Novotel

Sentosa Island in Singapore is on track to recover its pre-pandemic visitor numbers within one to two years, with new projects like Raffles Sentosa Resort & Spa and Sentosa Sensoryscape expected to boost visitation. Macau SAR experienced a -28.6% decline in visitor arrivals in September, but it anticipates a potential increase in October, aiming to reach 24 million visitors by the end of the year. Accor has become the world's largest player in extended-stay hotels outside of the United States, offering various brands such as Novotel Living and Adagio, with plans to open new properties in different locations.

CBRE U.S. Hotels State of the Union (October 2023) shows August RevPAR declined by -0.7%, with a -1.7% occupancy drop. Total revenue growth outpaced RevPAR growth in July by 2.5%. U.S. loan origination decreased, and hotel job openings continue to decline. Hotel rates are expected to rise globally in 2024, with potential increases of up to 17.5% in some cities, according to American Express Global Business Travel's Hotel Monitor 2024. The Baird/STR Hotel Stock Index was down -2% in September. Year-to-date, the Hotel Brand sub-index increased by 23%, while the Hotel REIT sub-index decreased by -1.5%.

Macau's Golden Week holiday saw a surge in visitors, with over 932,000 arrivals and high hotel occupancy rates, mainly driven by mainland Chinese tourists. Indonesia plans a significant expansion in its tourism sector, aiming to attract up to $8 billion in investments for specific destinations. Several new hotel properties by Accor and Hilton are announced in countries including Australia, Vietnam, Sri Lanka, and Malaysia.

The GBTA Business Travel Outlook shows Asia Pacific is forecast for significant growth, with travel spending gaining 41% to US$567 billion this year. Trip.com said outbound travel order for the upcoming Golden Week increased nearly 20 times, and domestic travel increased more than four times over the Golden Week period last year. Accor announced their Novotel brand’s fiftieth hotel opening in Greater China with its newest destination, Novotel Xi’an Aden.

Singapore Formula 1 Grand Prix expects lower attendance in 2023 but higher receipts compared to pre-Covid levels, with foreign attendees driving up hotel room rates. Rosewood Hotels & Resorts is expanding into New Zealand, adding three properties to its portfolio in the Oceania region. Mana Hotels expands beyond Rajasthan with a new homestay in Rishikesh, while IHG Hotels & Resorts plans to add more hotels to its Indian portfolio, with a focus on Holiday Inn and Holiday Inn Express brands.

Both Thailand and South Korea are implementing strategies to entice Chinese tourists, including visa exemptions, tax refunds, and rewards. Thailand's response comes after a drop in Chinese tourist arrivals, while South Korea offers incentives like visa fee waivers and cultural experiences. The Philippines establishes a Korea Visa Application Center to handle increased visa requests between the two nations. Travel between Korea and the Philippines has surged, showing potential to surpass pre-pandemic levels. Avani Hotel construction begins in Australia, Accor expands its properties with Novotel Living in Vietnam, and Marriott introduces new properties in Bali and Thailand. Deepak Ohri departs from lebua Hotels and Resorts, while Vaibhav Verma becomes Chief Revenue Officer at juSTa Hotels & Resorts. Ms. Thapanee Kiatphaiboon assumes leadership at Thailand's Tourism Authority.

China hotel RevPAR increased by 50.4% YoY, outperforming a 48.2% comparison and growing 19% compared to 2019, driven by strong recovery. Thai hotels, especially those with three stars or less, faced severe impact from interest rate hikes, uncertain tourism outlook, and competition, prompting calls for regulatory changes. New luxury hotels are opening in historic Japanese and Vietnamese destinations, while major hotel chains like Accor and Melia are expanding their portfolios in Singapore and Vietnam. Additionally, Meriton Suites is expanding luxury offerings across Australia.

In Q2 2023, the Asia Pacific hotel construction pipeline reached a record high of 1,936 projects with 401,766 rooms. Luxury, upper upscale, and upscale projects dominated the pipeline. Countries with the largest pipelines are India, Vietnam, Thailand, Indonesia, and Japan. Macau has surpassed Hong Kong as the preferred travel destination for mainland Chinese travelers in 2023, receiving nearly twice as many visitors. Around 50.9% of outbound Chinese travelers chose Macau, while Hong Kong received about 26.7%. Mainland Chinese tourists prefer destinations in East Asia and Southeast Asia. Accor is expanding its hotel offerings. They are introducing the Handwritten Collection in Thailand with the Andaman Beach Hotel Phuket, opening a Mercure hotel in Lucknow, India, and launching Lords Inn hotels in Jamnagar, Gujarat, and Kanki, West Bengal. Accor has also partnered with Reliance Industries and Renest Hotels & Resorts for new properties.

China has a hotel construction pipeline of 3,666 projects with 678,965 rooms. Mid-level upscale and upper midscale projects are active. Hilton, IHG, and Marriott lead the franchise companies. Vietnam's luxury hotel supply grew 6.2% in H1 2023, with 235 five-star and 354 four-star hotels. The country served 4.3 million overnight visitors. Accor plans 10+ new hotels in India and supports unbranded hotels with the Cozzet Collection.

China 's hotel RevPAR rose by 22% YoY as of the week ending August 5th, and by 6.7% compared to the same week in 2019. China lifted its ban on group tours to over 70 locations, including countries in Asia Pacific, Europe , Africa , and North America . Notably, group tours to South Korea are resuming for the first time in six years. Indonesia's ONE°15 Marina Nirup Island opened, with phase two set to include a Westin Hotels & Resorts property by Q4 2024.