Quarterly bulletin 3rd Quarter 2024
- Almost half of the new hotels in the development pipeline in APAC are in conjunction with five groups including Marriott, Accor, IHG, Hilton, and Wyndham.
- In Singapore, new-home sales are likely to fall this year to the lowest since the global financial crisis, between 4,500 to 5,500 units.
Major global hotel operators are expanding rapidly across Asia Pacific (APAC), with almost half of the new hotels in the development pipeline here in conjunction with five groups including Marriott, Accor, IHG, Hilton, and Wyndham. In August 2024, Marriott announced the opening of its 600th property and about 400 properties being developed in APAC excluding China region. Meanwhile, Hilton revealed plans to surpass 150 luxury hotels in APAC in the coming years, quadrupling its luxury portfolio across the region compared with the end of 2023. To compete, Accor is ramping up its franchise model across APAC, aiming to capitalize on the burgeoning tourism industry, particularly in China and India, while adapting to changing consumer preferences.
