Ho Chi Minh City

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.

The Q1 2024 Hotel Construction Pipeline Trend Report shows significant growth in the Asia Pacific region's hotel construction, with a 7% increase in projects and a 2% increase in rooms year-over-year, led by India, Vietnam, and Indonesia.

Brookfield Asset Management is planning to list its luxury hotel chain, The Leela Palaces, Hotels & Resorts, which represents the largest-ever foreign investment in the Indian hospitality sector.

Marriott International and HMI Hotel Group are rebranding seven HMI properties across five major Japanese cities to align with global hospitality trends.

Japan's hotel industry experienced significant growth in 2023, achieving top global tourist destination status, with a rebound in foreign visits and high investment despite not reaching 2019 levels.

Oberoi Group plans to open 50 new hotels by 2030, doubling the number of rooms under management.

Savills Vietnam predicts a substantial increase in hotel real estate supply in Vietnam, focusing on Hanoi and Ho Chi Minh City, due to new projects from 2024 to 2026.

China experiences a significant year-over-year increase in hotel **RevPAR**, while **India** anticipates robust growth in the hotel industry, driven by domestic and international tourism. Sri Lanka aims to revive its economy by offering free tourist visas to visitors from seven countries, as it targets five million foreign arrivals by 2026. Major hotel chains like Marriott, Hilton, and Red Planet are expanding their presence in Asia, while Sarovar Hotels opens an upscale Golden Tulip in Bhopal, India.

Sentosa Island in Singapore is on track to recover its pre-pandemic visitor numbers within one to two years, with new projects like Raffles Sentosa Resort & Spa and Sentosa Sensoryscape expected to boost visitation. Macau SAR experienced a -28.6% decline in visitor arrivals in September, but it anticipates a potential increase in October, aiming to reach 24 million visitors by the end of the year. Accor has become the world's largest player in extended-stay hotels outside of the United States, offering various brands such as Novotel Living and Adagio, with plans to open new properties in different locations.

Global hotel businesses are rebounding to pre-pandemic levels except in Asia-Pacific. Vietnam lags in recovery with reduced Chinese tourism and increased flight costs, despite aggressive hotel development since 2016. Macau's August hotel occupancy averaged 88.7%, with significant visitor growth during the Golden Week, particularly from mainland China, showing signs of a robust recovery to near 2019 levels. Wyndham Hotels unveils its first Auckland hotel, Espire Hospitality launches the ZANA Forest Resort in India, and Ascott Limited partners with Vimut Hospital in Thailand to offer combined lodging and healthcare benefits.