Ascott Limited Expands Crest Collection Across East Asia and Middle East
The Crest Collection expands globally with new properties like Le Clef Bangkok and first Saudi Arabia location in 2028.
Amari
Singapore Hotel Demand Rises, Profit Margins Decline
Singapore's hotel demand is strong, but profitability is under pressure due to labor and rate constraints, with Marina Bay leading performance.
Thailand and Vietnam Set Their Tourism Targets
The Thai hotel industry anticipates a full recovery from the pandemic by late 2024, with Phuket remaining a top destination. Thai hotels had a 60% occupancy rate in 2023, a surge attributed to direct overseas flights and visa-free entry for several countries.
Vietnam's tourism authority targets 17-18 million international visitors in 2024, with a revenue goal of 840 trillion VND. In 2023, Vietnam exceeded its 12.5 million visitor target and saw 108 million domestic trips, generating 678 trillion VND in revenue.
Marriott International plans to open new Ritz-Carlton and Marriott Marquis hotels in Beijing by 2026, enhancing their presence in China. The Sheraton Colombo Hotel, Marriott's second in Sri Lanka, has opened, offering luxury amenities and strategic location.
Thailand Aims for Record 2 Million Russian Tourists Amid European Travel Restrictions
Thai tourism officials hope for 2 million Russian tourists to visit Thailand next year, as Russian travelers have been unwelcome in many European tourist locations due to their government's illegal invasion of Ukraine.
Marriott International's Sheraton Hotels & Resorts is expanding in Asia Pacific with five new properties in China and Japan , showcasing the brand's new design concept.
ONYX Hospitality Group announced the grand opening of Amari Raaya Maldives , establishing its presence in the Southeast Asian hotel industry.
India Premium Hotel Inventory Demand to Increase
STR reported China hotel RevPAR for the week ended 11/5 was up 4.4% year over year.
China’s Covid cases continue to surge with 8,824 new domestic cases reported on Wednesday. The state-run Xinhua news agency said authorities need to take a more targeted approach to tackling Covid outbreaks.
Ratings agency Icra said they expect premium hotel inventory in India to increase 3.5% to 4% in the current fiscal year with an addition of around 15,500 rooms amid a recovery in demand.