IHG to Add 58 Hotels in Southwest Asia Over Five Years

• Singapore Formula 1 Grand Prix expects lower attendance in 2023 but higher receipts compared to pre-Covid levels, with foreign attendees driving up hotel room rates.
• Rosewood Hotels & Resorts is expanding into New Zealand, adding three properties to its portfolio in the Oceania region.
• Mana Hotels expands beyond Rajasthan with a new homestay in Rishikesh, while IHG Hotels & Resorts plans to add more hotels to its Indian portfolio, with a focus on Holiday Inn and Holiday Inn Express brands.

Attendance is expected to be down for this year’s Singapore Formula 1 Grand Prix, but receipts are expected to exceed pre-Covid levels and be up year over year. About 250,000 spectators are expected to attend the three-day night race, which starts February 15, down 17% from 2022’s record turnout of 302,000 attendees. The Bay Grandstand is […]