Read the latest news from around the Asia-Pacific region.
Greater China Recovery Drives Marriott's Worldwide Revenue Growth
During Marriott International's second-quarter 2023 earnings call, President and CEO Tony Capuano said revenue per available room in Greater China surpassed 2019 levels due to a surge in domestic demand, reports HNN's Bryan Wroten. Overall cross-demand travel demand grew as well, driven by an increase in international visitors to the Asia-Pacific region.
“Prior to the pandemic, international visitors accounted for nearly one-quarter of room nights in Greater China,” Capuano said. “With the region's international airlift still only around 40% of 2019 capacity by the end of the second quarter, we believe there's still meaningful growth opportunities in and from Greater China.”
Wyndham's Global Rooms Pipeline Sets Record in Second Quarter
In reporting on its second-quarter earnings, Wyndham Hotels & Resorts' shared most of its development pipeline growth came from outside of the U.S., reports HNN's Robert McCune. The 9% growth in its international pipeline was due in large part to its direct franchise business increasing by 13% in China.
The company reported six hotels opening in Southeast Asia, including the 1,400-room Wyndham Grand Phu Quoc in Vietnam. It also opened 10 new-build hotels and 30 conversion hotels in China.
Accor Raises 2023 Guidance After Strong Start to the Year
During Accor's latest earnings call, Group Chief Finance Officer Martine Gerow said the company is excited to expand in Japan and other Asia-Pacific locations, reports HNN's Terence Baker. In late July, the company signed a deal with Japan's Ebisu Resort to rebrand 23 hotels affiliated with the Daiwa Resort brand to Accor's Mercure and Grand Mercure brands.
“The other market we are looking at [in Asia] is India, which also has great growth potential due to the emergence of the middle class there,” Gerow said.
International Hotel Brands Have Space To Flourish as India's Wealth Booms
Independent hotels make up roughly two-thirds of the total number of hotels in India, creating an opportunity for international brands to gain a foothold as the country attracts attracts millions of visitors each year, reports HNN's Terence Baker.
Among the domestic brands operating in India's five major hotel markets, FabHotel has 110 properties, followed by Oyo Rooms with 93. Marriott International has 53 while Accor has 26.
Deals, Developments, People on the Move
- Australia-based Time & Place is working with MxCap Group and TFE Hotels to develop the 188-key Hanna Street Hotel in Southbank, Australia, set to open in September 2025, for 188 million Australian dollars [$121.7 million].
- Hyatt Hotels Corp. has partnered with property investment, management and development group Hongkong Land to develop the Hyatt Centric East CBD Chengdu, which is expected to open in 2025.
- Singapore-based CapitaLand Ascott Trust plans to acquire three properties — in London, Dublin and Jakarta — for 530.8 million Singapore dollars [$391.2 million]: the 230-key Cavendish London Hotel; the 136-key Temple Bar hotel in Dublin; and the 185-unit serviced residences Ascott Kuningan Jakarta.
- Accor and Japan-based Ebisu Resorts have reached a deal to rebrand 23 of Ebisu's hotels in its Daiwa portfolio to the Grand Mercure and Mercure brands.
- Australia-based boutique funds management firm Serene Capital has acquired Shakespeare Property Group's Abode Hotel and Apartments, a 152-key property with apartment-style rooms, in Woden, Canberra, for 41.5 million Australian dollars.