Asia-Pacific

The Thai hotel industry anticipates a full recovery from the pandemic by late 2024, with Phuket remaining a top destination. Thai hotels had a 60% occupancy rate in 2023, a surge attributed to direct overseas flights and visa-free entry for several countries. Vietnam's tourism authority targets 17-18 million international visitors in 2024, with a revenue goal of 840 trillion VND. In 2023, Vietnam exceeded its 12.5 million visitor target and saw 108 million domestic trips, generating 678 trillion VND in revenue. Marriott International plans to open new Ritz-Carlton and Marriott Marquis hotels in Beijing by 2026, enhancing their presence in China. The Sheraton Colombo Hotel, Marriott's second in Sri Lanka, has opened, offering luxury amenities and strategic location.

Malaysia led Southeast Asia in foreign tourist arrivals in 2023 with 26 million visitors, followed by Thailand with 24.6 million. Vietnam attracted 12.6 million foreign tourists, reaching only 70% of pre-pandemic levels, while Cambodia's recovery rate was at 92.48%. Vietnam's National Authority of Tourism set ambitious goals for 2024, aiming to match pre-pandemic tourism levels despite past challenges. The Philippines exceeded its 2023 tourism target, welcoming over five million international tourists and surpassing pre-pandemic international tourism revenue. Dusit Hotels and Resorts opened Dusit Princess Phatthalung in Thailand, its first in the far south of the country. Regal Hotels International announced a partnership with Saudi Arabia's Ministry of Investment to build about 100 hotels globally, with a significant focus on the Middle East.

Four Seasons announces two new hotels: Four Seasons Hotel Shanghai, opening in 2027 with 160 rooms and suites, and Four Seasons Hotel Suzhou, now open with 119 rooms, suites, and 11 villas. Marriott International expands in Sydney and Bangkok with the Moxy brand. Moxy Sydney Pitt Street, opening in 2025, will have 314 rooms and the city's highest rooftop bar. Moxy Bangkok Ratchaprasong, opening in 2024, starts its experience with a 9th-floor bar check-in. IHG Hotels & Resorts opens two new Holiday Inn resorts in Phuket, managed by Destination Group. Holiday Inn Resort Phuket Karon Beach and Holiday Inn Resort Phuket Surin Beach feature over 220 rooms each, with private balconies and extensive amenities.

There are notable expansion and renovations worldwide, including the opening of the Hyatt Place Bodh Gaya in India, the launch of Mondrian Hong Kong, and the extensive refurbishment of Peppers Marysville in Australia's Yarra Valley. Osaka, Japan, aims to attract 20 million visitors annually with the new MGM Osaka resort. Mandarin Oriental announces plans for three unique resorts in Setouchi, Japan.

Wharf Holdings is planning to open 25 Maqo hotels by 2025 and is discussing expansions in China, Japan, and Thailand. IHG is introducing a new Holiday Inn Resort in Maharashtra, India, for 2027 and announced significant growth of their Holiday Inn Express brand in Greater China. ONYX Hospitality Group is expanding its Shama serviced apartment brand with five new properties across Asia, including locations in China, Malaysia, and Thailand.

The Philippine Department of Tourism achieved over 5 million international visitors in 2023, nearing pre-pandemic levels, with a focus on their National Tourism Development Plan 2023-2028. China's tourism rebound is driven by domestic demand, though sustainability into the next year is uncertain. The Hongkong and Shanghai Hotels announced executive changes effective 2024, with a formal search for a new CEO.

STR reported a 54.2% increase in China's hotel RevPAR compared to last year, with Jakarta hotels reaching record occupancy and RevPAR levels, boosted by events like a Coldplay concert. Accor announced the opening of five new properties in Asia, along with the first Movenpick by Accor destination in Qingdao, China, as part of a strategic alliance with Sunmei Group, planning over 400 new properties across China. IHG, Radisson, and Wyndham announced new hotel openings in Amritsar, Surat, Goa, and Cebu, with IHG's voco Amritsar Airport and Radisson's Uday Palace Navsari targeting diverse locations.

The Tokyo Edition, Ginza, designed by Ian Schrager and Kengo Kuma, is now open with 86 guestrooms, including 10 suites. It follows Edition's first Japan venture with the Tokyo Edition, Toranomon, and features large standard rooms and a blend of old and new architecture. IHG Hotels & Resorts and Accor announce multiple global openings for 2024, including luxury and premium hotels in various locations like France, Malaysia, Mexico, New Zealand, Thailand, and others.  Banyan Tree and China Vanke are dissolving their joint ventures, with Banyan Tree acquiring and selling stakes in different ventures for a combined 480 million yuan.

Macau expects 28 million visitors in 2023, nearing 74% of 2019 levels, with predictions for further growth in 2024. New hotel developments and renovations across Asia , including the Courtyard by Marriott in Kyoto , Japan , and the Chiang Mai Marriott Hotel in Thailand . Radisson expands in South-east Asia, targeting markets like Sri Lanka and the Philippines , while Sun Siyam Pasikudah in Sri Lanka and Lemon Tree Hotels in Karnataka, India , announce new properties.

IHG chose Kuala Lumpur as the site of its 150th Hotel Indigo. The new hotel features unique amenities like a living vertical garden and a large-scale installation made from recycled plastic bottles. Pro-invest is preparing to sell an $800 million hotel portfolio, including eight Holiday Inn Express properties across Australia and New Zealand. Best Western is launching its first Aiden property in Southeast Asia in Phu Yen, Vietnam.