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Asia-Pacific
Japan’s Inbound Tourism Surges Thanks to Gulf Countries
China hotel RevPAR increased by 27.9% year over year and by 13.7% when compared to 2019. Japan experienced a resurgence in inbound tourism, with GCC countries leading the way, and June 2023 saw 72% of the visitor numbers compared to June 2019. Several hotels, including W Sydney , W Macao Studio City , and The Grand Copthorne Waterfront Hotel , have announced openings and renovations to cater to the recovering travel demand. Additionally, CapitaLand Ascott Trust signed a Memorandum of Understanding for acquiring lodging assets in the UK, Ireland, and Indonesia. -
Asia-Pacific
Indian Hotels Company Has a New Wellness Brand
China hotel industry shows strong recovery with a 59.8% increase in RevPAR compared to last year. Ascott Ltd. plans to expand its properties in Malaysia and diversify into the hotel business. Raimon Land Plc announces three luxury projects in Phuket and Bangkok, targeting the luxury segment. -
Asia-Pacific
Singapore Has Another 1 Million Visitor Month
The Singapore Tourism Board said 1.13 million tourist arrivals were recorded in April, the second consecutive month of more than a million arrivals. The Vietnam National Administration of Tourism believes they may attract 10 million foreign tourist arrivals this year, surpassing the target of 8 million previously set. Savills Hanoi said the hospitality industry of Vietnam’s capital city of Hanoi is on the mend on the back of surges in both international and domestic tourist arrivals . -
North America
Marriott Boosts Quarterly Dividend by 30%
Soho House reported mostly in-line estimates. Adjusted EBITDA was in line despite revenue being slightly lower than expectations. Morgan Stanley upped their target price on Hyatt to $142 from $139 while maintaining their Overweight rating. Marriott International announced a 30% increase in their quarterly dividend, to $0.52 a share. -
Asia-Pacific
Mandarin Oriental’s New CEO, Radisson’s Deal With La Vie
Mandarin Oriental announced that Laurent Kleitman will be taking over for James Riley as group chief executive from September 1, 2023. Radisson Hotel Group and La Vie Hotels & Resorts announced the signing of a Master Collaboration Agreement to add over 30 hotels to the Group’s portfolio over the next 10 years. ONYX Hospitality Group has signed a business alliance agreement with Walton Asset Management Co., Ltd. to manage Shama Luxe Sukhumvit Bangkok . -
Asia-Pacific
Macau to Get Karl Lagerfeld Hotel, Maldives to Get a Rosewood
Golden Week started off with a bang in the SAR with Hong Kong reporting 165,000 people crossed the border into the city on the first day while more than 110,000 tourists from the Mainland left Hong Kong. In June, SJM will open the 271-room Karl Lagerfeld Hotel on Cotai in Macau . The project was initially unveiled in 2014 but was delayed for various reasons including the pandemic. The Rosewood Ranfaru in the Maldives is expected to open in 2027, stretched across a striking chain of private islands around a pristine lagoon in the South Male Atoll -
Asia-Pacific
Ascott to Double Over Five Years
STR said China hotel RevPAR for the week ended April 15, was up 155.1% year over year. Marriott International announced it signed agreements with Vinpearl for an additional seven hotels and resorts in Vietnam , comprising more than 2,500 rooms. The Ascott Limited , a unit of CapitalLand Investment Limited, has achieved its target to secure 160,000 units by 2023 with the signing of over 4,000 units in 1Q this year . -
Asia-Pacific
Indian Premium Hotels Projected to See 80 Percent Rise in Revenue
A Crisil Market Intelligence report predicted the revenue of premium hotels in India will rise 80% this current fiscal year. The Macao Government Tourism office said the number of mainland visitors to Macau reached 50% of pre-pandemic levels while the rebound of Hong Kong visitors is even stronger. The MGTO also said they completed the approval process for the Raffles at Galaxy Macau hotel tower, part of Cotai’s Galaxy Macau Phase 3 project. -
Asia-Pacific
Chinese Outbound Travel Continues to Expand
Singapore has urged Chinese authorities to restore flight capacity between the two nations to pre-Covid levels as soon as possible in a bid to improve business and tourism ties. South Korea will increase the number of flights into the country from China to 80 from 62 per week by the end of this month. European Union countries have agreed to phase out pre-departure Covid testing for travelers from China by the end of the month. -
Asia-Pacific
Philippines to Start Tax Refunds for Tourists
Singapore hotels’ average room rate was up 27.7% in December 2022 from a year ago to a new 14 year high of S$285.84. Philippines President Ferdinand Marcos has approved a value-added tax refund program for foreign tourists by 2024 to attract more visitors. The first Hilton hotel in Japan’s Hokuriku region has opened. The DoubleTree by Hilton Toyama is located within a three-minute walk of Toyama Station.