Colombo

ITC shareholders approved the company's plan to spin off its hotel business, retaining a 40% stake, with overwhelming support from minority shareholders.

Minor Hotels plans to open 50 new hotels in India over the next decade, focusing on luxury and upscale segments, while targeting specific opportunities in wellness, lifestyle, and historic venues, and emphasizing partnership-based management.

Japan's hotel industry experienced significant growth in 2023, achieving top global tourist destination status, with a rebound in foreign visits and high investment despite not reaching 2019 levels.

Thailand's Prime Minister proposes a six-nation visa to enhance regional tourism, potentially extending visa validity to 90 days, with a target of 80 million foreign tourist arrivals by 2027.

Accor plans to expand its Indian portfolio by introducing 30 new hotels, adding 5,500 rooms over the next 3-5 years, and is set to open luxury hotels including Sofitel Jaipur Jawahar Circle and Raffles Jaipur.

China introduces 15-day visa-free entry for citizens of six European countries, extending from March 14 to November 30, alongside existing visa agreements with other nations.

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

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

The Thai hotel industry anticipates a full recovery from the pandemic by late 2024, with Phuket remaining a top destination. Thai hotels had a 60% occupancy rate in 2023, a surge attributed to direct overseas flights and visa-free entry for several countries. Vietnam's tourism authority targets 17-18 million international visitors in 2024, with a revenue goal of 840 trillion VND. In 2023, Vietnam exceeded its 12.5 million visitor target and saw 108 million domestic trips, generating 678 trillion VND in revenue. Marriott International plans to open new Ritz-Carlton and Marriott Marquis hotels in Beijing by 2026, enhancing their presence in China. The Sheraton Colombo Hotel, Marriott's second in Sri Lanka, has opened, offering luxury amenities and strategic location.

The report outlines growth in hotel construction in the Asia Pacific region, highlighting leading countries and cities outside China and forecasts for new hotel openings. The Maldives sees significant international tourist numbers from Russia, India, and China, while Thailand explores controversial plans involving Chinese police presence at tourist spots. Various hotel chains including YOTEL, Radisson, Katrina Group, and Sage Hospitality announce new projects, expansions, or management agreements across Asia Pacific regions.