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Asia-Pacific
Accor Buys Back Some Shares from Jinjiang
Accor announced a share repurchase agreement was reached to buy back a block of seven million of its own shares as part of the €400 million share buyback program of Accor for 2024. -
Asia-Pacific
Hotel Revenue Is Growing in Asia and Latin America
79% of markets showed growth in Revenue Per Available Room (RevPAR) compared to 2019, with countries like the United Arab Emirates, South Korea, and Singapore leading. Wyndham Hotels & Resorts is set to open over 10 new hotels in Malaysia, and BWH Hotels announced a new upscale hotel in Vietnam, indicating significant growth and investment in the Asian hospitality market. Chinese airlines are canceling flights to Thailand amidst decreasing traveler numbers, despite visa waivers. Meanwhile, the Philippines surpassed its target for international visitor arrivals, with South Korea being the top source market. -
Asia-Pacific
Macau and Hong Kong Boom While Vietnam Slumps
Vietnam’s condotel market remains sluggish with excess inventory, unlikely to recover before 2025. Grand Ho Tram Strip casino resort introduces Ixora Ho Tram Fusion luxury residences to boost sales. Guangdong , China experiences high visa applications for Macau and Hong Kong due to increased tourism. -
Asia-Pacific
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. -
Asia-Pacific
New Marriott and Pan Pacific Properties in Singapore
Marriott International partners with Hiap Hoe Limited to bring the Aloft Hotels brand to Singapore, opening the largest Aloft branded hotel in the world with 785 rooms in Zhongshan Park. Pan Pacific Hotels Group unveils its flagship hotel, Pan Pacific Orchard, Singapore, featuring terraced greenery and a unique Atelier-in-Residence program, along with three dining concepts and a gin distillery. Gran Melia Nha Trang in Vietnam is set to open as an all-villa property with private pool villas, Asia’s first outpost of the Spanish restaurant Hispania, and a range of wellness offerings. -
Asia-Pacific
Minor Hotels’ Plans to Grow Portfolio
Strong RevPAR growth observed in China, Singapore, and India, indicating recovery and resilience in the Asian hotel industry. Minor Hotels plans significant expansion across multiple countries, capitalizing on pent-up demand and strategic partnerships. Radisson Hotel Group signs multiple new hotels in India, while ITC considers a potential demerger of its hotel business, reflecting evolving strategies in the market. -
Asia-Pacific
Chinese Hotels Report Surge in Revenue Per Available Room
Chinese hotels experience 20% increase in revenue per available room compared to pre-pandemic levels Domestic tourism boom and successful virus containment measures contribute to the rise in hotel occupancy and revenue High-end and luxury hotels see the most significant growth in revenue per available room, with some reporting up to a 50% increase -
Asia-Pacific
Western Australia Sees Surge of Singapore Visitors
Data from Tourism Western Australia shows Singapore is now the number one source of foreign visitors, with Singaporeans accounting for 24% of all international arrivals. The Ascott Ltd. has launched Citadines Connect in Lebuh Noordin, Georgetown, Penang , a hotel situated in a two-story pre-war building. Mohegan’s Inspire Entertainment Resort , under development in Incheon, South Korea , signed a management agreement with Hanwha Hotel & Resorts for the operation of five-star hotel towers in the property. -
Asia-Pacific
China’s Zero-Covid Policy Shows Cracks at Beijing Airport
Beijing’s International Airport and Daxing Airport have dropped the requirement for a negative Covid-19 test result to enter their terminals. Hotels on the Indonesian holiday island of Bali are booked solid for the Christmas and New Year period . The Kyushu Tourism Organization in Japan sent us a press release on their expected new resorts and hotels opening in 2023.