Singapore

Las Vegas Sands increased the Marina Bay Sands expansion budget to US$8 billion for a new fourth tower with its own casino, luxury suites, arena, and more, with construction starting in mid-2025 and opening in 2031.

Ascott and Jin Jiang Hotels have formed a joint venture to expand their apartment hotel brands in China, aiming to grow Quest and Tulip LODJ across upscale and midscale segments.

Hyatt and China Resources Land have formed a joint venture to expand Hyatt’s hotel presence across Greater China, focusing on asset-light growth and developing several new and existing properties.

CoStar's STR reports uneven growth across Asia-Pacific markets in 2024, with Japan and Vietnam showing the strongest potential for continued growth.

India is poised to lead Asia Pacific's hotel market in 2024, with record-breaking hotel investments and signings, particularly in Tier-2 cities.

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.

Singapore's hotel market is thriving with high-end travelers and strong occupancy, while Hong Kong is focusing on budget-conscious visitors as its luxury sector struggles to recover.

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.

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.