Asia-Pacific

A recent implementation of unilateral visa exemptions for 13 European countries was credited for the strong growth in arrivals from the UK, France, Germany, and Russia in January.

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.

The Singapore Tourism Board said tourism receipts in 2023 surpassed their forecast. This was driven by key markets such as Indonesia, China and Malaysia, the top three contributors in 2023 with 2.3 million, 1.4 million and 1.1 million visitors respectively.

India has now slipped to the fifth position for tourist arrivals into Maldives in January, with just over 13,000 visitors. This is per the latest data from the Maldives tourism industry and is quite different than the commentary last week from the Maldives.

Taiwan’s travel industry expects inbound tourism to recover, with five new luxury hotels opening this first half of 2024.

In 2023, the Taj brand strengthened its presence in key metro and commercial cities, including Delhi, Cochin, Dhaka, and Bhutan. Vivanta and SeleQtions collectively added 17 hotels while Ginger signed agreements for six new hotels.

Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia, is in discussions to lead a $400 million funding round for OYO Hotels & Homes Pvt.

Savills Vietnam predicts a substantial increase in hotel real estate supply in Vietnam, focusing on Hanoi and Ho Chi Minh City, due to new projects from 2024 to 2026.

Minor International said they expect foreign tourist arrivals to Thailand to exceed 34 million, ahead of the government’s forecast.

China’s outbound travel bookings for the upcoming Chinese New Year holidays have surged more than 10 times compared to the previous year.