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Asia-Pacific
India Hotels Projected to See 23% Growth Over Pre-Pandemic Levels
STR reported China hotel RevPAR for the week ended 11/19. RevPAR was up 9.8% year over year in China while down -37.6% versus the same week in 2019. CapitaLand’s Ascott Limited unveiled its refreshed Somerset brand. This is the second largest brand in Ascott’s Global Portfolio. Crisil Ratings said the Indian hotel industry is likely to witness 23% growth in revenue this fiscal over the pre-pandemic level, driven by a strong recovery in business travel and continued traction in leisure travel. -
Asia-Pacific
China Continues Outbound Tour Suspensions
STR reported China hotel RevPAR for the week ended 11/12 was up 17.5% year over year. China’s Ministry of Culture and Tourism announced it would continue to suspend outbound tours by mainland travel agencies. In the recent China Construction Pipeline Trend Report from Lodging Econometrics , LE analysts report that China’s total hotel construction pipeline, at the close of Q3 2022, stands at 3,604 projects/684,288 rooms. -
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 to Add Five-Star Property in Sydney
Accor said they signed an agreement with Panthers Group for a new five-star Pullman hotel at the Penrith Panthers precinct in Western Sydney . InterContinental Khao Yai is a new resort in Thailand , located in Nakhon Ratchasima province in Khao Yai National Park . IHG , in cooperation with Bao Quan Investment & Construction Joint Stock Company , will open its first Crowne Plaza hotel in Vinh Yen City in the northern province of Vinh Phuc this November. -
Asia-Pacific
Hong Kong Hotels Slash Rates
The South China Morning Post painted a picture in Hong Kong of hotels slashing rates to fill rooms now that quarantine stays are gone. Accor announced the signing of a management agreement for a new dual-branded hotel in Thailand’s capital. A new $35 million hotel on Kaikoura’s waterfront has launched. The four-story, 120-room hotel in the New Zealand town has a restaurant and art gallery open to the public, located on the town’s esplanade. -
Asia-Pacific
Maldives’ Outlook Downgraded Despite Tourism Recovery
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. -
Asia-Pacific
Europe Will Supersede APAC as Leading Travel Region
A new report from international travel industry analysts, the Centre for Aviation , predicts the Asia Pacific region will no longer be the world’s largest travel region by the end of 2022. Hyatt Hotels announced the opening of the Fuji Speedway Hotel in Shizuoka, Japan , the first property within The Unbound Collection by Hyatt brand in Japan. Business Line reported Accor plans to divest its stake in Indian ventures , opting to go asset-light through management contract deals. -
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
China RevPAR Up YOY
STR reported China hotel RevPAR for the week ended September 3 rd . Year over year, hotel RevPAR was up 19.3%, still up against easier year-over-year comps. The DuGhassan Aboud Group has acquired Sydney, Australia’s Rydges Sydney Harbour Hotel for approximately $100 million. Radisson Hotel Group announced the continued expansion of their brand footprint with Radisson Resort & Suites Phuket . -
North America
Short-Term Rental Demand Is Up
The DJIA ended the day down 280 points while Nasdaq was down 67, the S&P 500 fell 31 points and the 10 year treasury yield was up .02 to 3.13%. Lodging stocks were lower. MCG fell -8% today and hit a new all time low. SOND was up 5%. STR said U.S. hotel RevPAR for the week ending August 27 th was up 18.2%. RevPAR versus the same week in 2019 was up 12.1%. Speaking during a session at the Hotel Data Conference , AirDNA Director of Product Max Bernstein said as of June 2022, demand for short-term rentals is up 21% indexed to 2019