Read the latest news from around the Asia Pacific region.

In a podcast interview with Hotel News Now, STR's Jesper Palmqvist talks about the stabilizing performance of hotels across the Asia-Pacific region. That means hotels with incredibly strong growth will see performance slow down, while hotels in areas that were slower to recover will see improvement.

When looking at business on the books in key destinations around the region, he said more markets are finding themselves in the middle when comparing to last year's numbers.

“It’s similar to last year’s pace, and as long as it is that, we know that lead times are shorter, booking windows shorter overall in the region,” he said. “So, if you’re a little bit behind, you’ll catch some of it up.”

Hotel brand executives are setting the stage for further growth of their companies' footprints across India to keep up with the country's growing economy and middle class, writes HNN contributor Chitra Balasubramaniam.

Sudeep Jain, managing director of South West Asia at IHG Hotels & Resorts, said India is a "priority growth market" for IHG, which has 46 hotels and approximately 7,800 rooms open in the country. The company plans to double that number in the next five years.

“India has significant long-term potential that requires patience and commitment. This is not a short-term endeavor but a sustained effort. We are here for the long haul,” Jain said.

In a video interview with HNN's Sean McCracken, Outrigger Hospitality Group President and CEO Jeff Wagoner said his company is looking for more growth opportunities around the Pacific and elsewhere.

"We think in Asia-Pacific we have a significant opportunity," he said. "There are a lot of resort destinations across the the islands in Asia-Pacific, and we really are bullish on that market. But we're also looking heavily into Southern California, into South Florida, into Mexico. Cabo is a destination that we've always been very interested in. So we're a global resort company, and we want to continue to reach out across the globe."

During a general session at the 2024 NYU International Hospitality Industry Investment Conference, hotel brand CEOs spoke about their interest in growing their portfolios in India, likening it to their strategies in China, reports HNN's Bryan Wroten.

Hilton President and CEO Chris Nassetta said it took time to see the returns on its investment in China, and he sees a similar path forward in India.

“We make a decent amount of money in China, and we’re growing at a really rapid pace, and I think it will become a very profitable business over time,” he said. “India’s harder. We’re a lot smaller there, so you have to have a lot more vision and look a little longer down the path.”

Singapore-based real estate investment trust ARA Asset Management will acquire the 434-key Conrad Seoul from Brookfield Asset Management for 400 billion South Korean won ($288.9 million), reports HNN's Terence Baker, citing Korean business publication Maeil. It's the country's largest hotel deal so far this year.

The hotel was reportedly on the market initially at a higher price point. When Brookfield acquired it, the International Financial Center Seoul was part of the deal, coming at at 2.55 trillion won. The IFC Seoul was not part of the deal with ARA Asset Management.

• Japan's Kasumigaseki Capital Co. bought a hotel and the plot of land it sits on with the intention of rebranding it to the Fav Hotel brand.
• Japan-based Star Asia Group will buy budget hotel management company Minacia from Unison Capital.
• Australia's Capital Property Group plans to build a mixed-use development that includes a boutique hotel in Canberra's city-business district.
• Japan-based Hoshino Resorts REIT acquired OMO7 Osaka Hotel in Osaka, Japan, for 29 billion Japanese yen ($179.5 million) from Shin Imamiya Development Special Purpose Co.
• Singapore's Prima Asset Management bought the freehold 68-key Victoria Garden Hotel in London, United Kingdom for an undisclosed amount.
• Thailand's COCO Hospitality bought the 75-key Lamai Samui Resort & Spa on Koh Samui.
• Hong Kong's Weave Living and U.S.-based KKR & Co. bought the UnivM officetel building in Seoul, South Korea, to convert it to the Weave Place Hoegi, a rental residential property.
• France's AXA IM Alts bought an unnamed hotel with 183 keys in Kyoto, Japan, for 6.8 billion Japanese yen to convert it to the Holiday Inn Kyoto Gojo.
• Australia's TPG Hotels bought the 207-key Pacific Hotel Cairns for an undisclosed amount.
• South Korea-based Hanjin KAL sold its entire stake in U.S.-based Waikiki Resort Hotel Inc. for $101.2 million to South Korea's Sono International Co.

Editor’s note: Chris Nassetta serves on the board of directors for Hotel News Now’s parent company, CoStar Group.

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