ITC Hotels

Asia-Pacific

China Eases Some Zero-Covid Policies

On Thursday, China’s new top leadership body reaffirmed Beijing’s “dynamic zero” Covid-19 policy in their first meeting since the Communist Party’s Congress last month. Chinese hotel operator Atour raised $52 million in an initial public offering in the United States. Indian Hotels Company said they plan to emerge as the most iconic and most profitable company in South Asia by 2025 and that plan is on track.
Asia-Pacific

China RevPAR Last Week Down YoY

Hotel RevPAR in China was down -35.5% year over year while down -52.5% when up against the same week in 2019. Hyatt Hotels announced the opening of Hyatt Centric Kota Kinabalu , marking the debut of the lifestyle brand in Malaysia and Southeast Asia. Absolute Hotel Services Group announced the first Absolute Collection property in Vietnam with the signing of Lamia Bao Loc Resort.
Asia-Pacific

Survey Points to Fourth Quarter APAC Investment Recovery

JLL’s Hotels & Hospitality Group’s  latest  Hotel Investor Sentiment Survey suggests hotel investment in  Asia Pacific  will continue to recover in the fourth quarter of 2022 and into 2023 with more investors looking to deploy the highest levels of capital since the pandemic started. Fortune Park Hotels , a unit of ITC Ltd ., said they are growing upwards of 20% in revenues over 2019-2020 numbers. Accor announced further expansion in India with the signing of Mercure Chandigarh Tribune Chowk , scheduled to open late 2023 and Novotel Mohali Airport Road, scheduled to open in 2026.
Asia-Pacific

Trip.com Says China Summer Bookings 20% Higher Than 2019

STR reported China hotel RevPAR the week ended September 17   fell -11.5% year over year. When compared with the same week in 2019, China hotel RevPAR was down -40.1% Despite STR reporting week after week for the past several months that China hotel RevPAR has plunged again, Trip.com said hotel reservations in China surpassed pre-pandemic levels since late June . Hyatt Hotels Corporation announced the opening of Hyatt Place Bharuch . This is the second Hyatt Place hotel in Gujarat and the sixth Hyatt Place hotel in in India.
Asia-Pacific

Foreign Tourists Buoy Thailand

A rebound in foreign tourist arrivals into Thailand  is pushing up the nation’s hotel occupancy rate from a record low during the pandemic. Hotel industry experts are predicting an influx of international tourists in the Philippines in the final quarter of 2022, particularly in Manila, Cebu and Clark. ITC Hotels in India could soon be spun out of conglomerate ITC. The chairman of the parent company told reporters they are exploring alternate structures for ITC Hotels, in line with industry recovery dynamics.
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.