Seoul

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

The Competition Commission of India approved ITC Ltd's demerger of its hotel business into the newly independent, publicly listed ITC Hotels Ltd, with ITC retaining a 40% stake and 60% distributed to 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.

The Q1 2024 Hotel Construction Pipeline Trend Report shows significant growth in the Asia Pacific region's hotel construction, with a 7% increase in projects and a 2% increase in rooms year-over-year, led by India, Vietnam, and Indonesia.

Marriott International expands its presence in Seoul while luxury brands like Aman Group, Rosewood Hotels & Resorts, and IHG Hotels & Resorts are also entering the South Korean market.

Seoul plans to develop floating office and hotel buildings with leisure facilities on the Han River by 2030 to enhance the river's potential and attractiveness.

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.

India's hospitality sector in 2023 saw a record investment of $401 million, marking a near fourfold increase from 2022, with robust growth in hotel transactions, signings, and openings, particularly in tier-two cities, and an optimistic revenue growth forecast for FY2025 driven by spiritual tourism.

Centara Hotels & Resorts announced its expansion plans at ITB Berlin. Their sustainable strategy is to introduce its style of family-centric hospitality to multiple new markets, striving to become one of the planet’s top 100 hotel operators by 2027.