Tuesday, August 15, 2023

Malaysia and Hong Kong See Significant MoM Tourism Bumps

  • Malaysia is on track to surpass its international tourist target with an expected 18 million visitors, while Hong Kong saw a significant MoM increase in July, driven largely by visitors from Mainland China.
  • Key developments include the Marriott’s expansion in China and India, the transformation of Sydney’s former Department of Education building into a luxury hotel, and Damac International’s progress on its Maldives resort.
  • JLL India reported mixed hotel performance, Blackstone is reinvesting in Japanese real estate due to favorable market conditions, and Absolute Hotel Services has made key management appointments.

Malaysia is expected to surpass its international tourist arrival target for the year by achieving an arrival of at least 18 million visitors, exceeding the initial target of 16.1 million tourists. They now expect to get 18 million as they recorded 4.5 million tourist arrivals in the first quarter. JLL’s Hotel Momentum India report showed that in 2Q 2023, RevPAR […]