Hong Kong

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.

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

Sydney hotels achieved their highest occupancy levels on New Year’s Eve at 94% followed by 93.8% on December 2nd. There were only two days in the month when occupancy was not above the 60% mark.

There are notable expansion and renovations worldwide, including the opening of the Hyatt Place Bodh Gaya in India, the launch of Mondrian Hong Kong, and the extensive refurbishment of Peppers Marysville in Australia's Yarra Valley. Osaka, Japan, aims to attract 20 million visitors annually with the new MGM Osaka resort. Mandarin Oriental announces plans for three unique resorts in Setouchi, Japan.

Aman Group is launching a new brand, Janu, in Tokyo with its flagship property featuring luxury amenities, including a large wellness center and various dining options. Several hotel management changes and expansions are announced: Rosewood Hotels & Resorts in New Zealand, The Leela Palaces, Hotels and Resorts in Sikkim, India, and Ramee Group of Hotels entering Tamil Nadu, India. New developments and reimaginings in the hospitality industry include Megaworld's new township in Puerto Princesa, Palawan, Townplace West Kowloon in Hong Kong launching a new social club, and SAii Resorts in Thailand undergoing extensive renovations.

Notable are the predictions of 3% to 8% hotel rate hikes in 2024, with Asia leading in occupancy growth. Accor's execution of management agreements for 69 properties across Asia, enhancing its portfolio with over 16,500 keys, is a major development. The reopening of the Mandarin Oriental Singapore after a multi-million dollar transformation underscores significant refurbishment investments in the industry.

Macau's gaming tourism area hosted over 245 MICE (Meetings, Incentives, Conferences, and Exhibitions) events in the third quarter of 2023, a 231% increase from the previous year. Several new hotels are opening or being signed across Asia, including the Four Seasons Hotel Suzhou in China, the first TRIBE NATION hotel in China, and Mandarin Oriental's Villa Mayavee in Phuket Mohegan Inspire Entertainment in South Korea begins a soft opening of its non-casino areas, and Indian Hotels Company announces its sixth Ginger brand hotel in Kerala, India.

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.

JLL’s Hotel Momentum India  report said a total of 59 hotels comprising around 4,700 keys were signed in  India  in the last quarter. Hilton  announced some of their 2024 planned openings in the  Asia Pacific region. First up will be  Conrad Singapore Orchard  on January 1. The  Sri Lanka Convention Bureau  is working to establish the country’s Northern province as a destination for MICE for South  India .