Read the latest news from around the Asia-Pacific region.
Outside of the US, Global Occupancy Edges Out Post-Pandemic High
Global hotel occupancy excluding the U.S. reached 70.9% for the week ending July 8, topping the U.S. occupancy level of 61.8%, according to data from STR, CoStar’s hospitality analytics firm. The global occupancy figure was up 6.1 percentage points year over year and an increase over the post-pandemic high of 70.8% three weeks prior. Average daily rate increased 13.2% year over year to $158, resulting in revenue per available room jumping 23.9% to $112.
RevPAR in Japan grew 116.2% compared to the same week in 2022 thanks to an occupancy increase of 14 percentage points and an 89.7% increase in ADR. Indonesia had the second-highest RevPAR growth with 46.5%, followed by China with 40.4% growth.
Outrigger Hospitality Group Extends Acquisition Streak
In an audio interview with HNN’s Stephanie Ricca, Outrigger Hospitality Group’s Jeff Wagoner and Monica Salter spoke about the company’s newest acquisitions and projections for international inbound travel.
“There was an euphoria of ‘China’s coming back; this is going to be awesome,’ and I personally said we all need to take a deep breath because my gut is it’s going to be like what happened in Japan,” Wagoner said. “You had a lot of local travel going on in China. It was not necessarily subsidized the same way, but it was a push to be able to create local travel and support the local destinations … and so it’s going to be some time before that comes back.”
Sofitel Adelaide Hotel Sells for $103 Million
Australia-based Salter Brothers acquired the 251-room Sofitel Adelaide Hotel in Adelaide, Australia, for 154 million Australian dollars, or about $103 million at the time of the announcement, reports HNN’s Dana Miller. CoStar data shows the hotel was built in 2021 and is operated by Accor.
“The sale of the Sofitel Adelaide represents Adelaide’s most significant single-asset hotel transaction,” said Michael Simpson, managing director for CBRE Hotels, which negotiated the sale along with Savills on behalf of the seller, Palumbo Group.
Deals, Developments, People on the Move
- Thai-based Minor International Public Company and the Abu Dhabi Fund for Development acquired 120-villa Amari Havodda Maldives in the Gaafu Dhaalu Atoll for $60 million.
- Hong Kong-based AB Capital Investment acquired the 220-key APA Hotel Kamataeki-Higashi in Tokyo.
- Melbourne, Australia-developer Capital Alliance received approval for its planning permit for a dual hotel project with Sydney-based TFE Hotels that would include a 200-key and 105-key hotels along with a conference center.
- Singapore-based Pan Pacific Hotels Group sold the 542-key Parkroyal on Kitchener Road in Singapore to Singapore-based Midtown Properties for 525 million Singapore dollars ($397.5 million).
- CDL Hotels (Korea), a wholly owned subsidiary of Singapore-based City Developments, acquired the 408-key Nine Tree Premier Hotel Myeongdong II in Seoul, South Korea, for 140 billion Korean won ($111 million).
- Australia-based Legend Land Melbourne, a subsidiary of Worldwide Hotels Group, acquired the 472-key dual-branded Novotel & Ibis Melbourne Central Hotel for 170 million Australian dollars.
- The 345-key 25hours Hotel The Oddbird is expected to open in Jakarta later this year.
- The Karedis and Laundy families acquired the 295-key Sheraton Grand Mirage Resort in Gold Coast, Australia, for 192 million Australian dollars from Australia-based Star Entertainment Group and Hong Kong-based Far East Consortium.
- Melbourne, Australia-based developer Primeland acquired the 60-key Savoy Hotel in Brighton, Australia.
- Marriott International will debut its Edition brand in Southeast Asia with a 204-key hotel set to open in October in the Orchard District of Singapore.