Malaysia

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.

EIH Ltd plans to build new hotels in Pune and London, while facing a legal family dispute over the company.

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 Pacific Asia Travel Association (PATA) laid out tourism recovery scenarios for the Asia Pacific, predicting a slow recovery with 2024 arrivals still 31% below 2019 levels, and a range of outcomes for Thailand by 2026.

Hilton is rapidly expanding in China, opening its 700th hotel and targeting 100 new hotels annually, with plans to potentially open one every two days.

The Indian hotel industry saw a 4.8% RevPAR growth in 2Q24, with Hyderabad leading the gains, while Mumbai hotels topped in occupancy, ADR, and RevPAR, despite a dip in overall occupancy due to summer vacations and reduced corporate travel.

Hotel transactions in Asia Pacific surged 19% to $5.7 billion in the first half of the year, driven by Japan, with a projected annual total of $11.6 billion, indicating a robust recovery to pre-pandemic levels.

Wyndham Hotels & Resorts achieved record growth in Asia Pacific in the first half of 2024, signing over 120 hotels and opening 74 new ones, with an 8% year-on-year net room growth.

Nearly 3,000 new hotel rooms are under construction in Macau, with seven more projects planned, while neighboring Hengqin offers cheaper accommodation alternatives.