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Hotel investments back to pre-Covid levels

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TTR WEEKLY
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SINGAPORE, 15 July 2022: Recovery in Asia Pacific’s hotel sector continued to accelerate in 2022, with investment volumes for the first half of the year totalling USD6.8 billion.

According to JLL Hotels & Hospitality Group’s data and analysis, investments in the first half of 2022 represent 33.0% growth year-on-year and an 11.9% increase when compared with 2019, demonstrating a return to pre-pandemic levels of capital deployment into the Asia Pacific hotels sector.

In total, there were 75 transactions in the first half of 2022, down 20.2% year-on-year and 33.0% on the first half of 2019 numbers. However, the total number of rooms transacted during the first six months of 2022 was 19,822, representing an increase of 29.9% versus the first half of 2021 and 9.4% during the pre-pandemic period in 2019. The increase in deal activity was influenced by a spike in portfolio transactions as institutional investors sitting on dry powder seek to deploy their capital more efficiently. However, according to JLL, ongoing momentum will likely be challenged by growing macroeconomic and geopolitical headwinds in the second half of 2022.

“The resilience of Asia Pacific’s hospitality sector and reopening of borders have accelerated further in 2022, with pandemic-induced pent-up corporate and leisure demand ensuring that travel demand will soon be on par with pre-Covid levels. As a result, the two-year lull in investment activity has largely subsided, demonstrated by record levels of capital raised for deals across the Asia Pacific gateway markets and resort destinations,” said JLL Hotels & Hospitality Group senior managing director, head of investment sales, Asia Pacific Nihat Ercan

Investment activity was spread across various Asia Pacific markets as the opening of borders ensured that many markets transitioned from reliance on domestic demand towards inbound leisure and corporate business. However, the conflux of current favourable travel market conditions and the longer-term economic outlook is creating a disconnect between buyers’ and sellers’ expectations around pricing. 

From an investment volume standpoint, Japan (USD1.8 billion), Korea (USD1.7 billion), and Greater China, including Hong Kong (USD1.6 billion), received the most capital in the first half of 2022. Singapore (USD899.7 million), Maldives (USD205.5 million), and Indonesia (USD159.6 million) continued to recover strongly. Activity in Australia (USD145.5 million) and Thailand (USD37.7 million) was more subdued but will likely be bolstered in the second half due to numerous marque deals closing.

“A more sustainable recovery in travel will intensify the largest challenge faced by many investors of successfully deploying capital into investment grade products across the region. We remain steadfast in our conviction that total Asia Pacific hotel investment volume will cross the USD10 billion mark despite the scarcity of assets coupled with macro and geopolitical headwinds that will continue to influence capital activity,” commented JLL’s CEO, Asia Pacific, Mike Batchelor.

Country highlights, based on JLL analysis and research, include:

  • Australia: Transaction volumes in Australia were relatively muted over the first half of 2022 and down 66.0% on the first half of 2021 volumes. According to JLL, approximately USD700 million of deals have been exchanged but not yet settled, which will drive transaction volumes over the remainder of the year. Investors also remain eager to deploy capital into hotel assets in Australia and New Zealand with a ‘flight-to-quality’ strategy or in mid-market properties where active asset management or conversion of use can drive notable returns.
  • China: Year-on-year hotel transaction volume decreased by 43.8% due to strict lockdown measures in many cities due to a resurgence of Covid cases in China, with many hotel transaction activities likely delayed to the fourth quarter of 2022 or the first quarter of 2023. JLL expects the combined impact of China’s “Three Red Lines” and “zero-Covid” policies to result in further price reductions of hotel assets and forecasts China’s hotel transaction volume to total approximately $2 billion in 2022.
  • Japan: The market has seen a remarkable recovery in the first half of 2022, with the key Japan metros tracked by JLL up 91% for the year-to-date 2022 versus the same time last year. Investors remain steadfast in acquiring hotel assets in Japan due to an expectation of strong domestic and international tourism demand due to the recent devaluation of the Japanese Yen. Against the backdrop of global rate hikes, Japan’s debt financing environment remains attractive to investors. As such, JLL expects the country’s transaction volumes to remain strong for the remainder of the year.
  • Singapore: As one of the first countries to lift most travel restrictions in Asia, Singapore has bounced back the quickest, with year-to-date transaction volumes close to $900 million crossing pre-pandemic levels. Transactions have been most active in the mid-market space, where investors identified opportunities to convert properties into co-living products to boost performance.
  • Thailand: According to JLL, more hotels are entering the market as sellers are under increasing pressure to sell. While buyers are actively looking, they are opportunistic in their pricing and more conservative when making offers on properties. Numerous private equity funds and family offices are currently active in the Thailand hotel market, and JLL is seeing an increase in foreign interest with the lifting of travel restrictions. JLL forecasts transaction volumes to reach nearly $300 million for full-year 2022.
  • Maldives: The market demonstrated its resilience in 2021 as a global gateway resort destination, with hotels generally performing better than in 2019, despite the notable absence of Asian demand for much of the year. That momentum has carried over to 2022, and in turn, the market has continued to attract the interest of investors from Asia, the Middle East and Europe. Overall, we are forecasting higher investment volumes this year on the back of marquee sales such as the W Maldives and Sheraton Full Moon Resort, with more sales currently underway for the second half of the year.

JLL (NYSE: JLL) is a leading professional services firm specialising in real estate and investment management.

Flight disruption fears continue

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TTR WEEKLY
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GENEVA, 18 July 2022: A premature return to pre-pandemic slot use rules in the EU this winter (October to March timetable)  will risk continued passenger disruptions, the International Air Transport Association (IATA) warns in a recent media statement. 

The European Commission has announced it intends to return to the longstanding 80-20 slot use rule, which requires airlines to operate at least 80% of every planned slot sequence.

Global slot rules are an effective system for managing access to and using scarce capacity at airports. The system has stood the test of time. While airlines are keen to restart services, the failure of several key airports to accommodate demand and increasing air traffic control delays means a premature return to the 80-20 rule could lead to further passenger disruption.

The evidence this summer has not been encouraging, says IATA in the statement. Airports had the 2022 summer season schedules and final slot holdings in January and didn’t evaluate how to manage this in time. Airports declaring that full capacity is available and requiring airlines to make cuts this summer show the system is not ready for reviving “normal” slot use this winter season (which begins at the end of October). “The chaos we have seen at certain airports this summer has occurred with a slot use threshold of 64%. We are worried that airports will not be ready in time to service an 80% threshold by the end of October. The Member States and Parliament must adjust the Commission’s proposal to a realistic level and permit flexibility to the slot use rules. Airports are equal partners in the slot process. Let them demonstrate their ability to declare and manage their capacity accurately and competently and then restore the slot use next summer,” said IATA’s director general, Willie Walsh.

Singapore sees an uptick in tourist arrivals

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TTR WEEKLY
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SINGAPORE, 18 July 2022: With global travel picking up pace, Singapore expects to receive between 4 and 6 million visitors in 2022, according to the Singapore Tourism Board (STB) latest forecast for international visitor arrivals (IVA) released late last week.

In the first half of 2022, Singapore clocked 1.5 million visitor arrivals, nearly 12 times more than in 2021 (119,000). Tourism receipts (TR) reached an estimated SGD1.3 billion in the year’s first quarter. While IVA and TR remain a fraction of Singapore’s pre-pandemic numbers, STB believes that tourism flows will recover to pre-Covid levels by the mid-2020s.

Singapore Tourism Board chief executive Keith Tan said: “The encouraging growth in visitor arrivals and tourism receipts signals strong pent-up demand and underscores Singapore’s continued appeal as a vibrant and attractive destination for leisure and business travellers. While the pandemic is certainly not over yet, we are confident that Singapore’s very rich calendar of events and new and refreshed tourism offerings will continue to attract visitors for the rest of 2022 and beyond.”

International Visitor Arrivals (IVA)

Indonesia (282,000), India (219,000), Malaysia (139,000), Australia (125,000) and the Philippines (81,000) were Singapore’s top five international visitor-generating markets, accounting for 56% of total IVA from January to June 2022.

Indonesia (+268,000, +1996%), India (+204,000, +1344%) and Malaysia (+132,000, +2000%), registered the largest absolute year-on-year growth.

Notably, the average length of stay for visitors more than doubled in the first half of 2022 – approximately 7.1 days compared to 3.4 days in 2019.

Tourism Receipts

During the first quarter of 2022, tourist receipts (TR) reached SGD1.3 billion, a 213% year-on-year increase over the same period last year.

Tourist Receipts By Markets

Excluding expenditure on Sightseeing Entertainment & Gaming (SEG), Indonesia, India, and China were the top three TR-generating markets in Q1 2022, contributing 32% of TR (excluding SEG). Among the top 10 TR markets, Indonesia (+SGD95 million, +187%), and India (+SGD97 million, +376%) registered the highest year-on-year absolute growth in TR (excluding SEG).

TR By Major Components

Growth was recorded across all major components, with Shopping (373%) and Accommodation (344%) recording the highest year-on-year growth.

Looking Ahead

Tourism flows will face some headwinds for the rest of the year because of the volatile global political and economic environment, as well as the evolving health situation.

STB will monitor the situation closely and calibrate its forecast and plans accordingly. We remain cautiously optimistic and anticipate a strong performance from key source markets this year, given a strong pipeline of events such as the Formula 1 Singapore Airlines Singapore Grand Prix 2022 and the Bloomberg New Economy Forum. New and rejuvenated offerings like Hell’s Museum at Haw Par Villa, the Museum of Ice Cream, SkyHelix Sentosa, and the “Avatar: The Experience” at Gardens by the Bay later this year are also set to attract more visitors.

STB will continue to develop the tourism sector with new offerings and refreshed concepts to strengthen Singapore’s appeal as an attractive destination. This includes growing our capabilities in the emerging areas of wellness and sustainability.

For example, STB held the inaugural Wellness Festival Singapore in June, with a 10-day line-up of over 100 activities and experiences to promote holistic well-being. In October, Singapore will be the first Southeast Asian country to host the Tour de France Singapore Criterium. This premier sporting event aligns with Singapore’s sustainability goals and our ambition to be an urban wellness haven. Sail Grand Prix (SailGP), the first climate-positive sports and entertainment property, will also make its Asian debut in Singapore in 2023.

(Source: Singapore Tourism Board)

Emirates offers early bird deals

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TTR WEEKLY
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BANGKOK, 13 July 2022: Emirates is back with special early bird discounts that allow customers to book advance tickets and plan holidays for travel through 2022 until 31 May 2023.

The special fares apply to travels from Bangkok or Phuket to popular destinations across Emirates’ extensive global network, including Zurich, Amsterdam, Paris, Milan, Stockholm, London, Munich, Frankfurt, New York and Chicago. Fare deals are valid for travel in both economy and business class. The special early bird return fares are available for booking until 31 July 2022 and are valid for outbound travel from 1 September 2022 until 31 May 2023.

Featured destinations and fares below:

DestinationsEconomy Class from (THB)Business Class from (THB)
Zurich                                            28,890                                           118,635 
Amsterdam                                            29,935                                           112,840 
Paris                                            30,875                                           117,370 
Milan                                            31,510                                           118,390 
Stockholm                                            31,875                                           118,015 
London32,275                                           126,490 
Munich                                            32,500                                           117,570 
Frankfurt                                            32,535                                           106,355 
New York 42,290                                           159,690 
Chicago                                            44,730                                           168,175 

To book flight tickets, please visit www.emirates.com/th or visit your preferred travel agent.

Customers in all classes can enjoy up to 5,000 channels of on-demand entertainment on ice with 600 movies, over 200 hours of TV, and thousands of music tracks every month. The aircraft is also equipped with Wi-Fi and Live TV across all classes.

Customers are encouraged to check their latest government travel guidelines and ensure they meet the travel requirements of their final destination. For more information on entry requirements for international visitors and residents returning to Dubai visit: https://www.emirates.com/english/help/covid-19/dubai-travel-requirements/

(Your Stories: Emirates)

TCEB wins UFI Marketing Award 2022

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TTR WEEKLY
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BANGKOK, 13 July 2022: Thailand Convention & Exhibition Bureau’s project ‘MICE Winnovation’ won the UFI Marketing Award 2022, presented by the Global Association of the Exhibition Industry. 

Three finalists, China, Spain and Thailand, presented projects to vie for the prestigious award.

The TCEB initiative supported the development of innovative technology to organise events during the two years of COVID-19 lockdown and travel restrictions, including strict public health controls.

Thailand Convention & Exhibition Bureau president Chiruit Isarangkun Na Ayuthaya noted the project was successfully paid off when it won the UFI Marketing Award 2022 at the UFI Award and Competition Programmes event held recently during the UFI European Conference 2022 in Poznan, Poland.    

“The UFI Marketing Award 2022 enhances our confidence to support MICE innovation and technology and propel sustainable growth for the industry, create tangible solutions, and stimulate economic recovery.”

The UFI Award and Competition Programmes offer platforms for 812 UFI members from 84 countries to share their best practices and outstanding activities by exhibition professionals. 

The MICE Winnovation project led by TCEB involved six partners; National Science and Technology Development Agency (NSTDA), Digital Economy Promotion Agency (depa), National Innovation Agency (Public Organization) or NIA, Thai Exhibition Association (TEA), Thailand Incentive and Convention Association (TICA), and Thai International Events and Festivals Trade Association (TIEFA).

In 2021, 26 events applied for technology and innovation support from the MICE Winnovation project. TCEB collected data from 10 events and found that using technology created a value of approximately THB2,384 million while the project budget stood at THB7.12 million.

Diethelm Travel Group names Cambodia chief

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TTR WEEKLY
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PHNOM PENH, 13 July 2022: Diethelm Travel Group confirmed the appointment of Om Vothy Rith as Diethelm Travel Cambodia’s new managing director on Monday.

Vothy will further implement Cambodia’s digital workflows and online services, giving agents increased access to the best dynamic rates and individual assistance from the experienced Diethelm Travel team.

With more than 20 years of working in Cambodia’s tourism and hospitality industry, Vothy has a proven track record and brings a wealth of experience to the role. 

Before that, Vothy was one of the founding members of Vidotour Travel in Cambodia and, since then, led the team and company’s operations across the country.

“I’m delighted to announce we are entering into a strategic partnership with Vothy, and I welcome him to the Diethelm family,” said Diethelm Travel Group chief executive officer Stephan Roemer in a media statement.

“He brings a wealth of valuable knowledge and expertise to this essential role that will play a vital part in strengthening Diethelm Travel’s leading position in Asia’s inbound tourism industry and further expanding our network across the region.”

Tourism chief on listening tours

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TTR WEEKLY
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CEBU CITY, Philippines, 12 July 2022: Department of Tourism (DOT) Secretary Christina Garcia Frasco is encouraging the DOT regional offices in the Visayas and Mindanao to reach out to local government units and stakeholders to ensure the alignment of tourism development initiatives.

In the first leg of her ‘listening tours’ as tourism chief, Secretary Frasco met with the top officials of DOT Region 6 (Western Visayas), Region 7 (Central Visayas), Region 8 (Eastern Visayas) Region 9 (Zamboanga Peninsula), Region 10 (Northern Mindanao), Region 11 (Davao Region), Region 12 (SOCKSARGEN), and Region 13 (CARAGA) at the Radisson Blu Hotel, Cebu, last week.

DOT. Tourism chief Frasco (third from left) tells regional tourism offices to listen to local communities and government units.

“Moving forward, I would want for us, in the same way, that I am reaching out to you, to continuously reach out to our local government officials and local stakeholders because I think that the model for that – which has been Cebu – has proven very successful that even throughout the pandemic, domestic tourism still flourished because DOT Region, the Provincial Government, local government officials, and private stakeholders were all aligned. And it is this alignment that we need across all regions that will spell the success of our endeavours in the Department,” said Secretary Frasco.

“The reality is that the success or failure of our industry rests in the success or failure of our regions because this is where our tourist destinations are,” she stressed.

To recall, Frasco announced that she would embark on “listening tours” to hear for herself the challenges and problems that besiege the various regions and tourism stakeholders. Additionally, through the conduct of the tour, the Secretary hopes to start the process of assessing the contemporary challenges in the tourism sector. Fund availability and utilisation, tourism infrastructure and transportation were among the issues raised during the discussions with the regional offices.

Frasco has enjoined the consolidation and review of work and financial plans of the Department’s regional offices for the efficient utilisation of the Department’s budget.

Pursuing her direction towards promoting better access to tourism destinations, Frasco also assessed the possibility of developing more air and seaports and additional routes to create more convenient connections for domestic and international visitors.

“I’m hopeful as well that you would be open to the innovations we wish to introduce to the Department if only to fulfil our President’s vision to equalise opportunities for tourism promotion and development across the Philippines. On the one hand, to maximise the potential of our already well-known tourist sites and, on the other hand, to further develop areas that have not necessarily been given equal attention”, the tourism chief enthused.

All officials who attended the meeting expressed their appreciation for the consultation process initiated by Frasco. “We are optimistic under this administration, seeing that our Secretary is paying close attention to the concerns on the ground. We can feel that she is serious and sincere about improving tourism governance and continuing collaboration with the LGUs,” DOT-Region 10 Director Marie Elaine Unchuan added.

“We are ecstatic about this transition because we have a Secretary who listens. It is important for us to have a Secretary who supports and understands the issues faced by the regions,” said Director Tanya Virginia Rabat-Tan of DOT-Region 11.

(Source: DOT)

Wyndham expands Garden brand in Japan

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TTR WEEKLY
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TOKYO, 12 July 2022: Wyndham Destinations Japan has signed off on an agreement to manage Wyndham Garden Sapporo Odori, making it the second Wyndham Garden hotel to open in Japan after the hotel group opened the 95-room Wyndham Garden Nagaizumi in 2020.

Wyndham Destinations Japan is managing the 132-room property in a partnership with the building owner, JR West Real Estate & Development Company and lessee, FP Sapporo GK, Sapporo Hotel Management GK, a wholly-owned subsidiary of Wyndham Destinations Japan Ltd.

Wyndham Hotels & Resorts, which owns the Wyndham Garden brand, has named Wyndham Destinations Japan as its preferred hotel operator in Japan. Under this partnership, Wyndham Destinations Japan will provide management services to Wyndham Garden Sapporo. Wyndham Destinations and its subsidiaries currently oversee the management of approximately 70 hotels and resorts across Australia, New Zealand, Fiji, Europe and Southeast Asia.

“We are delighted to be partnering with Wyndham Hotels & Resorts, JR West and FP Sapporo GK to open this Wyndham Garden hotel in Sapporo,” said Wyndham Destinations, president and managing director, international operations, Barry Robinson.

Vietnam upgrades Hanoi – Hai Phong train trip

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TTR WEEKLY
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HANOI, 12 July 2022: The train travel between the Vietnamese capital Hanoi and Hai Phong moved up a few notches in service and facility standards with the introduction last week of a “high-quality carriage” on the popular route.

Operated by the Hanoi Railway Transport Joint Stock Company (Haraco), the brand new carriage comes with a free WI-FI service, drinks service and cold towels for passengers.

Operating since 6 July, the improved carriages can be booked at stations and through train ticket agents as well as online ticket services, via the hotline 1900109 or through the websites dsvn.vn and vetauonline.vn as well as mobile wallet apps like Viettel Pay, VnPay, Momo and Vimo.

According to a report by Vietnam News Agency, the Vietnam Railways Corporation confirmed passenger traffic on Hanoi-Hai Phong route had increased remarkably following the lifting of Covid-19 travel restrictions last May.

(Source: VNA)

Sabah birds on the map

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TTR WEEKLY
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SANDAKAN, Sabah, 12 July 2022: Tourism Malaysia Sabah partnered with the Sandakan Borneo Bird Club to introduce the latest birdwatching guide for Sabah in conjunction with the upcoming Borneo Bird Festival 2022, which will take place at the Rainforest Discovery Centre (RDC) in Sepilok, Sandakan, this October.

This fun birdwatching guide highlights all the popular birding locations around Sabah, including the world heritage site Kinabalu Park, Kinabatangan Floodplains, Danum Valley, Tabin and Sepilok forests. It also provides information about each of the sites, the birds that can be seen there, trails, accommodations and how to get there.

Tourism Malaysia. Tourism Malaysia Sabah director Ednie Rahma Ab Rahim (left) during the launch at the Rainforest Discovery Centre in Sepilok, Sandakan.

Sabah is one of the top birding destinations in Malaysia. Over the years, the tourism board and local community have developed an excellent infrastructure that caters to nature lovers, birders and photographers.

The highlight for many birdwatching enthusiasts is none other than the 66 endemic species found only on the Borneo island, such as Bornean Bristlehead, Blue-Headed Pitta, Bornean Ground-Cuckoo, Whitehead’s Trogon, Whitehead’s Spiderhunter, and Crimson-Headed Wood-Partridge.

Tourism Malaysia Sabah Director Ednie Rahma Ab Rahim commented at the Sunday launch ceremony: “The development of this fun map is timely as this will be useful for bird enthusiasts taking part in the festival to refer to. The birding segment is very niche, but it yields high tourism revenues, which will further boost the economy of Sabah.”

With this new birdwatching guide, birders and nature lovers can easily plan which areas they would like to visit. The guide was supported by members of the Sandakan Borneo Bird Club (SBBC), Tourism Malaysia Sabah and written by a local birdwatcher – Alexander John.

(Source: Tourism Malaysia)

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