Australia

Leechiu Property Consultants reported 158 new hotel projects across the Philippines, adding 40,084 rooms, with full recovery in foreign arrivals expected by 2026, generating PHP250 billion in investments and 57,000 jobs.

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.

JLL's latest survey forecasts mixed fortunes for the Asia Pacific hotel sector in 2024/2025, with optimism in North, South, and Southeast Asia, caution in Australasia and Greater China, and varied expectations for revenue, occupancy, and Capex investments.

The majority of Thais plan to travel more this year, favoring bucket list trips and domestic destinations like Chiang Mai and Phuket, with Japan as the top international choice.

Accor Greater China announced a dual-branded project on Banping Island in Wenzhou, featuring the debut of Peppers Edge and an MGallery luxury resort, both opening in late 2027.

Fitch Ratings revised its 2024 outlook for APAC lodging to improving from neutral due to robust recovery in travel and RevPAR in 1Q24, anticipating strong rebound in China's outbound tourism to support overall APAC hotel occupancy and growth.

The World Travel & Tourism Council forecasts that Australia's travel and tourism sector will contribute a record $265.5 billion to the economy in 2024, with expectations to surpass $345 billion by 2034.

Despite a rebound in tourism, many Vietnamese hotels face financial troubles and are being auctioned.

After the acquisition of Minacia, Star Asia will have an additional 5,100+ rooms from 39 limited service hotels under its management.

Accor has opened the world's largest Mercure hotel in Singapore, featuring extensive amenities and a prime location between Chinatown and the CBD.