Asia-Pacific

International visitor arrivals to Vietnam increased by 58.4% to over 8.8 million in the first half of 2024, with South Korea being the largest source market.

Fitch Ratings revised its 2024 outlook for APAC lodging to improving from neutral due to robust recovery in travel and RevPAR in 1Q24, anticipating strong rebound in China's outbound tourism to support overall APAC hotel occupancy and growth.

Thailand's cabinet extended a waiver on operating fees for hoteliers for two more years to support the tourism sector's recovery from Covid-19.

The World Travel & Tourism Council forecasts that Australia's travel and tourism sector will contribute a record $265.5 billion to the economy in 2024, with expectations to surpass $345 billion by 2034.

Hilton will increase investment in China, continuing rapid expansion as their fastest-growing international market with 671 hotels and a strong pipeline of new properties.

Fitch Ratings projects China outbound tourism to the Asia Pacific region will recover to 86% of pre-Covid levels in 2024, with full APAC tourism recovery expected by the first half of 2025.

Hilton plans to open around two dozen new Hilton Garden Inn hotels in China over the next year, including locations in Beijing, Nanjing, Chengdu, Chengde, and Jinan.

Despite a rebound in tourism, many Vietnamese hotels face financial troubles and are being auctioned.

Hilton announced the signing of 11 new properties in Thailand, Indonesia, and Vietnam, including the debut of the Tapestry Collection by Hilton in Southeast Asia.

Banyan Tree Higashiyama Kyoto, opening Q3 2024, will be Banyan Tree's first Japan hotel, featuring 52 guestrooms, a spa, and two dining options.