Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
.png)
The tourism and hospitality sector in Asia Pacific is witnessing a flurry of activities. With a surge in investments, coupled with high occupancy and a growing demand for leisure travel, for this industry the best is yet to come. July saw a sting of marquee hotel sales, including the largest-ever-single asset hotel sale in Singapore. The Singapore based UOL Group sold its 542-room Park Royal Kitchener Road hotel to Midtown Properties, a unit of Wordwide Hotels Group for an estimated $388 million. Other notable deals include the sale of Amari Havodda in Maldives to Thai hospitality conglomerate Minor International and Abu Dhabi Fund for Development.
According to a research report by JLL, maximum activity took place in Japan and Australia / New Zealand with deals amounting to $1.54 billion and $820 million respectively. Experts believe this trend is likely to continue for the rest of the year with several investors wanting to ride the tide.
Several hotel chains have opened up new hotels across the region. Dusit International, one of Thailand’s leading hotel and property development companies is expanding its portfolio into Japan and Nepal. The company debuted Dusit Princess Kathmandu and Dusit Thani Himalayan Resort Dhulikhel in Nepal in July this year. In Japan, the Bulgari Hotel opened up in Tokyo in April 2023, Dusit Thani Kyoto will open its doors in September and Club Med Kiroro Grand will open in December 2023.
China saw the opening of the Regent Hong Kong and the Regala Sky City Hotel in Hong Kong in the first quarter with the launch of Dusit Devaran Hangzhou and Four Seasons Hotel Suzhou slated for later this year. The Park Royal Kangkawi Resort in Malaysia began operations in February , while the Andaz Pattaya Jomtien Beach Resort in Thailand started welcoming guests in January 2023. The Onyx Hospitality Group is slated to enter the resort market with the Amari Raaya in the Maldives this month.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
