Resorts World Sentosa

Minor International plans to reduce $7 billion in liabilities by launching a real estate investment trust, while expanding its global hospitality portfolio, including new ventures in Japan and Singapore.

Hyatt Hotels plans to expand its Asia-Pacific portfolio by 67% with over 200 new hotels to meet rising demand from young, affluent travelers.

Fosun International was reported by Reuters to be exploring the sale of a minority stake in Club Med, targeting a valuation of US$800 million for the whole business. Reuters said Fosun has been in discussions informally with potential buyers and advisors about the sale but no firm bid has emerged.

Wyndham Grand debuts in Kuala Lumpur and Hilton's Curio Collection enters India, while Hotel Indigo Sydney Potts Point launches after a significant refurbishment. Hyatt and IHCL plan extensive expansions in India, while Genting invests in Sentosa. The Westin Tokyo undergoes a major makeover, and Candeo Hotels integrates a historic temple in Osaka.

Phuket's hotel market saw strong growth in the first half of 2023, driven by increased flight volumes, with Russia and China as top tourism markets, and higher room rates post-pandemic. Accor anticipates a surge in hotel conversions due to stricter lending rules, leading to more independent Thai hotel owners seeking franchising, rebranding, or conversion opportunities. Macau plans to invest in attracting foreign tourists but faces challenges due to airport expansion. Wyndham opens its first Wyndham Grand hotel in South Korea, and S Hotels and Resorts launches SO/Maldives in the CROSSROADS Maldives.

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.

Stock market decline: DJIA and Nasdaq both down, S&P 500 fell, causing investor anxiety due to rising interest rates. Hotel acquisitions and auctions: Apple Hospitality acquires Courtyard by Marriott in Cleveland, Sheraton Bucks County Langhorne hotel up for auction, Holiday Inn in Charleston to become Live Oak in Marriott's Tribute Portfolio. Hotel developments: Hampton Inn & Suites in Manistee near completion, Resorts World Las Vegas opens private members' club, Virgin Hotel in Dallas changes ownership, Kona Village in Hawaii opens as a Rosewood Resort.

The global hotel industry is seeing increased activity with notable transactions in Vietnam, Macau, Japan, Sri Lanka, the Philippines, Thailand, and India. Key deals include Marriott International's operation of seven hotels from Vinpearl in Vietnam, Accor's new Novotel in Nara, Japan, and DoubleDragon's launch of the largest hotel in Bonifacio Global City in the Philippines. Several hotel brands are expanding their footprints, with Wyndham Hotels & Resorts signing two agreements with Fulcrum Ventures Asia and Marriott International's Fairfield brand entering Agra, India.

Bloomberg said Fosun is also considering strategic options for French luxury resort chain Club Med SAS and could seek a value of about $1.5 billion for the business. Shanghai Disney Resort remains closed, two weeks after Covid-19 cases caused operations to cease. Marriott International announced plans to expand its select service portfolio in Greater China with the expected addition of 30 hotels in the segment by the end of 2023.

STR reported Sydney, Australia hotel occupancy dipped in July from June. Occupancy in July 2022 was 65.8% while ADR was A$239.96 resulting in RevPAR of A$157.80. The Business Times reported business has picked up so much in Singapore that hotels are frantically looking for employees as staffing levels have yet to match the tourism pickup. Choice Hotels Asia Pacific said corporate travel has returned to a new normal with guests seeking value for money as work trips merge into leisure.