Sarovar Hotels Pvt. Ltd

Vietnam News said the condotel market remains in a slump due to excess inventory, with industry insiders warning that it will not recover until at least 2025. Only 122 units were sold in the second quarter of 2023, despite the government regulations granting land ownership titles to condotels. DKRA Group said the inventory of unsold units topped 42,300 in June, […]

The Ritz-Carlton in Melbourne and the one in Perth are being sold for about $500 million, according to various Australian news sources. The Australian Financial Review predicted ultra-high net worth Australians and offshore investors are expected to bid for the hotels after Far East Consortium put them on the market with price expectations of about $500 million. This follows the opening of […]

The Thai Hotels Association said hotel occupancy rates in Thailand plunged to below 50% during May to June, an immediate fallout of the termination of the government’s “Let Us Travel Together” phase 5 campaign in April. The THA predicts less than 50% occupancy rates for June after experiencing a full-scale slowdown in both domestic and international markets. This […]

Banyan Tree Group, closing out the 2022 fiscal year with 63 properties across its global portfolio of 10 hospitality brands, expects to get to 113 hotels by the end of 2025. They added eight newly built or converted hotels in 2022 and the Singapore-based group is on track to double its footprint by 2025, expanding its presence in 23 […]

Singapore hotels’ average room rate was up 27.7% in December 2022 from a year ago to a new 14 year high of S$285.84. Tourist arrivals rose to 931,337, the highest since the onset of the pandemic.  Philippines President Ferdinand Marcos has approved a value-added tax refund program for foreign tourists by 2024 to attract more visitors. The government collects […]

Macau has received 245,000 visitors in the first four days of the first four days of the Chinese New Year/Spring Festival holiday week. The visitor numbers have increasing starting with close to 40,000 on Saturday, 51,000 on Sunday and then a big increase on Monday and Tuesday. This is the highest visitation Macau has seen in three years. Wyndham Hotels […]

Looking at India’s hotel sector, JLL said contracts in mid-market and budget brands grew 74% between January and September 2022 as compared to the same period in 2019. There management contracts are largely for smaller hotels with about 50 rooms on an average in tier 2 and 3 cities. International operator signings went up 36% from 36 hotels with 4,794 rooms in […]

A new report from international travel industry analysts, the Centre for Aviation, predicts the Asia Pacific region will no longer be the world’s largest travel region by the end of 2022, ceding the title to Europe. They discussed how aviation in the region remains down by 45% compared to pre-pandemic levels while European air travel has recovered to roughly 85% […]