments and signings, particularly in Tier-2 cities.

The Indian hospitality industry is experiencing strong investment growth in greenfield hotel developments, particularly in tier 2 and 3 cities, with investments rebounding to pre-Covid levels and expected to surge further in 2024.

The 2024 Philippines Accommodation Pipeline Report reveals 158 accommodation projects with 40,084 rooms in development, with Luzon leading, followed by Visayas and Mindanao, which is noted as an underserved market.

Strong passenger demand, in-person events, and positive industry momentum are driving business travel growth, with global passenger demand up 9.1%, hotel occupancy nearing 70%, and steady travel demand expected through the next quarter.

Indonesia has imposed a moratorium on hotel and nightclub construction in Bali to curb overdevelopment and protect the island’s culture and environment.

Wyndham Hotels & Resorts will open their first luxury hotel in India next year in Udaipur, while expanding their presence in the country with more hotel openings and strategic alliances.

The Philippines aims for 7.7 million tourists in 2024 despite challenges, with South Korea as the top source market and a significant increase in visitor receipts this year.

The Indian hotel industry saw a 4.8% RevPAR growth in 2Q24, with Hyderabad leading the gains, while Mumbai hotels topped in occupancy, ADR, and RevPAR, despite a dip in overall occupancy due to summer vacations and reduced corporate travel.

India, Vietnam, Indonesia, Thailand, and Japan lead this quarter’s hotel construction pipeline in the APEC region. China doesn’t make an appearance.

Thai hotels are seeking compensation from the German Embassy and the Tourism and Sports Ministry for losses due to the collapse of German tour company FTI Group.