Japan

Asia-Pacific

ITC Shareholders Okay Hotel Spin-Off

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

Accor Opens Its 700th Hotel in China

Accor has opened its 700th hotel in China, the Sofitel Shanghai North Bund, coinciding with the Sofitel brand’s sixtieth anniversary and the China-France Year of Culture and Tourism.
Asia-Pacific

South Korean Hotel Rates Surge 43%

In the first quarter of 2024, South Korea’s hotel industry saw significant growth in average daily rates and RevPAR, driven by key tourist destinations, but investment activity remained subdued despite limited future supply and expected continued success in luxury and upscale segments.
Asia-Pacific

Japan’s RevPAR Impresses Despite Yen Depreciation

Japan’s hotel business has seen impressive RevPAR growth over the past 15 months due to a late post-pandemic reopening, high inflation, international demand, and a depreciating yen – all despite minimal return of Chinese travelers.
Asia-Pacific

KKR and Marriott Do a 14-Hotel Deal in Japan

KKR and Marriott International announced their entry into Japan’s midscale hospitality market, with the conversion of 14 acquired Unizo hotels into Four Points Express by Sheraton, marking Marriott’s midscale debut in Asia Pacific.
Asia-Pacific

Marriott Rebrands 7 HMI Hotels in Japan

Marriott International and HMI Hotel Group are rebranding seven HMI properties across five major Japanese cities to align with global hospitality trends.
Asia-Pacific

Japan Expects Hotel Occupancy Improvement in 2024

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.
Asia-Pacific

Hyatt’s Pipeline is 40% in China

Hyatt aims to expand its presence in China’s economy and midscale hotel segments, leveraging local partnerships and focusing on second and third-tier cities.