Jaipur

Nomura reports that China's outbound tourism faces significant recovery challenges through 2024-2025, due to eased supply constraints but hampered by economic issues and reduced consumer demand, with a forecasted recovery to 73% of 2019's travel levels by year-end.

China's hotel RevPAR surged 56.1% year-over-year for the week ending December 30th, showing a significant recovery compared to the previous year's decline. The Maldives experienced a backlash from Indian tourists, with a significant number of hotel booking and flight ticket cancellations, following offensive comments by Maldivian politicians against Indian Prime Minister Narendra Modi. Major hotel groups are announcing new projects and expansions, such as Accor's partnership to launch Grande Mercure Jaipur Kukas in India, and Oberoi Group's legal setback in Himachal Pradesh.

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.

STR reported strong hotel performance in China, with an 88.7% year-over-year increase in RevPAR for the week ending October 28th. The region is showing signs of rapid post-pandemic recovery, reaching occupancy levels similar to Europe and America. Macau recorded over 22.72 million visitor arrivals, with a recent increase in daily arrivals, and the first 10 months of the year reaching 68% of 2019 levels. Various hotel-related developments and partnerships were announced by brands like IHG, Accor, and CapitaLand Ascott Trust across Asia, including new property openings, divestments, and expansions, highlighting continued growth in the region's hospitality industry.

Asian ultraluxury resort companies are expanding into Japan to cater to wealthy overseas travelers and take advantage of the weak yen, with Soneva Holdings planning to open resorts in Japan by 2027 and investing 100 billion yen in new properties. Foreign investment in Japanese hotels increased significantly in recent years, with 2022 seeing a sixfold increase compared to the previous year, and an expected total of 128.5 billion yen in investments in the first six months of the current year. International hotel brands like InterContinental, Wyndham, Marriott, Hyatt, and Accor are actively expanding their presence in various regions, including India, Vietnam, China, Thailand, and Australia, offering a diverse range of accommodations and amenities.

Cushman & Wakefield reported significant growth in China's hotel industry, with domestic tourism on the rise and strong performance in the hotel market. Las Vegas Sands is embarking on a $3.3 billion expansion project in Singapore, while Wyndham Hotels & Resorts is expanding in Vietnam, including a massive complex on Bai Dai beach. Fine Acers Hotels and Resorts Pvt Ltd is partnering with Wyndham Hotels & Resorts to open a luxury Wyndham Grand Hotel & Branded Residences in Amer, Jaipur, India.

Samaras Construction plans to build a high-end hotel in Adelaide, Australia, featuring 175 luxurious rooms, a lavish lobby, a hotel-style bar, and a restaurant. Pan Pacific Perth is undergoing a $50 million refurbishment of its luxury hotel and convention spaces in Adelaide, including guest rooms, suites, and convention facilities. Keppel has completed the divestment of Sedona Hotel Yangon in Myanmar for $57.4 million, while Galaxy Entertainment Group is not re-entering a resort project in the Philippines.

Macau hotels experience high demand during Golden Week, with standard rooms sold out for at least three nights at 22 casino-associated properties, some offering rooms at around US$400 per night. Samhi Hotels raises Rs 1,370 crore through an IPO, with plans to use the proceeds for debt repayment and corporate purposes, resulting in a 7% trading increase from the IPO price. Blue Chandra Pte Ltd. also sells 50% of its equity holdings in SAMHI. Marriott International opens a Four Points by Sheraton resort in the Philippines and rebrands Le Meridien Phuket Mai Khao Beach Resort in Thailand, while Hilton debuts the Hilton Maldives Amingiri Resort & Spa. Hyatt announces the construction of the Hyatt House South Melbourne in Australia for a 2025 opening.

China hotel RevPAR increased by 50.4% YoY, outperforming a 48.2% comparison and growing 19% compared to 2019, driven by strong recovery. Thai hotels, especially those with three stars or less, faced severe impact from interest rate hikes, uncertain tourism outlook, and competition, prompting calls for regulatory changes. New luxury hotels are opening in historic Japanese and Vietnamese destinations, while major hotel chains like Accor and Melia are expanding their portfolios in Singapore and Vietnam. Additionally, Meriton Suites is expanding luxury offerings across Australia.

The FIFA Women's World Cup 2023 generated $2.98 billion in travel and retail spending in NSW, boosting the economy and drawing record audiences to hospitality venues. Hilton plans to open 25 new luxury hotels in the Asia Pacific region, including its Waldorf Astoria brand in countries like Malaysia, Vietnam, and India. Hotel Properties received approval for a S$1-2 billion project to redevelop prime properties on Orchard Road. The redevelopment includes twin skyscrapers, retail, office, residential spaces, and a performance theater, making it Orchard Road's largest property redevelopment.