Savills

Virgin Hotels has sold its 250-room hotel in Chicago to a firm specializing in converting properties into timeshare investments. Plus more hotel deals and development news.

North Korea tourism is a topic again. China hotel RevPAR down 7.7% YoY. Thailand faces more tourist cancellations. Macau hotel sold. And more hotel news.

Kyoto plans to introduce Japan's highest accommodation tax—up to 10,000 yen per night—by 2026 to curb overtourism and potentially double its annual revenue.

In November 2024, Canada’s hotel industry experienced a significant boost, driven by Taylor Swift’s Eras Tour and a favorable calendar shift, with notable occupancy and rate increases in Toronto and Vancouver.

U.S. hotels and travel companies are focusing on a surge in Indian tourists to offset declining domestic leisure spending and reduced demand from East Asia and Europe.

The Philippines' Department of Tourism plans to add over 120,000 hotel rooms by 2028 to meet rising tourism demand, aiming for 456,000 rooms to accommodate projected arrivals of 11.5 million tourists.

CoStar's STR reports uneven growth across Asia-Pacific markets in 2024, with Japan and Vietnam showing the strongest potential for continued growth.

The Pacific Asia Travel Association (PATA) laid out tourism recovery scenarios for the Asia Pacific, predicting a slow recovery with 2024 arrivals still 31% below 2019 levels, and a range of outcomes for Thailand by 2026.

Wyndham Hotels & Resorts will open their first luxury hotel in India next year in Udaipur, while expanding their presence in the country with more hotel openings and strategic alliances.

Vietnam's hotel industry is struggling due to slow tourism recovery, oversupply, and poor planning, despite near pre-pandemic room rates and increased interest in lifestyle and focused service hotels.