Karnataka

Maybank Securities forecasts significant revenue potential for Thai gambling complexes, but warns of initial profitability challenges and limited tourism industry benefits.

China introduces 15-day visa-free entry for citizens of six European countries, extending from March 14 to November 30, alongside existing visa agreements with other nations.

Macau expects 28 million visitors in 2023, nearing 74% of 2019 levels, with predictions for further growth in 2024. New hotel developments and renovations across Asia , including the Courtyard by Marriott in Kyoto , Japan , and the Chiang Mai Marriott Hotel in Thailand . Radisson expands in South-east Asia, targeting markets like Sri Lanka and the Philippines , while Sun Siyam Pasikudah in Sri Lanka and Lemon Tree Hotels in Karnataka, India , announce new properties.

In China, hotel RevPAR for the week ended December 2nd saw a significant year-over-year increase of 55.6%, contrasting with a -2.6% decline in the previous year. However, compared to the same week in 2019, there was a -7.4% decrease. Marriott International announced the opening of the Courtyard by Marriott Perth, Murdoch in two months. AppleOne Group has started constructing the JW Marriott Panglao Island Resort & Residences in Bohol, Philippines, expected to complete in 2027.

Amara Holdings received a voluntary cash offer at 60 cents per share from a consortium linked to Albert Teo, Amara’s CEO, other members of his family, and private equity investor Dymon Asia. In the Q3 2023 China Construction Pipeline Trend Report by Lodging Econometrics , at the end of the quarter, China’s total construction pipeline reached a record high of 3,720 projects with 686,017 rooms, up 3% by projects and unchanged by rooms year-over-year. Dusit International has signed HMA and RMA agreements with Ziogreen Private Limited to manage four properties amidst the beautiful landscapes of Karnataka state, southern India .

Malaysia is on track to surpass its international tourist target with an expected 18 million visitors, while Hong Kong saw a significant MoM increase in July, driven largely by visitors from Mainland China. Key developments include the Marriott's expansion in China and India , the transformation of Sydney's former Department of Education building into a luxury hotel, and Damac International's progress on its Maldives resort. JLL India reported mixed hotel performance, Blackstone is reinvesting in Japanese real estate due to favorable market conditions, and A bsolute Hotel Services has made key management appointments.

The Tourism Authority of Thailand expects the country’s tourism sector to generate up to 2.4 trillion baht in revenue this year, or 80% of earnings in 2019 . STR said Japan’s recovery is moving in the right direction as the current central administration continues to focus on growing both domestic and inbound tourism. The director of the Macao Government Tourism Office said the booking rate for Macau hotels over Easter was currently at between 50% and 60%.

Bloomberg reported that hotel rooms in Singapore are now the most expensive in almost a decade. Radisson Hotel Group said they are aiming to accelerate growth across Thailand. The Tongsai Bay, the first five-star luxury hotel to be built on Koh Samui, has embarked on an innovative refurbishment and development program to celebrate its 35th anniversary as a luxury eco-haven.