Philippines

Tishman Speyer partners with Diaoyutai MGM Hospitality to open Mirage by MGM Shanghai in 2027 within a new mixed-use tower at The Springs, featuring luxury rooms and upscale amenities.

Hyatt Hotels said they plan to expand their footprint in India by opening seven new hotels and adding 1,115 keys across leisure and city destinations in 2024.

Accor announced a share repurchase agreement was reached to buy back a block of seven million of its own shares as part of the €400 million share buyback program of Accor for 2024.

The Philippines Dept. of Tourism reported that from January to March 4 this year, over 1.23 million international travelers visited.

China introduces 15-day visa-free entry for citizens of six European countries, extending from March 14 to November 30, alongside existing visa agreements with other nations.

Group bookings across the industry’s largest portfolio of economy and midscale hotels will soon take minutes, not days, thanks to Groups360 and the rapid rollout at over 5,600 Wyndham hotels.

The tensions with the Maldives have Indian tourists diverting to other coastal tourist destinations and Sri Lanka is already reaping the benefits, surpassing Maldives in the number of tourists for the first time.

Fosun International was reported by Reuters to be exploring the sale of a minority stake in Club Med, targeting a valuation of US$800 million for the whole business. Reuters said Fosun has been in discussions informally with potential buyers and advisors about the sale but no firm bid has emerged.

India has now slipped to the fifth position for tourist arrivals into Maldives in January, with just over 13,000 visitors. This is per the latest data from the Maldives tourism industry and is quite different than the commentary last week from the Maldives.

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.