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1. Singapore’s Marina Bay Sands Invests $750 Million in Renovation
Singapore’s hotel and entertainment center Marina Bay Sands will invest $750 million in the second phase of its renovation. Work includes redesigning 550 rooms, including 380 suites, in the property's Hotel Tower 3, according to Singapore-based news site TTG Asia.
The first phase of the renovation was valued at $1 trillion and refurbished the property’s Hotel Tower 1 and Hotel Tower 2. When all work is finished, the hotel will have a reduced room count of 1,850, including 770 suites.
2. IHG’s Harwood To Head Up Luxury, Lifestyle Portfolio
IHG Hotels & Resorts has appointed Leanne Harwood as senior vice president and managing director of luxury and lifestyle in the Americas. Since January 2018, she has been the firm's senior vice president and managing director for Japan, Australasia and the Pacific region.
Harwood has been at IHG since December 2012, when she joined in the role of vice president, commercial, for Asia, the Middle East and Africa.
3. US Hotel Rates Reach Record High
U.S. hotel industry average daily rate and revenue per available room both were at record highs for full-year 2023, according to CoStar data. Hotel occupancy across the U.S. was at its highest level since 2019.
Full-year 2023 occupancy was 63%, and with ADR of $155.62, RevPAR reached $97.97. Compared to 2022, the metrics were up 0.6%, 4.3% and 4.9%, respectively.
4. Saudi Arabia’s PIF Plans 'Oil Rig' Giga-Hotel
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, plans to convert an oil field and facilities close to its Al Juraid Island and Berri Oil Field in the Persian Gulf into a hotel and entertainment facility, according to a news release.
Described as an “adventure tourism destination,” the site being developed by the Oil Park Development Co. will include 800 hotel rooms, 11 restaurants, a marina, several helipads, an “extreme sports and adventure park.”
5. China’s Economy Grows 5.2%, But Pace Is Slowing
Chinese gross domestic product for the full-year 2023 increased 5.2%, signaling a growing economy, but that growth is also slowing, the New York Times reports.
“Longer term, China’s growth is slowing,” the Times reports. “High debt, a housing crisis that has undermined confidence and a shrinking and aging workforce are weighing on output.” It added the country is pushing exports to help balance out its national profit and loss account. In full-year 2022, the Chinese economy grew by 3%.