Asia-Pacific Expected to Hit Two-Thirds of Pre-Pandemic Airline Traffic by EOY

• STR reported Melbourne, Australia’s hotel performance reached a pandemic era high, according to preliminary October 2022 data from STR.
• JP Morgan issued a report projecting that airline travel in the Asia Pacific regionwill hit two-thirds of pre-pandemic levels by the end of the year.
• Indies Capital Partners announced the acquisition of a 60% stake in PT Swiss-Belhotel International Indonesia and PT Zest Hotels International Indonesiafrom Ciputra Group Indonesia.

STR reported Melbourne, Australia’s hotel performance reached a pandemic era high, according to preliminary October 2022 data from STR. Occupancy for the month was 69.9%, ADR was A$232.07 and RevPAR was A$162.21. The market’s ADR level was the highest for any month on record while occupancy and RevPAR were the highest since February 2020 and November 2019 respectively. […]