Japan

Alongside a relatively strong projected occupancy rate this summer, one of Macau’s most notable hotel failures has reopened its doors despite bankruptcy.

Fitch Ratings revised its 2024 outlook for APAC lodging to improving from neutral due to robust recovery in travel and RevPAR in 1Q24, anticipating strong rebound in China's outbound tourism to support overall APAC hotel occupancy and growth.

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

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.

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.

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.

After the acquisition of Minacia, Star Asia will have an additional 5,100+ rooms from 39 limited service hotels under its management.

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.

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

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.