Wednesday, August 30, 2023

Australia Sees Corporate Hotel Demand Strengthening 

  • CoStar and STR analysis reveal Australia’s hotel market normalization as leisure demand plateaus and corporate business strengthens. Occupancy and ADR figures show progress compared to last year but remain slightly below 2019 levels.
  • Choice Hotels APAC reports positive Q2 results in Australia and New Zealand, adding new deals and Ascend Hotel Collection locations. Hotel Indigo Tokyo Shibuya opens, featuring music-themed rooms; DoubleDragon Corp starts construction on its first overseas hotel in Hokkaido, Japan.
  • Macau experiences impressive hotel occupancy rebound in July; IOI Properties partners with Marriott for a new hotel in Singapore’s Marina View property; juSTa Rudra Resort & Spa to open in India; The Greenwood Hotels and Resorts Group invests in Northeast India expansion; The Roxy Impiana Hotel prepares for opening in Kuching, Malaysia.

CoStar and STR analysis show Australia’s recent hotel performance represents normalization as leisure demand has peaked and corporate business is now strengthening. They will be presenting this at the NoVacancy Hotel + Accommodation Industry Expo. Through the first seven months of the year, Australia’s hotel occupancy was 68.2%, up 9.8% from last year but still down -6 points from 2019. ADR […]