Read the latest news from around the Asia-Pacific region.
Is a Cloud of Pessimism Hanging Over Asian Hotels?
While hoteliers in the Asia-Pacific are feeling less optimistic about the region, hotel performance hasn't caught up to their outlook, reports HNN's Sean McCracken in a podcast interview with Jesper Palmqvist, area director for Asia Pacific for STR, CoStar's hospitality analytics firm.
Traditionally, there's a lag between the drop in sentiment and actual performance, Palmqvist said. That lag, however, is decreasing.
"It's kind of like the booking window," he said. "I think it used to be a bit longer, but now it's shorter."
Japan-Listed Star Asia Acquires 100% of Japanese Hotel Group Minacia
Tokyo-based real estate investment trust Star Asia Group bought 100% of the shares of Minacia Co., a hotel- and restaurant-operating and hotel consultancy firm also headquartered in Tokyo, reports HNN's Terence Baker.
The deal adds 39 hotels with 5,180 rooms as well as the limited-service hotel brands Wing International and Tenza Hotels to Star Asia's portfolio. All hotels are located in Japan.
Middle East, Africa and Asia-Pacific Hotel Performance Boosts Accor's First-Quarter Earnings
Accor reported strong revenue per available room growth globally during the first quarter, particularly in the Middle East, Africa and Asia-Pacific regions where it jumped 12.1%, reports HNN's Terence Baker.
“Accor once again delivered a solid performance, increasing revenue in all regions, notably in the Middle East and Asia-Pacific," Accor CEO and Chairman Sébastien Bazin said in a news release. "Our network growth also accelerated, reflecting the attractiveness of our brands and the trust of our owners.”
As Hotel Rate Growth Slows, Asian Countries Ponder the Costs of Travel
The concern that hotels in the Asia-Pacific region may be pricing themselves out of guests' reach doesn't quite tell the whole story, reports HNN's Sean McCracken from a podcast interview with STR's Jesper Palmqvist.
That concern is particularly notable in Japan, which saw an influx of travelers for the country's annual cherry blossom season.
"In some of those special places, it's fully booked with crazy high rates, but so much of that is in the big three: Tokyo, Osaka and Kyoto," he said. "Any American that goes to Japan is, of course, going to hit those three. It makes sense. Now the government wants you to visit 10 other cities."
Deals, Developments, People on the Move
- The Tang Shing Bor family sold 119-key Hotel Ease Access Lai Chi Kok in Hong Kong for 220 million Hong Kong dollars ($28.1 million).
- The CEO of Australia’s Johns Lyng Group sold the 52-key Vali Hotel in Byron Bay, Australia, for 30 million Australian dollars ($19.9 million).
- Singapore’s City Developments Ltd. will acquire the 2,680-key Hilton Paris Opéra from Blackstone Real Estate Partners Europe IV for 244 million euros ($265.3 million).
- Australia’s Shakespeare Property Group bought the 90-key Woolstore 1888 hotel for 55 million Australian dollars from Hong Kong-based Ovolo Group.
- Accor and Singapore-based Worldwide Hotels opened the world’s largest Mercure Hotel in Singapore, the 989-key Mercure Icon Singapore City Centre.
- Hong Kong’s Weave Living partnered with U.S.-based Kohlberg Kravis Roberts & Co. to buy the 157-key State Sunyu Hotel in Seoul, South Korea, for an undisclosed amount.