Thursday, October 26, 2023

China YoY RevPAR Growth up 103% but Still Short of 2019

  • China experiences a significant year-over-year increase in hotel **RevPAR**, while **India** anticipates robust growth in the hotel industry, driven by domestic and international tourism.
  • Sri Lanka aims to revive its economy by offering free tourist visas to visitors from seven countries, as it targets five million foreign arrivals by 2026.
  • Major hotel chains like Marriott, Hilton, and Red Planet are expanding their presence in Asia, while Sarovar Hotels opens an upscale Golden Tulip in Bhopal, India.

STR reported China hotel data for the week ended October 21st. China hotel RevPAR was up 102.9% for the week year over year, up against an easy decline of -35.8% in RevPAR for the week in 2022. When compared to the same week in 2019, China hotel RevPAR was down -2.8%. Rating agency ICRA issued […]