Chengdu

According to the latest China Construction pipeline Trend Report from Lodging Econometrics, China’s hotel construction pipeline ended 2023 with record-breaking project and room counts

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

STR reported a 54.2% increase in China's hotel RevPAR compared to last year, with Jakarta hotels reaching record occupancy and RevPAR levels, boosted by events like a Coldplay concert. Accor announced the opening of five new properties in Asia, along with the first Movenpick by Accor destination in Qingdao, China, as part of a strategic alliance with Sunmei Group, planning over 400 new properties across China. IHG, Radisson, and Wyndham announced new hotel openings in Amritsar, Surat, Goa, and Cebu, with IHG's voco Amritsar Airport and Radisson's Uday Palace Navsari targeting diverse locations.

Today's report highlights significant growth in global search results for inbound travel to China, with Trip.com noting a nearly 40% increase in 3Q23. New properties and expansions are underway, including The Grand Mercure Lampung Hotel in Indonesia and the first Four Points by Sheraton in Kuala Lumpur. The Imperial in New Delhi is undergoing a significant reinvention, including refurbishing historical furniture and revamping its food and beverage operations.

Amara Holdings received a voluntary cash offer at 60 cents per share from a consortium linked to Albert Teo, Amara’s CEO, other members of his family, and private equity investor Dymon Asia. In the Q3 2023 China Construction Pipeline Trend Report by Lodging Econometrics , at the end of the quarter, China’s total construction pipeline reached a record high of 3,720 projects with 686,017 rooms, up 3% by projects and unchanged by rooms year-over-year. Dusit International has signed HMA and RMA agreements with Ziogreen Private Limited to manage four properties amidst the beautiful landscapes of Karnataka state, southern India .

Hotel prices are surging during the upcoming Golden Week in popular cities, driven by the extended Golden Week, which includes the Mid-Autumn Festival and National Day Holiday. Sydney, Australia, experienced record-high performance levels in August 2023 due to the FIFA Women's World Cup, with increased occupancy and average daily rates. Accor is expanding its presence in Japan by adding 23 properties and over 6,000 rooms to its network, with renovations and rebranding set to take place, doubling its presence in the country.

Q2 '23 saw 14,572 global hotel projects. Luxury and upscale chains dominate, led by Hilton, Marriott, and IHG. Urban hotels lag in post-pandemic recovery compared to resorts and suburban counterparts, with rate management playing a vital role. Notable new hotels, rebranding, and appointments are taking place, with Hilton, Riu Caribe, Choice Hotels, and Sonder making moves. London's Broadwick Soho hotel is set to open with unique additions.

China's hotel RevPAR rose 44.3% in a week, compared to a strong 89.7% rise a year ago. RevPAR also increased by 12.3% compared to 2019. Vietnam's flexible economy attracts investors despite short-term challenges. M&A deals increased, supported by lowered interest rates, with a positive medium-term outlook. Macao's daily visitor arrivals exceeded expectations in August, reaching 139,000 in a day. Hotel occupancy rates rebounded, hosting numerous MICE events, and a new Andaz hotel is set to open.

China has a hotel construction pipeline of 3,666 projects with 678,965 rooms. Mid-level upscale and upper midscale projects are active. Hilton, IHG, and Marriott lead the franchise companies. Vietnam's luxury hotel supply grew 6.2% in H1 2023, with 235 five-star and 354 four-star hotels. The country served 4.3 million overnight visitors. Accor plans 10+ new hotels in India and supports unbranded hotels with the Cozzet Collection.

Vietnam's condotel market remains sluggish with excess inventory, unlikely to recover before 2025. Grand Ho Tram Strip casino resort introduces Ixora Ho Tram Fusion luxury residences to boost sales. Guangdong , China experiences high visa applications for Macau and Hong Kong due to increased tourism.