Asia-Pacific

ITC shareholders approved the company's plan to spin off its hotel business, retaining a 40% stake, with overwhelming support from minority shareholders.

Radisson Hotel Group plans to open a new hotel in India every 20 days, aiming for widespread presence including religious destinations, with 180 hotels and 13,700 rooms in operation and in the pipeline.

The Competition Commission of India approved ITC Ltd's demerger of its hotel business into the newly independent, publicly listed ITC Hotels Ltd, with ITC retaining a 40% stake and 60% distributed to shareholders.

Accor has opened its 700th hotel in China, the Sofitel Shanghai North Bund, coinciding with the Sofitel brand's sixtieth anniversary and the China-France Year of Culture and Tourism.

Oyo is seeking to raise $80-$90 million from InCred's family offices at a reduced valuation to pay off debt and refile for an IPO.

SkyCity Entertainment may sell its Adelaide casino to Delaware North after agreeing to pay fines at its casino operations.

Visitor spending in Macau, excluding gaming, increased by over a third year on year, driven mainly by overnight visitors and significant spending on shopping, accommodation, and food and beverage.

In the first quarter of 2024, South Korea’s hotel industry saw significant growth in average daily rates and RevPAR, driven by key tourist destinations, but investment activity remained subdued despite limited future supply and expected continued success in luxury and upscale segments.

Japan's hotel business has seen impressive RevPAR growth over the past 15 months due to a late post-pandemic reopening, high inflation, international demand, and a depreciating yen – all despite minimal return of Chinese travelers.

After the acquisition of Minacia, Star Asia will have an additional 5,100+ rooms from 39 limited service hotels under its management.