Read the latest news from around the Asia-Pacific region.
Accor Exec Says Record Earnings a 'Major Milestone' for the French Hotel Firm
During Accor's latest earnings call, Chairman and CEO Sébastien Bazin said one of the markets it will focus on this year is India with its large middle-class demographic, reports HNN's Terence Baker. Bazin said these middle-class travelers will go to Malaysia, Indonesia and other parts of Southeast Asia as well as to the Middle East.
“The domestic tourism market in India is not as strong as it is in China, and we started in both countries at the same time. It takes twice as long to develop in India, with more risk. We are circling around India, as it is a must. We know the country well,” he said.
Global Pipeline Growth, Chinese Travel Recovery Spur Optimism for IHG Hotels & Resorts
Performance of hotels in China improved during 2023, said IHG Hotels & Resorts Chief Financial Officer Michael Glover during the company's latest earnings call, reports HNN's Terence Baker.
“Trading in Greater China was bumpy in 2022, but in 2023 there was a sharp and sustained improvement and full recovery in RevPAR, with the year as a whole up 1% versus 2019. Third-quarter RevPAR was particularly strong, up 9% versus 2019, driven by a better-than-anticipated uptick in domestic leisure trips,” he said.
MGM Resorts Capitalizes on Las Vegas' Magnetic Effect on Sports, Entertainment
During MGM Resorts International's latest earnings call, company President and CEO Bill Hornbuckle said the two properties in Macau have had a strong start to the year, reports HNN's Bryan Wroten. The MGM Cotai hosted a concert by Bruno Mars, and demand increased for both the MGM Macau and Cotai during the Lunar New Year. The local government set a target of attracting 35 million visitors to the region, a 17% year-over-year increase.
MGM Resorts also started the liquefaction countermeasures process for its new resort casino development in Osaka, Japan. It's still projecting to begin preparatory construction work in 2025 for a 2030 opening.
India’s Park Hotels Begins Trading Publicly on Back of Healthy Domestic Demand
Kolkata-based Indian family office Apeejay Surrendra Park Hotels has started trading as a publicly listed company, reports HNN's Terence Baker. It received preliminary papers to enact an initial public offering in December for an issue of new equity shares valued at 6.5 billion Indian rupees ($78.3 million) and an offer for sale of equity shares for another 4 billion rupees.
The company intends to use the proceeds of the IPO to pay off 100% of its debt and for the opening of 15 hotels. Its current portfolio includes 30 hotels with 2,298 rooms in operation across India.
Deals, Developments, People on the Move
- Malaysia-based IOI Properties Group bought the 199-key Courtyard by Marriott Penang from Malaysia-based Tropicana Corp.
- Choice Hotels Asia-Pacific acquired the City Edge Apartment Hotels franchise in Melbourne, Australia, adding 271 apartment-style rooms to its portfolio.
- Australia's WFM Financial will acquire the 273-key Four Points by Sheraton, Melbourne Docklands Hotel for 96 million Australian dollars ($62.8 million) from Singapore-based Hiap Hoe.
- Malaysia-based YTL Hospitality REIT bought the 290-key Syuen Hotel for 55 million Malaysian ringgit ($11.5 million).