South Korea

International visitor arrivals to Vietnam increased by 58.4% to over 8.8 million in the first half of 2024, with South Korea being the largest source market.

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.

Visitor spending in Macau, excluding gaming, increased by over a third year on year, driven mainly by overnight visitors and significant spending on shopping, accommodation, and food and beverage.

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.

IHG Hotels & Resorts plans to double its presence in India to 100 hotels over the next five years, expanding in key cities and introducing the InterContinental brand in Telangana by 2029.

Malaysian budget hotel owners are raising room rates due to increasing operational costs and taxes, amidst pressures from unlicensed accommodations.

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.

Katerina Giannouka has left Jumeirah Group, one year into her time as CEO. Thomas Meier, CEOO, will serve as Interim CEO again.

Chinese travelers flocked to tourist hotspots across Asia over the Lunar New Year break, with visitor numbers and spending in destinations including Singapore, Thailand, and Malaysia exceeding pre-Covid levels.