Japan

Schloss Bangalore, owner of The Leela hotel chain, has filed for a US$599 million IPO to fund expansion and debt repayment, with Morgan Stanley, BofA Securities, JPMorgan, and Citi managing the issue.

Japan and China are emerging as top destinations for global hotel investments due to strong travel demand, economic optimism, and promising returns.

Krungthai Bank's research unit predicts Thailand's hotel industry to surpass pre-Covid levels this year, driven by strong domestic tourism growth, despite international arrivals still lagging behind 2019 figures.

Strong passenger demand, in-person events, and positive industry momentum are driving business travel growth, with global passenger demand up 9.1%, hotel occupancy nearing 70%, and steady travel demand expected through the next quarter.

Marriott International opened its 50th property in Malaysia, the Penang Marriott Complex, featuring three hotels, while announcing plans to shift six Samhi Hotels in India to managed operations by October 2024.

The Hotel Management Contract Survey 2024 by JLL and Baker McKenzie found that the average term of hotel management agreements in Asia Pacific increased to 17.4 years, with varying durations by market, declining base fees, rising sales and marketing fees, and a growing focus on performance-based incentive fees and termination provisions.

JLL's latest survey forecasts mixed fortunes for the Asia Pacific hotel sector in 2024/2025, with optimism in North, South, and Southeast Asia, caution in Australasia and Greater China, and varied expectations for revenue, occupancy, and Capex investments.

IHG Hotels & Resorts is expanding its presence in Thailand by introducing its new brand, Garner, and aiming to double its hotel portfolio in the country.

Japan set a new monthly record of 3.29 million foreign visitors in July, driven by the weak yen and summer holidays.

The Philippines aims for 7.7 million tourists in 2024 despite challenges, with South Korea as the top source market and a significant increase in visitor receipts this year.