China

Banyan Tree Group is celebrating its 30th anniversary with the change in name to Banyan Group. The company said the brand shift reflects the group’s evolution into a dynamic, multi-brand hospitality powerhouse.

Nomura reports that China's outbound tourism faces significant recovery challenges through 2024-2025, due to eased supply constraints but hampered by economic issues and reduced consumer demand, with a forecasted recovery to 73% of 2019's travel levels by year-end.

China's hotel RevPAR surged 56.1% year-over-year for the week ending December 30th, showing a significant recovery compared to the previous year's decline. The Maldives experienced a backlash from Indian tourists, with a significant number of hotel booking and flight ticket cancellations, following offensive comments by Maldivian politicians against Indian Prime Minister Narendra Modi. Major hotel groups are announcing new projects and expansions, such as Accor's partnership to launch Grande Mercure Jaipur Kukas in India, and Oberoi Group's legal setback in Himachal Pradesh.

Malaysia led Southeast Asia in foreign tourist arrivals in 2023 with 26 million visitors, followed by Thailand with 24.6 million. Vietnam attracted 12.6 million foreign tourists, reaching only 70% of pre-pandemic levels, while Cambodia's recovery rate was at 92.48%. Vietnam's National Authority of Tourism set ambitious goals for 2024, aiming to match pre-pandemic tourism levels despite past challenges. The Philippines exceeded its 2023 tourism target, welcoming over five million international tourists and surpassing pre-pandemic international tourism revenue. Dusit Hotels and Resorts opened Dusit Princess Phatthalung in Thailand, its first in the far south of the country. Regal Hotels International announced a partnership with Saudi Arabia's Ministry of Investment to build about 100 hotels globally, with a significant focus on the Middle East.

Wharf Holdings is planning to open 25 Maqo hotels by 2025 and is discussing expansions in China, Japan, and Thailand. IHG is introducing a new Holiday Inn Resort in Maharashtra, India, for 2027 and announced significant growth of their Holiday Inn Express brand in Greater China. ONYX Hospitality Group is expanding its Shama serviced apartment brand with five new properties across Asia, including locations in China, Malaysia, and Thailand.

The Philippine Department of Tourism achieved over 5 million international visitors in 2023, nearing pre-pandemic levels, with a focus on their National Tourism Development Plan 2023-2028. China's tourism rebound is driven by domestic demand, though sustainability into the next year is uncertain. The Hongkong and Shanghai Hotels announced executive changes effective 2024, with a formal search for a new CEO.

IHG chose Kuala Lumpur as the site of its 150th Hotel Indigo. The new hotel features unique amenities like a living vertical garden and a large-scale installation made from recycled plastic bottles. Pro-invest is preparing to sell an $800 million hotel portfolio, including eight Holiday Inn Express properties across Australia and New Zealand. Best Western is launching its first Aiden property in Southeast Asia in Phu Yen, Vietnam.

In China, hotel RevPAR for the week ended December 2nd saw a significant year-over-year increase of 55.6%, contrasting with a -2.6% decline in the previous year. However, compared to the same week in 2019, there was a -7.4% decrease. Marriott International announced the opening of the Courtyard by Marriott Perth, Murdoch in two months. AppleOne Group has started constructing the JW Marriott Panglao Island Resort & Residences in Bohol, Philippines, expected to complete in 2027.

Coherent Market Insights reports that Singapore's MICE (Meetings, Incentives, Conferences, and Exhibitions) market, valued at S$3.82 billion in 2023, is expected to grow to $6.97 billion by 2030 Marriott International will operate the new W Singapore – Marina View as part of a mixed-use development in Singapor Wyndham Hotels & Resorts signed a franchise agreement for Ramada by Wyndham in Jim Corbett, Uttarakhand, India, enhancing its North Indian presence.

China's hotel Revenue Per Available Room (RevPAR) increased by 46.5% for the week ending November 25, 2023, compared to a 2.2% increase year-over-year but was down 2.8% compared to 2019. Curio Collection by Hilton is set to reach its 150th opening by the end of 2023, with 19 new properties, including 10 first-in-market hotels, such as in Kenya, Vietnam, Monaco, Australia, Argentina, and Curacao. Courtyard by Marriott Bangkok Suvarnabhumi Airport opened on December 1, being the largest in Thailand with 468 rooms and multiple dining options.