Monday, November 6, 2023

Asia’s Hotel Market Expands with Key Partnerships

  • STR reported strong hotel performance in China, with an 88.7% year-over-year increase in RevPAR for the week ending October 28th. The region is showing signs of rapid post-pandemic recovery, reaching occupancy levels similar to Europe and America.
  • Macau recorded over 22.72 million visitor arrivals, with a recent increase in daily arrivals, and the first 10 months of the year reaching 68% of 2019 levels.
  • Various hotel-related developments and partnerships were announced by brands like IHG, Accor, and CapitaLand Ascott Trust across Asia, including new property openings, divestments, and expansions, highlighting continued growth in the region’s hospitality industry.

STR reported China hotel data for the week ended October 28th. Chinese hotels’ RevPAR was up 88.7% year over year for the week, up against a decline of -17.1% as a comp. When compared with the same week in 2019, RevPAR was up 3.4%. STR said the Asia Pacific region is accelerating its post-pandemic recovery […]