According to the latest World Tourism Barometer by UN Tourism, international tourist arrivals were at 96% of pre-C19 levels in the first seven months of 2024, with strongest growth in MEA (both ahead of 2019 results). Europe and the Americas were within touching distance, and APAC was at 82% of pre-C19 (despite their delayed re-opening) and growing fast on a rising tide of growing incomes and greater lift (IATA reported 53% growth in May 2024 y-o-y across APAC airlines). All markets reviewed in this Monitor witnessed ADR growth and only two dropped in occupancy (Maldives, -5.3% and Singapore, -1.5%). Such strong KPIs meant all markets but one (Singapore, -1%) saw growth in GOPPAR. Delhi NCR topped the table in terms of occupancy (80.6%) and Tokyo won the title of highest ADR growth (+24.2%). APAC is well into recovery mode. Development cost trends have varied greatly around the region, from rising tender prices in Australia and Malaysia to stabilising levels in Singapore. Around the region, public sector pipelines are healthier than private sector equivalents. Underpinned by performance recoveries around the region, there have been a good number of deals in the last 12 months, comprising a strong mix of portfolios, single assets and corporate deals.
All markets reviewed in this Monitor witnessed ADR growth and only two dropped in occupancy.
Our final page feature is a snapshot on India, both of its domestic hotel sector and of its enormous potential as an outbound market as the country’s wealth rapidly expands and diversifies.
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