Asia-Pacific

Schloss Bangalore, owner of The Leela hotel chain, has filed for a US$599 million IPO to fund expansion and debt repayment, with Morgan Stanley, BofA Securities, JPMorgan, and Citi managing the issue.

Singapore's hotel market is thriving with high-end travelers and strong occupancy, while Hong Kong is focusing on budget-conscious visitors as its luxury sector struggles to recover.

The 2024 Philippines Accommodation Pipeline Report reveals 158 accommodation projects with 40,084 rooms in development, with Luzon leading, followed by Visayas and Mindanao, which is noted as an underserved market.

EIH Ltd plans to build new hotels in Pune and London, while facing a legal family dispute over the company.

Japan and China are emerging as top destinations for global hotel investments due to strong travel demand, economic optimism, and promising returns.

Krungthai Bank's research unit predicts Thailand's hotel industry to surpass pre-Covid levels this year, driven by strong domestic tourism growth, despite international arrivals still lagging behind 2019 figures.

Strong passenger demand, in-person events, and positive industry momentum are driving business travel growth, with global passenger demand up 9.1%, hotel occupancy nearing 70%, and steady travel demand expected through the next quarter.

Indonesia has imposed a moratorium on hotel and nightclub construction in Bali to curb overdevelopment and protect the island’s culture and environment.

Marriott International opened its 50th property in Malaysia, the Penang Marriott Complex, featuring three hotels, while announcing plans to shift six Samhi Hotels in India to managed operations by October 2024.

The Hotel Management Contract Survey 2024 by JLL and Baker McKenzie found that the average term of hotel management agreements in Asia Pacific increased to 17.4 years, with varying durations by market, declining base fees, rising sales and marketing fees, and a growing focus on performance-based incentive fees and termination provisions.