Radisson Blu

Asia-Pacific

Vietnam Has an Oversupply of Hotels

China hotel RevPAR showed significant year-over-year growth of 50.4% for the week ending July 1, 2023, compared to a decline in 2019 and 7.6% decline in the same period. Vietnam’s international visitor numbers reached 70% of their 2023 projection but remained below expectations due to fierce competition and an economic recession. Domestic tourism in Vietnam is also experiencing a decline. Worldwide Hotels Group made significant acquisitions in Melbourne and Singapore , representing the largest hotel transaction in Melbourne in over six years and the largest single-asset Singapore hotel transaction in Asia Pacific in 2023.
Asia-Pacific

Thai Hotel Rates Plunge

Thai hotel occupancy rates drop below 50% as government campaign termination impacts domestic and international markets. IHG Hotels & Resorts opens voco Ma Belle Danang in Vietnam . OYO plans to add 300 hill station hotels to its portfolio by August 2023 and aims for 1,800 new hotels overall.
Asia-Pacific

China’s YoY RevPAR Growth Nearly Doubles

STR  reported China hotel RevPAR was up 99% year over year for the week ended May 13 . According to Lodging Econometrics’ latest China Construction Pipeline Trend Report , China’s total hotel construction pipeline stand sat at 3,659 projects/680,959 rooms at the end of Q1 2023. Macau visitor arrivals rose 16.2% in April from March, up 275% year over year, to 2,274,050.
Asia-Pacific

Radisson Signs Deal to Expand in the Philippines

Radisson Hotel Group announced the latest phase of their expansion strategy in the Philippines with the signing of a deal with SM Hotels & Conventions Corp. Las Vegas Sands’ Marina Bay Sands in Singapore has completed the renovations on over 850 hotels rooms. Millennium Hotels announced the launch of M Social in Suzhou , the maiden property for the brand in China.
Asia-Pacific

India’s Hotel Demand Is Outpacing Supply

An HVS Anarock report on the Indian hotel market shows the number of hotel rooms in tier-II and tier-III cities increased to 38% of the total inventory at the end of 2022 from 33% four years ago. Hyatt Hotels and Sun Hung Kai Properties announced the opening of Andaz Nanjing Hexi in Greater China . RCI , part of Travel + Leisure Co , announced its new affiliation with two luxurious resorts in Vietnam: APEC Mandala Phu Yen and APEC Mandala Retreat Kim Boi .
Asia-Pacific

China Outbound Travel to Spike in Early May

Fitch Ratings said China’s domestic travel has seen a significant uptick in the first quarter of this year and is likely to gain momentum in the second quarter. Trip.com said the first round of outbound travel fever in China is coming ahead of the May Labor Day . The construction of Galaxy Entertainment’s Raffles at Galaxy Macau and Andaz Macau , as well as the resort of the phase 3 hotel project for the Cotai casino , is basically complete.
North America

Hilton’s Plans to Double Its Portfolio in Puerto Rico

Hilton announces plans to double its hotel portfolio in Puerto Rico by 2027, with the addition of seven new properties. The expansion will create around 2,100 new jobs and contribute to the island’s economic recovery following the devastation caused by Hurricane Maria in 2017. Hilton’s investment in Puerto Rico’s tourism industry is a sign of the company’s confidence in the island’s potential as a destination for both leisure and business travelers.
Asia-Pacific

China’s Not Yet Having a V-Shaped Travel Recovery

Reuters published an article on how the hoped for, fast out of the gate, revenge travel by the Chinese following the demise of Zero-Covid has not occurred. Instead of a stampede, it has been more like a fast walk . South Korea and Australia were left off the next list of 40 countries to which China will resume outbound group tours as of tomorrow . Macau authorities are easing measures for entry to mainland China for visitors coming from Hong Kong , aimed at further improving circulation between the SARs and the mainland
North America

The Earnings Parade Continues

The earnings parade continues with REITs dominating the past 24 hours. PebbleBrook Hotel Trust reported 4Q results that matched their pre-announcement but gave 1Q guidance that was softer than expected. Sunstone Hotel Investors results came in slightly ahead for 4Q with an extra $10 million insurance gain also put in there. Park Hotels reported strong results even with San Francisco continued weakness. PK said group revenue is back to 83% of pre-pandemic levels.