Read the latest news from around the Asia-Pacific region.
Global Luxury Hotel Performance Shows Clear Winners and Losers
Luxury hoteliers around the world found pricing power thanks to the pent-up demand from high-end travelers, writes Jan Freitag, national director for hospitality market analytics at CoStar. Vaccination rates and loosened travel restrictions allowed more people to travel again, but the strong performance wasn’t evenly spread across all countries due to a number of factors.
Luxury hotels in urban areas performed worse than those in leisure areas compared to 2019 rates. For example, while the Turkish Riviera saw rates averaging $781, an 87% increase over 2019, luxury hotels in Bangkok, Thailand, reported an average rate of $117, a 41% decrease.
Wink Hotels Brand Appeals to Next Generation of Southeast Asian Guests
Vietnam’s Wink Hotels has continued its expansion strategy through the pandemic, reports HNN contributor Selena Oh. It opened its 237-room Wink Hotel Saigon Center in March 2021, and the company is targeting the “Indochine 2.0 Generation" of guests.
“We aim to redefine affordable luxury in Vietnam and regionwide by putting the same level of attention and love of detail that we gave to our past luxury products into something for everyone to access,” Wink Hotels CEO Michael Piro said. “We are taking elements of the old and new Vietnam to build our brand DNA while being innovative and efficient in how we operate to cater to a new generation of travelers, reflecting a change in society in Vietnam and in Indochina, change that is happening as fast as a wink."
STR: Australia Hotels Show Holiday Demand Lift
Occupancy on the books rose in Australia’s key hotel markets for New Year’s Eve, according to data from CoStar’s hospitality analytics firm, STR.
“The timing is perfect for Australia’s hotels as restrictions are eased just as the holidays draw nearer and summer begins in the southern hemisphere,” said Matthew Burke, STR’s regional manager for the Pacific region. “Occupancy on the books is once again trending upward, and throughout the holidays, levels are already sitting above 60% in some key markets. With more reopening around the country, and leisure travelers booking in shorter windows, levels are likely to increase further as we move closer to the new year.”
Cygnett Hotels' Growth in Southeast Asia Stems From Regional Travel Surge
Gurgaon, India-based Cygnett Hotels & Resorts is moving forward with its plans to expand into Europe, Africa, the Middle East and, especially, Southeast Asia, reports HNN contributor Selena Oh. The company owns 11 brands with 35 properties in 33 locations in India and Nepal. It plans to grow to 136 hotels by 2027.
Founder and managing director Sarbendra Sarkar said the properties will highlight Indian heritage concepts “atithi devo bhava,” meaning “guest is god,” and “vasudhaiva kutumbakam,” which means “the world is one family.”
Deals, Developments and People on the move
- Singapore’s Fragrance Group acquired the 906-room Holiday Inn London Kensington Forum at Central London.
- Hong Kong-based ESR Cayman Islands has acquired ARA Asset Management, which includes hospitality real estate investment trusts, for $5.2 billion.
- Malaysia’s Malayan United Industries Berhad sold the 111-room Regency Hotel with a 4.2-acre freehold land in Britain to U.K.-based Westbourne Leisure for 6.5 million pounds sterling [$8.7 million].
- Vietnam’s Novaland Group has formed a joint venture with Hong Kong-based VinaLiving Group to develop the River Mansion in Aqua City. Vietnam-based Fusion Hotel Group will manage the property.
- Singapore-based Pelican Paradise Group signed an agreement with the government of Timor-Leste to develop a resort in the area of Tasi-Tolu and Tibar for $700 million.
- U.S.-based AEW Capital Management and Hong Kong’s Crystal Investment have acquired the 388-room Hotel Sav in Hong Kong from Chuang’s Consortium International for 1.65 billion Hong Kong dollars [$211.9 million].
- South Korea-based Lotte Corp. acquired the 191-room Kimpton Monaco Chicago from U.S. hotel real estate investment trust Xenia Hotels & Resorts for $36 million.
- Thailand’s Minor International and United Arab Emirates-based Abu Dhabi Fund for Development formed a new joint venture to hold shares in four tourist resorts and a plaza mall in Thailand: Anantara Riverside Bangkok Resort, Avani+ Riverside Bangkok Hotel, Riverside Plaza Bangkok, Anantara Layan Phuket Resort and Four Seasons Resort Koh Samui. The aggregate selling price of the portfolio is $104.8 million.