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Asia-Pacific
Chinese Hotels Report Surge in Revenue Per Available Room
Chinese hotels experience 20% increase in revenue per available room compared to pre-pandemic levels Domestic tourism boom and successful virus containment measures contribute to the rise in hotel occupancy and revenue High-end and luxury hotels see the most significant growth in revenue per available room, with some reporting up to a 50% increase -
Asia-Pacific
Phuket Gets Boost From Russian Travelers
Malaysia reopened its borders nearly a year ago and finally its hotel industry is getting back to pre-pandemic occupancy levels. The resort island of Phuket in Thailand has seen a surge of Russian travelers in the high season. That adds to a jump in regional visitation from India , Malaysia and Singapore . Reuters published an article on how the belief that airline stocks and online travel agencies would be the best Chinese travel reopening play was wrong. -
Asia-Pacific
China Reopens to Tourists But Hurdles Remain
Oxford Economics said tourist arrivals into the Asia Pacific region are tipped to reach around 50% of pre-Covid levels in 2023. China will resume issuing visas to foreign tourists for the first time since the pandemic broke out more than three years ago. Wyndham Hotels & Resorts has recently unveiled two new hotels in Australasia with the latest being TRYP by Wyndham Pulteney Street Adelaide . -
Asia-Pacific
Debut of Aman’s Sister Brand Janu
Savills Vietnam issued a report saying despite improvements in 2022, occupancy and room rates in Ho Chi Minh City have yet to recover to pre-pandemic levels . Thai hotel operators are ramping up plans to expand investment at home and abroad according to Nikkei. The huge fire in Hong Kong Thursday night into Friday which received so much attention was the 48 story luxury Kimpton Hong Kong hotel that is under construction in Tsim Sha Tsui . -
Asia-Pacific
Vietnam Forecasts a Tourism Rebound
STR said hotel RevPAR in China was up 58% year over year for the week ended February 25. The number of foreign tourists arriving in Vietnam in February reached 933,000, up 7.1% versus January. Hilton announced it will bring its Doubletree brand to The Orange City for the first time with DoubleTree by Hilton Nagpur . -
Asia-Pacific
IHG’s Ambitious Plans for Greater China
IHG Hotels & Resorts said the are pursuing an ambitious expansion plan in Greater China that explores popular and emerging destinations. Hilton’s upscale focused service brand, Hilton Garden Inn , announced the opening of its fiftieth property in Greater China. Brisbane’s $3.6 billion Queen’s Wharf Brisbane resort and casino will officially open before Christmas. -
Asia-Pacific
IHG Is Growing in Greater China
STR reported China hotel RevPAR data for the week ended February 4th. China hotel RevPAR was up 35.6% year over year, despite a tough comp on Chinese New Year timing. InterContinental Hotels Group announced the recent signings of Crowne Plaza Shanghai Snow World and Shanghai Snow World Hotel, Vignette Collection . This is the first Vignette Collection hotel in Greater China. Macau’s Court of First Instance has officially declared the failed luxury hotel, THE 13 , as bankrupt. -
North America
Four Seasons Opening Private Retreats Collection in Los Cabos
Morgan Stanley changed price targets on its covered hotel companies . Hilton’s PT was lowered to $167 from $171, while Wyndham’s PT was upped to $90 from $87. Chatham Lodging Trust announced they repaid in full three mortgages with outstanding principal of $73.3 million and a weighted average interest rate of 8%. Four Seasons Resort and Residences Los Cabos at Costa Palmas will begin taking reservations for its ultra-luxury Private Retreats collection soon. -
North America
Hotel Asset Sales Pick Up
Jefferies said the looming recession and stabilizing credit market could be positive for the prospects of timeshare, but with a harder landing not off the table, they see stocks trading at rich valuations. Truist said with earnings season about to kick into gear for the lodging sector, they continue to see macro over micro. Park Hotels and Resorts Inc. closed on the sale of the 508-room Hilton Miami Airport , located in Miami, Florida , for $118.25 million. -
North America
Vegas Strip Operators Accused of Price Colluding
Lodging stocks were modestly higher. The biggest movers included ABNB and SOHO both rising 5% while SONDwas down -6% on the day. Hotel Asset Value Enhancement gave their findings of the ALIS conference.Attendees believe the frustrating transaction market will change in the second half of this year and that there will be more transactions than foreclosures this year. A class-action lawsuit filed Wednesday alleges that four of the main Las Vegas Strip resort operators colluded, via data-sharing software, to artificially inflate the prices of their hotel rooms.