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This year, global hotel performance has grown significantly, and the Asia Pacific market continues to improve in 2024

Date: 2023-12-20

According to HVS's analysis, the overall operational indicators of the global hotel industry have shone in 2023, with revenue growth in most hotel markets worldwide. Beijing, Taipei, and Shanghai have even ranked among the top three hotel performance growth areas in the Asia Pacific region this year. In 2023, most markets achieved extraordinary growth of over 10% in average room rental revenue (RevPAR), driven by strong average room rate (ADR) growth. Although trading activities in the Americas and Europe have cooled down, trading activities in the Asia Pacific region have significantly strengthened as the pandemic restrictions are gradually lifted. The global hotel investment market is expected to continue to improve in 2024.

As far as the Asia Pacific region is concerned, HOK YEAN CHEE, president of HVS Asia Pacific, said that the overall hotel performance in the Asia Pacific market will continue to recover in 2023 with the complete elimination of epidemic related travel restrictions in most markets in the first half of this year (especially China's cancellation of quarantine requirements, resumption of multinational outbound group tours, issuance of foreign tourist visas, cancellation of pre departure COVID-19 antigen testing and other requirements); Most domestic tourism markets in the Asia Pacific region have returned to a fully recovered state, followed by a recovery in the outbound tourism market.