Hotel Destinations Asia Pacific

Transcription

Hotels & Hospitality Group | March 2015
Welcome to the March 2015 edition of our
Hotel Destinations Asia Pacific publication,
a biannual overview providing a snapshot of key hotel
markets around Asia Pacific.
As you browse through this guide, you will find a
selection of notable hotel trends, recent transactions,
upcoming new projects and a summary of key market
statistics for each destination.
Enjoy the read and look out for the next edition!
Scott Hetherington
Chief Executive Officer, Asia
JLL Hotels & Hospitality Group
Craig Collins
Chief Executive Officer, Australasia
JLL Hotels & Hospitality Group
Contents
A Sporting Nation
04
06
The Rise and Rise of Bali
Beijing
Seoul
Shanghai
Tokyo
Osaka
Delhi
Taipei
Mumbai
Hong Kong
Macau
Hanoi
Yangon
Manila
Bangkok
Asia Pacific’s Key Destinations
08
Ho Chi
Minh
Phuket
Sri Lanka
Maldives
Seychelles
Kuala
Lumpur
Singapore
Jakarta
Bali
Sydney
Melbourne
08
Auckland
City Profiles
10 Hong Kong
11Macau
12Singapore
13 Kuala Lumpur
14Sydney
15Melbourne
16Auckland
17Manila
18Seoul
19Taipei
20Tokyo
21Osaka
22Shanghai
Quick Facts
36
38
Contributors
23Beijing
24Bangkok
25Phuket
26Mumbai
27Delhi
28 Ho Chi Minh City
29Hanoi
30Bali
31Jakarta
32Yangon
33Seychelles
34Maldives
35 Sri Lanka
03
A Sporting Nation
Major sporting events profiting
Australia’s hotel industry
The Cricket World Cup and the Asian Cup are just two major sporting events
that have benefited the hotel industry enormously around Australia in the
first quarter of 2015.
The economic benefits are expected to reach in the multi-millions of dollars
as more than 100,000 tourists visit Australia amidst nine weeks of sporting
action.
The expected TV audiences for both the Asian Cup and Cricket World Cup
are anticipated to topple more than two billion, therefore exposing Australia
to new potential tourists.
That’s on top of the recently completed Australian Open (tennis), the
forthcoming F1, Super Rugby and the domestic AFL and NRL seasons about
to kick off.
With events played around the country, hotels of all shapes and sizes can
count on an increase in guests and therefore extend an opportunity to
promote their customer loyalty programmes.
Tourism Research Australia’s (TRA) International and National Visitor
Survey reports, released in December 2014, reveals that international
visitors grew at 8% over the year-to-date September 2014, the fastest
growing rate in a decade, while domestic visitor nights rose by 7% for the
same period, the fastest growth rate in two decades.
But Australian hotels shouldn’t be relying on international sporting events
hitting our shores or fluctuations in our currency to boost accommodation
numbers and revenue per room.
“Hotel operators recognise the need for building brand loyalty so that no
matter what is happening in Australia, people will always choose to stay at
their hotels. ” Ross Beardsell, Senior Vice President - Strategic Advisory,
JLL Hotels & Hospitality Group, said.
“Successful brand loyalty programmes combined with innovative marketing
of services to individuals and corporate groups can ensure that hotels are
always growing an increased share of business.
“Furthermore, by establishing strong brand loyalty relationships with
frequent individual travellers, combined with corporates who are looking
to stage conferences, events and meetings, hotel operators can gain
great reward from the services they offer, and moreover increase owner’s
returns.
“Hotel operators recognise
the need for building brand
loyalty so that no matter what is
happening in Australia, people
will always choose to stay at
their hotels,”
Ross Beardsell, Senior Vice President
Strategic Advisory, JLL Hotels & Hospitality Group
“Most people are conservative by nature and would prefer to stay
somewhere that they know and can trust, so if hotel operators can
establish a strong rapport with any frequent individual travellers and
corporate groups they should grow their market share accordingly.”
Combined with a falling Australian dollar, TRA forecasts a continued
increase in tourism in 2015 and beyond, with Chinese tourists becoming
the most lucrative, spending more and staying longer, than any other
international tourist.
A lower Australian dollar also encourages locals to travel more
domestically.
“There are many positives for the hotel industry in the future,” Mr Beardsell
says.
“Every hotel in Australia can market their additional services to increase
additional spend from their visitors, whether they be local or international.
Hotels can tailor packages to individual and corporate needs that will not
only increase brand loyalty but also their occupancy rates.” Mr Beardsell
said.
“Now is the time to capitalise on growing visitor numbers.”
05
The Rise and Rise
of Bali
Bali’s hospitality sector is booming,
tourism is rising and Bali’s future
success seems assured
In many ways, Bali is the holiday destination that has it all. Feted for its
immense beauty and deep-rooted Hindu/Animist culture, the little island
near the geographical heart of the Indonesian archipelago attracts a steady
flowing stream of visitors looking to sample its heady ambrosia.
From thrill-seeking surfers in hunt of the perfect break and nightlife
enthusiast enticed by the island’s many beach clubs and bars to more
cerebral types in quest of stimulation for the body and mind in bohemian
hubs such as Ubud, Indonesia’s premier tourist draw satisfies all sorts.
“There are few destinations
that can cater quite so capably
for such a wide range of
demographics”
“There are few destinations that can cater quite so capably for such a wide
range of demographics,” agrees Djodi Trisusanto, Chief Representative for
Hotel Development in Indonesia for Marriott International. “Those who like
nightlife, beaches and shopping can opt for Kuta, Legian and Seminyak.
Nusa Dua is better for families due to its host of kid-friendly resorts. Ubud
is a cultural destination with some fantastic resorts while the rest of island
offers everything from river rafting to hiking. Quite simply, there’s something
for everyone.”
Dua. However, with visitor numbers set to boom, the completion of even
further new infrastructure projects is seen as being key to Bali’s continued
success.
There’s certainly no denying the variety of experiences that Bali can offer.
Historically much of the development has been focused on South Bali.
This part of the island is home to the buzzing beach enclaves of Seminyak,
Legian and Kuta as well as quieter, higher-end destinations such as Sanur
and Nusa Dua. Further north, the town of Ubud is recognized as the spiritual
home of Balinese culture.
Construction of a new international airport in the north of the island has
been green-lighted by the authorities. Approval has also been granted for
the improvement of roads linking South Bali and the capital Denpasar to
East, West and North Bali – a move seen as the most essential requirement
to harnessing the untapped potential for development in the remoter areas
of the island.
Yet, outside these main tourist areas, the island remains largely untouched,
with fantastic scenery, excellent beaches and cultural attractions to spare.
This extra scope for development means that saturation point outside South
Bali remains a long way off.
“The Indonesian government has a good record for putting its money
where its mouth is as far as developing infrastructure in Bali is concerned,”
comments Dan Miller, Head of the Bali Office for JLL. “It stepped in to
expand the airport and build new roads ahead of the APEC conference
in Bali in 2013 and if tourist numbers continue to rise at the current rate,
further improvements will have to be made.”
Given its wide-ranging appeal it is no surprise that the so-called “Island
of the Gods” continues to witness extraordinary growth in popularity. In
2014, international visitors arriving via the island’s Ngurah Rai airport rose
to 3.73 million, an increase of 15% from the previous year. With Indonesian
visitor numbers up 12% to a total of 6.05 million in 2014, it is clear that Bali’s
magnetic qualities are as compelling to a domestic audience as they are to
those from abroad.
Indonesia’s tourism authorities have ambitious plans to grow the country’s
international visitor numbers to 20 million by 2020 from a current figure
of approximately 9 million. And experts believe that Bali – the undisputed
jewel in the nation’s tourism crown – will be key to realizing these
aspirations.
“Although Indonesia can still be considered an emerging economy,
many investors now consider Bali hotel real estate to be an established
investment,” states Adam Bury, Vice President - Investment Sales
Asia at JLL Hotels & Hospitality Group. “An apt comparison would be
Phuket in Thailand, which also has a well-established brand, developed
infrastructure and an impressive portfolio of properties from ultra-luxurious
to more affordable options.”
“Bali is rightly seen as very solid bet,” continues Bury. “Rules for
investment are relatively transparent compared to other countries in the
region and the Indonesian government is highly supportive of further
growth.”
Bali’s infrastructure has improved significantly in recent years with major
achievements including the refurbishment of the international airport and
the construction of the Bali Mandara toll road, linking Kuta with Nusa
Djodi Trisusanto
Chief Representative for Hotel Development in Indonesia, Marriott International
“One of the ways in which we can see Bali evolving is as a base for a
multi-destination holiday in this part of Indonesia. Visitors would arrive and
depart from Bali as a principal gateway to explore Indonesia, and use it as
a jumping off point to neighboring islands such as Java, Lombok, Sumba,
Flores, and Raja Ampat. The idea is to market the areas within a 1-2 hour
flight time as “Greater Bali”. If that tactic is to be a success, there needs
to be significant improvements in the marine tourism and transportation
segments, which is also receiving substantial support from the current
administration. Accessibility to the myriad of islands and diversity which
Indonesia has to offer will be its ultimate driver for success in sustainable
tourism growth.”
Yet while infrastructural challenges such as road access and occasional
water and electricity shortages remain, Bali’s future success seems
assured.
This is also reflected by a host of new air routes linking the island to
Mainland China and the Middle East. Meanwhile, as of January 2015, visafree entry is now granted to nationals from Japan, South Korea, Mainland
China and Russia, a sign of the government’s desire to grow new markets
beyond Bali’s traditional base of Australian tourists, who constituted 25% of
international arrivals in 2014.
“Bali is maturing as a destination and the hotel market is maturing also,”
adds Miller. “Previously there was not a whole lot of trading, but now
property owners are considering selling at reasonable market values. Ally
this with the variety on offer and Bali’s dynamism as a destination and it is
clear there is plenty of scope for further growth.”
07
08
Asia Pacific’s
Key Destinations
Beijing
Seoul
Shanghai
Tokyo
Osaka
Delhi
Taipei
Mumbai
Hong Kong
Macau
Hanoi
Yangon
Manila
Bangkok
Ho Chi
Minh
Phuket
Sri Lanka
Maldives
Seychelles
Kuala
Lumpur
Singapore
Jakarta
Bali
Sydney
Melbourne
Auckland
Across Asia Pacific in 2014
USD 7.5
BILLION
in hotel transactions
146
DEALS
throughout the region
Asia Pacific Top 10 Single Asset Transactions in 2014
RANK
1
2
3
4
5
6
7
8
9
10
2014 Key Metrics
HOTEL
CITY
COUNTRY
PRICE (USD)
PRICE / KEY (USD)
Sheraton on the Park
Sydney
Australia
398.2 million
714,865
China
386.7 million
1,631,742
Marriott Executive Apartments
Shanghai
Tomorrow Square
Shanghai JC Mandarin Hotel
Shanghai
China
338.9 million
659,300
Tokyo Bay Maihama Hotel
Club Resort
Tokyo
Japan
343 million
487,909
Sofitel Sydney ICC
Sydney
Australia
318.7 million
536,587
Sofitel Sydney Wentworth
Sydney
Australia
190.9 million
437,959
Mercure Tokyo Ginza
Tokyo
Japan
117.6 million
565,365
Hilton Hua Hin Resort
Hua Hin
Thailand
98.7 million
331,168
Park Hyatt
Melbourne
Australia
94.1 million
392,229
Sheraton Noosa
Resort & Spa
Noosa
Heads
Australia
90.5 million
514,125
Source: JLL
Note: Only arm’s length transactions considered
Average price per key:
USD 221,000
Number of keys traded:
34,000
Cross-borded transactions:
2/3
of all deals were cross border
09
10
Hong Kong
Hong Kong is much more than a harbour city. The traveller weary of
its crowded streets should not forget that this territory with its cloudy
mountains and rocky islands is mostly a rural landscape. The popularity
with inbound visitors from the Mainland continues to drive Hong
Kong’s hotel pipeline with recent government forecasts suggesting a
necessary doubling of hotel room numbers in the coming decade. Hong
Kong has long been a gateway between East and West and the result is
an intoxicating mix of Chinese and Western history, commerce, culture
and cuisine. The hospitality scene is equally dynamic from luxury hotels
within skyscrapers to smaller midscale options and boutiques.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
Despite political unrest, total visitor
arrivals in 2014 increased 12.0% y-o-y
to reach 60.8 million. Mainland China
remained the largest source market
(78% of total visitor arrivals) growing
16.0% y-o-y. Short haul markets grew
and long haul markets declined, both by
marginally below 0.1%.
Hong Kong is an attractive leisure
destination due to its numerous
shopping and entertainment options.
As a leading financial centre, corporate
travel is another major demand
generator for Hong Kong due to the
favourable business environment and
close proximity to Mainland China.
Approximately 2,553 rooms are
expected to enter the market in 2015.
As at the end of 2014, Hong Kong had
230 hotels comprising 71,767 rooms.
1,750 new hotel rooms were opened
throughout the year and consisted
of a mix of international and
independent operators.
Mainland Chinese demand has
diversified, shifting away from midscale
and budget tour groups towards
more high-end leisure and corporate
travellers. Performance outlook
is expected to remain stable, with
marginal improvements to ADR and
occupancy supported by demand from
leisure, corporate, and MICE as well as
the return of tour groups.
NEW HOTELS
NOTABLE HOTEL DEALS
Mercer by Kosmopolito
– HKD 545 million
Printemp Hotel Apartment
– HKD 340 million
548
rooms
Dorsett Tsuen Wan Hotel
338
rooms
iClub Fortress Hill
Hotel
248
rooms
iClub Sheung Wan
Hotel
QUICK FACTS
UPCOMING HOTELS
Hotel sáv
Best Western Hotel
Emperor Hotel
The Kush Hotel
Holiday Inn Express Mongkok
162
rooms
Ovolo Hotel
Southside
HKD
60.8 million 1,750 rooms 78.5% 3,689
International Visitor
Arrivals 2014
Number of New Rooms
2014
Note: Hong Kong Hotels refers to Luxury stock only.
Source: STR Global (YTD December 2014), Hong Kong Tourism Board, JLL
ADR - Average daily rate, RevPAR - Revenue per available room
Occupancy
Average Daily
Rate (ADR)
92
rooms
Somerset Victoria Park
Hong Kong
HKD
2,896
Revenue per Available
Room (RevPAR)
Macau
Take a stroll along the cobbled streets of today’s Macau, and you will
find European influences interspersed with its Chinese heritage. This
is due to the Portuguese traders who established a settlement in Macau
during the 16th century, and subsequently administered the region
for over 400 years. Since the handover in 1999, the Macau government
shortly liberalised gambling licenses in 2001, stimulating the launch of
several gaming investment projects after the issue of three licenses in
2002. Before the opening of Macau’s very first foreign-funded casino in
2004, Macau only held 9,000 hotel rooms. Today it nears 30,000.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
Total visitor arrivals in 2014 reached a
record high of 31.5 million, representing
a 7.5% increase y-o-y driven by Macau’s
primary source market Mainland China.
54% of total visitor arrivals were sameday. The average length of stay in 2014
remained on par with 2013 at 0.9 day.
Macau’s top three source markets were
Mainland China, Hong Kong and Taiwan,
together contributing around 90% of
total visitor arrivals. For the year 2014,
visitors from Mainland China rose by
14% y-o-y, while those from Hong Kong
and Taiwan decreased by 5%.
While there were no hotel openings
in 2014, the 200-room Crowne Plaza
Macau opened early this year. In the
next three to five years, there are a
significant number of hotel rooms
scheduled for completion, with around
12,000 confirmed hotel rooms in
the pipeline.
Macau’s gambling revenue dropped
in 2014, the first time in twelve years.
Rather than relying heavily on gambling
revenue going forward, the government
will diversify Macau’s economy by
developing the city into a major tourist
destination. The focus on tourism along
with improved relations with Mainland
China is expected to benefit the
hotel market.
NEW HOTELS
NOTABLE HOTEL DEALS
There were no hotel transactions
in 2014
200
rooms
Crowne Plaza Macau
QUICK FACTS
UPCOMING HOTELS
JW Marriott Macau
St Regis Macau Cotai Central
Hollywood Roosevelt Macau
Ritz Carlton Macau
Ascott Macau
31.5 million
Arrivals 2014
MOP
None
Number of New Rooms
2014
90.6% 1,721
Occupancy
Note: Macau Hotels refers to Luxury stock only.
Source: STR Global (YTD December 2014), Macau Government Tourist Office, JLL
Average Daily
Rate (ADR)
MOP
1,559
Room (RevPAR)
11
12
Singapore
Ranked by the World Economic Forum as Asia’s best tourism and
aviation hub, Singapore is poised to capitalise on the region’s booming
tourism industry. Asian travellers are projected to account for at least
half of global tourism expenditure by 2020 and Singapore’s combination
of leisure, retail and business opportunities is sure to guarantee the
Lion State more than its fair share of the growth. The city state’s hotel
market peaked in 2013 with the sale of Grand Park Orchard hotel and
Knightsbridge retail, the city’s largest single asset sale, which pushed
transaction volumes to more than 10 times those recorded in 2012.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
International visitor arrivals to
Singapore shrunk to 15.1 million in 2014,
a 3.1% decline over 2013 and failing
to achieve the forecast of 16.3 to 16.8
million arrivals set by the Singapore
Tourism Board (STB). This marks the
first time since 2009 that visitor arrivals
to Singapore have fallen.
According to the Singapore Tourism
Board (STB), Mainland Chinese visitor
arrivals, the second largest source
market for Singapore, faced a 25.4%
y-o-y decline as at November 2014.
This was primarily due to a spate of
negative events in the South East
region, including the disappearance of
Malaysia Airlines flight MH370, political
tensions in Thailand and anti-China
demonstrations in Vietnam.
The 502-room Hotel Jen
Orchardgateway, which opened in
September 2014, was the first ever
“Jen” branded hotel to debut in the
world. Shangri-La International Hotel
Management Ltd also announced the
rebranding of the Traders Hotel on
Cuscaden Road to Hotel Jen Singapore.
This brings the total number of
Hotel Jen room keys in Singapore to
over 1000.
The STB acknowledges that its 2015
target of 17 million visitors (set in 2004) will probably not be met this year as the
uncertain global economy and currency
volatility looks likely to impact tourism.
STB will also aim to ramp up marketing
efforts in major tourism markets to drive
demand, targeting secondary cities in
China and Indonesia, and marketing
Singapore as a solo destination to
decrease dependency on multi-tour
destination travellers.
NEW HOTELS
NOTABLE HOTEL DEALS
Hotel Grand Chancellor
– SGD 248 million
502
rooms
Hotel Jen
Orchardgateway
442
rooms
Holiday Inn Express
Clarke Quay
270
rooms
Parc Sovereign Hotel
Tyrwhitt
QUICK FACTS
UPCOMING HOTELS
South Beach Hotel & Club
Jurong Lake Hotel
Hotel Grand Chancellor Orchard
Park Hotel Alexandra
Midlink Hotel
15.1 million 1,773 rooms 80.3%
Arrivals 2014
Number of New Rooms
2014
Note: Singapore Hotels refers to Luxury stock only.
Source: STR Global (YTD December 2014), Singapore Tourism Board, JLL
Occupancy
243
rooms
One Farrer
Hotel & Spa
SGD
410
Average Daily
Rate (ADR)
134
rooms
Sofitel So
Singapore
SGD
329
Room (RevPAR)
Kuala Lumpur
Kuala Lumpur is an endearing contradiction, from its colonial and
Moorish buildings to grand Western-styled shopping malls and office
towers. The city is helped by its relatively low cost – Trip Advisor in
2013 ranked it the seventh least expensive of major world cities for a
night out – as well as its Islamic heritage which draws visitors from
across the Muslim world. Kuala Lumpur has faced many tourism
challenges in 2014 but will continue to lift demand along with the
growth of its low cost carrier network, which will further develop the
city as a global tourism and aviation hub.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
Kuala Lumpur, the capital city of
Malaysia, is predominantly a corporate
market with strong weekday business
and relatively limited leisure demand,
except for weekends. Malaysia has
moved up in the global business
rankings from 12th to 6th position,
according to the World Bank’s 2014
Doing Business Report which assesses
the ease of conducting business in
the country.
According to Tourism Malaysia,
international visitor arrivals reached
25.7 million in 2013, representing growth
of 2.7% y-o-y. Despite the negativity
surrounding the country’s national
airline carrier and the consequential
fall in inbound Chinese travellers,
international visitor arrivals continue to
grow. YTD October 2014 was 22.9 million
(up 9.6% y-o-y).
Additions to hotel supply were limited
in 2014 with 739 hotel rooms and 160
serviced apartment units opening in
the city. The majority of the new supply
is focused in KL Sentral and KLCC (the
Golden Triangle). JLL forecast that
around 4,700 hotel rooms and 1,700
serviced residence units are likely to
enter the market from 2015 to 2018.
Tourism Malaysia is trying to recover
Mainland Chinese arrivals, sourcing
marketing partnerships with airlines
and working with outbound operators
to arrange for chartered flights. The
intention is to offer more direct flights
to Kuala Lumpur and secondary
destinations such as Penang, Langkawi
and Kota Kinabalu.
NEW HOTELS
NOTABLE HOTEL DEALS
in 2014
445
rooms
Fraser Residence
QUICK FACTS
UPCOMING HOTELS
St. Regis
D’ Majestic by Swiss Garden
Ritz Carlton Residences
Four Seasons Place
Mövenpick Hotel & Convention
Centre KLIA
22.9 million
Arrivals 2014
(YTD October 2014)
739 rooms
Number of New Rooms
2014
Note: Kuala Lumpur Hotels refers to Luxury & Upscale stock only.
Source: STR Global (YTD December 2014), Malaysia Tourism Board, JLL
ADR- Average daily rate, RevPAR - Revenue per available room
73.3%
Occupancy
MYR
492
Average Daily
Rate (ADR)
MYR
360
Room (RevPAR)
13
14
Sydney
Sydney is the major gateway to Australia and a key hub for the Asia
Pacific region. Famous for its harbour, the city offers extensive
shopping, entertainment and dining experiences as well as countless
surf beaches within the wider metropolitan area. The city also boasts a
large domestic visitor segment, being both the primary corporate centre
in Australia and key leisure destination. This broad demand base will
therefore underpin the city’s hotel and tourism market in the coming
years whereas major infrastructure projects such as the Barangaroo
urban renewal project and the development of the Sydney International
Convention and Exhibition Precinct will provide an added boost to the
market over the medium to long term.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
International visitor nights to Sydney
reached 22.6 million YTD September
2014, recording a 5.6% improvement
over the same period in 2013. This
was in line with international visitors
increasing by 8% over the same period
to 1.6 million visitors.
According to Tourism Research
Australia (TRA), China was the most
prominent source of visitor night
demand (14.2%) despite an 8.6% decline
over YTD September 2014. In terms of
overall visitor night demand, China was
followed by the United Kingdom (12.7%),
Korea (5.8%) and Taiwan (5.2%). Source
markets with the strongest growth were
Malaysia (47.1%), Taiwan (46.5%) and
Hong Kong (45.9%), whilst significant
decreases were seen from the
United States of America (-25.8%) and
Korea (-17.6%)
No new hotels opened in Sydney City
throughout 2014, with only an extension
of Swissotel Sydney (ten rooms) and
Base Backpackers (three rooms)
completed.
The outlook for Sydney’s
accommodation market remains strong
following the recovery which has
been evident over the past four years.
Occupancy levels have reverted to
a very high level and ADR growth is
strengthening in line with the benign
supply outlook and more stable demand
environment, with growth across a
variety of segments including corporate,
cruise and inbound.
NEW HOTELS
No new hotels opened in Sydney during H2 2014.
NOTABLE HOTEL DEALS
Sheraton on the Park, Sydney
– AUD 463.0 million
Sofitel Sydney ICC Hotel
Sofitel Sydney Wentworth
Hotel 1888
Blue Sydney
UPCOMING HOTELS
Tankstream Hotel
57 Hotel
Old Clare Hotel
QUICK FACTS
22.6 million
Arrivals 2014
(YTD September 2014)
None
Number of New Rooms
2014
87.1%
Source: STR Global (YTD December 2014), Tourism Research Australia, JLL
Occupancy
AUD
228
Average Daily
Rate (ADR)
AUD
198
Room (RevPAR)
Melbourne
Melbourne is Australia’s second most populous city and a major
corporate centre notably the financial, manufacturing, education and
logistics industries. Melbourne is renowned for its extensive annual
calendar of festivals, exhibitions and major sporting events. Increased
domestic and international visitation, as well as investment in tourism,
convention and sporting infrastructure has underpinned investor
confidence and Melbourne has emerged as Australia’s accommodation
development hot spot over the past ten years. Melbourne has the newest
and largest Convention and Exhibition facility in Australia following
the opening of the Melbourne Convention and Exhibition Centre
(MCEC) in 2009.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
International visitor nights to Melbourne
City reached 14.8 million in the year to
date September 2014, recording a 4.2%
improvement over the same period in
2013. This was in line with international
visitors increasing by 11.4% over the
same period to one million visitors.
According to Tourism Research Australia
(TRA), China was the most prominent
source of visitor night demand (22.1%)
with a substantial 23.9% increase in
visitor nights over the YTD September
2014. In terms of overall visitor night
demand, China was followed by the
United Kingdom (9.2%), Korea (5.6%) and
Malaysia (5.6%). In relation to growth,
the source markets that increased most
rapidly were Germany (73.3%), Thailand
(47.1%) and Canada (39.9%), whilst the
most significant decreases were seen
from Japan (-50.3%), Indonesia (-22.6%)
and Taiwan (-21.0%).
Four hotels opened in Melbourne
City throughout 2014, comprising the
Wyndham on William (200 rooms),
Sheraton Melbourne (174 rooms),
Oaks Pinnacle (37 rooms) and the
Coppersmith Boutique Hotel (15 rooms).
The medium term outlook for
Melbourne’s accommodation market
remains positive after trading results
show continual RevPAR growth over
the twelve months to December 2014.
RevPAR growth is expected to remain
robust over the next few years with the
city expected to increase its share of
national MICE demand following the
closure of the Sydney Convention and
Exhibition Centre in late 2013.
NEW HOTELS
NOTABLE HOTEL DEALS
Park Hyatt Melbourne
Oaks on Lonsdale
Ibis Styles Kingsgate
The Albany Hotel
Parade Inn Parkville
UPCOMING HOTELS
Hotel Sophia (extension)
200
rooms
Wyndham on William
174
rooms
Sheraton Melbourne
37
rooms
Oaks Pinnacle
QUICK FACTS
14.8 million
Arrivals 2014
426 rooms
Number of New Rooms
2014
Source: STR Global (YTD Dec 2014), Tourism Research Australia, JLL
85.8%
Occupancy
15
rooms
Coppersmith Boutique
Hotel
AUD
197
Average Daily
Rate (ADR)
AUD
169
Room (RevPAR)
15
16
Auckland
Auckland is New Zealand’s largest and most populous city, situated in
the upper half of the North Island. It is centred between two harbours,
surrounded by 48 volcanic cones and borders the rainforest hills of
the Waitakere and Hunua Ranges. Auckland is renowned for being
a multi-cultural city and is often referred to as the ‘City of Sails’ due
to the popularity of sailing in the region and the dominant feature
of Westhaven Marina on the city’s skyline. Media have reported that
SkyCity Entertainment Group has acquired the necessary CBD land
for the New Zealand International Convention Centre across the road
from its Auckland casino and that final design plans for the NZICC
are expected to be publicly unveiled later this year. Construction of the
NZICC is expected to be completed by late 2017.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
International visitor arrivals to New
Zealand reached 2.85 million in 2014,
a 5.1% improvement over 2013. Over
the past five years (2009 to 2014),
international visitor arrivals to New
Zealand have recorded compound
average growth of 3.1% per annum.
Over the past five years, Auckland’s
accommodation market has recorded
strong RevPAR growth, increasing
on average by 5.3% per annum, with
modest gains in ADR averaging 1.5%
per annum and occupancy rising from
circa 70% in 2009 to over 80% in 2014.
Auckland reported occupancy levels
of 82.2% in 2014, the highest level on
record in over 15 years. In 2014, ADR
improved by 5.1% to NZD 147 resulting
in revenue per available room (RevPAR)
growth of 9.7% to NZD 121.
A 73 room extension to the existing
125-room Ibis Budget Auckland Airport
Hotel completed during Q4 2014 and
an 80-room VR Queen Street Hotel
opened in May 2014. Two hotels are
currently under construction, namely
the conversion of the Reserve Bank
office building into a 130-room, five-star
Sofitel, which is scheduled to open in Q1
2016 and in Manukau (South Auckland),
construction is well advanced for a 152room hotel which will be independently
operated and form part of the wider
South Auckland/ Auckland International
Airport competitive set.
We expect the continuation of the
balanced demand/ supply fundamentals.
The sound domestic economy and
Auckland’s ongoing ability to capture
its fair share of the forecast growth
in international visitors is expected to
continue into the foreseeable future.
These are seen as the main factors
which will continue to drive Auckland’s
hotel accommodation market.
NEW HOTELS
80
NOTABLE HOTEL DEALS
Hotel Grand Chancellor Auckland
Airport
– NZD 23.3 million
rooms
VR Queen Street Hotel
73
rooms
Ibis Budget Auckland
Airport addition
QUICK FACTS
UPCOMING HOTELS
Lakewood Court
Sofitel So
2.8 million
Arrivals 2014
153 rooms
Number of New Rooms
2014
Source: NZHC (YTD December 2014), Statistics New Zealand, JLL
82.2%
Occupancy
NZD
147
Average Daily
Rate (ADR)
NZD
121
Room (RevPAR)
Manila
In the heart of an archipelago of over 7,000 islands, the bustling city
of Manila has emerged as a rising regional economic powerhouse, a
growing destination for multinational corporations and a flourishing
hospitality market with several exciting prospects in the pipeline.
The main hospitality project which is set to be completed in 2018
is Manila’s very own integrated gambling and entertainment strip
know as Entertainment City. Fashioned on the infamous Las Vegas
Strip, Entertainment City will showcase a diverse range of world class
facilities, integrated resorts, luxury hotels, state of the art theatres,
celebrity-chef-themed restaurants, shopping malls and convention halls.
Once completed, this hospitality complex is expected to reach over
10,000 rooms.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
According to the Department of Tourism
Philippines, international visitor arrivals
to the Philippines were recorded at 2.7
million at YTD July 2014, achieving a
2.4% growth over YTD July 2013.
South Korea remained the top source
market to the Philippines during YTD
July 2014, with a 24.2% share of visitors.
However, this represented a 6.3%
decrease over the same period last
year. The majority of the top ten source
markets to the Philippines registered
improvements, in particular Mainland
China showed a significant 8.5%
improvement during YTD July 2014 with
the launch of more direct and chartered
flights as well as growing
cruise itineraries.
The supply pipeline in Manila is
expected to show significant growth
with approximately 6,000 rooms from
2014 to 2018 with the penetration
of many international hotel brands
alongside the entry of gaming
developments namely Solaire Resort
& Casino Manila (2013), City of Dreams
Manila, Manila Bay Resort and Resorts
World Manila Bayshore.
The Department of Tourism Philippines
is aiming for ten million international
visitors by 2016. The upcoming pipeline
of international branded hotels in the
next few years is also expected to
boost tourism demand for Manila and
the Philippines. Along with this, the
Department of Tourism is launching
its “Visit the Philippines Year 2015”
campaign which should draw
more visitors.
NEW HOTELS
NOTABLE HOTEL DEALS
in 2014
365
rooms
City of Dreams Hyatt
QUICK FACTS
UPCOMING HOTELS
Mercure Manila Ortigas
Novotel Manila Araneta
Radisson Hotel Manila Bay
Jin Jiang Inn Ortigas
Jin Jiang Inn Greenbelt
2.7 million
Arrivals 2014
(YTD July 2014)
PHP
2,658 rooms 67.4% 5,592
Number of New Rooms
2014
Occupancy
Note: Manila Hotels refers to Marketwide hotels.
Source: STR Global (YTD December 2014), Department of Tourism Philippines, JLL.
ADR – Average daily rate, RevPAR – Revenue per available room.
Average Daily
Rate (ADR)
PHP
3,767
Room (RevPAR)
17
18
Seoul
As South Korea’s political, economic and financial hub, Seoul is a
bustling metropolitan city in Asia. With its rich heritage and traditions,
scenic landscapes and modern infrastructure, Seoul is a major
corporate and leisure destination, offering tourists a diverse mix of
cultural, entertainment, dining and retail experiences. There has been a
significant increase in hotel development against a backdrop of demand
growth and limited room supply in recent years.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
International visitor arrivals to South
Korea recorded a 16.6% growth to 14.2
million in 2014. All major source markets
registered improvements in visitation
apart from Japan which reflected a
17.0% y-o-y decline in 2014, primarily
due to the depreciation of the Japanese
Yen and territorial issues between
Japan and South Korea which affected
outbound travel from Japan.
Visitation from the Mainland Chinese
market remains robust, showing a y-o-y
growth of 41.6% in 2014 and accounting
for 43.1% of all arrivals to South Korea.
Regional source markets also recorded
strong growth including Hong Kong
(+39.4% y-o-y), Thailand (+25.2% y-o-y),
Taiwan (+18.2% y-o-y) and Malaysia
(+17.7%).
In 2014, 1,665 new hotel rooms
entered the Seoul market. New
supply comprised both domestic and
international brands. Lotte and Shilla
continue to expand their presence in
Seoul with the addition of the Lotte
Hotel City Guro and Shilla Stay Yeoksam.
The majority of the new hotel supply
features economy and midscale brands
such as Ibis, Aloft and Ramada Encore.
Moving forward, visitor arrivals are
expected to continue on the upward
trajectory, particularly regional visitors
and Mainland Chinese. South Korea’s
diverse tourism offerings including
historical sights, medical tourism, MICE
and corporate travel remain the key
demand drivers. The influence from
the ‘Korean Wave’ and easing of visa
regulations for major source markets
will also encourage visitation.
NEW HOTELS
NOTABLE HOTEL DEALS
Seoul Stars Hotel
– KRW 42.9 billion
306
rooms
Shilla Stay Yeoksam
283
rooms
Lotte Hotel City Guro
212
rooms
Dormy Inn Premium
Seoul Garosugil
QUICK FACTS
UPCOMING HOTELS
Ibis Styles Ambassador Seoul
Myeongdong
Four Seasons Seoul
204
rooms
Ramada Encore Seoul
Dongdaemun
195
rooms
Ibis budget Ambassador
Seoul Dongdaemun
KRW
KRW
Average Daily
Rate (ADR)
Room (RevPAR)
14.2 million 1,665 rooms 78.1% 202,054 157,756
Arrivals 2014
Number of New Rooms
2014
Occupancy
Note: Seoul Hotels refers to Marketwide Hotels.
Source: STR Global (YTD December 2014), Korean Ministry of Culture, Sports and Tourism, JLL
Taipei
Taipei has been labelled as “the emporium without end.” Its main
shopping area can be divided into two districts: East and West. West
Taipei is the old city and is characterised by narrow streets packed
with small traders. The Western district is home to most government
buildings and the Taipei Main Station. East Taipei boasts wide treelined boulevards and the city’s four main shopping malls. Popular
shopping destinations in East Taipei consist of the area around the
ZhongXiao-DunHua intersection and Taipei 101.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
Mainland China continued to be the
main contributor to growth in visitor
arrivals by overall share (up 38.2%
from last year), however South Korea
outpaced Mainland Chinese growth at
56.2%. Taipei also acts as a gateway to
Taichung and Kaohsiung, providing an
impetus for upscale hotel developers to
build in anticipation for the increase in
room demand over the long term.
As at YTD December 2014, visitors to
Taipei (measured by arrivals to Taoyuan
and Songshan International Airports)
increased by 24.2% to nine million
visitor arrivals over the same period last
year. This indicates arrivals to Taipei are
mirroring the rest of the country’s rapid
growth in arrivals, particularly from
Mainland China.
In the near future, large supply growth
is imminent as tourist arrivals increase
at the fast pace realised. Since the
recent opening of the W Hotel Taipei
and Le Méridien in 2012 and the
impressive Mandarin Oriental last year,
Taipei is becoming a mecca for upscale
and luxury branded hotel development
with a pipeline of 2,000 rooms over the
next three years.
The Tourism Bureau has been
successful in its marketing campaigns
by targeting visitors within Asia,
although it is uncertain if this pace
of growth will be sustainable in the
medium term. However, in November
2014 Taiwan achieved its target of nine
million visitor arrivals. Importantly, the
overdue Taoyuan International Airport
MRT is expected to commence service
by the end of the year.
NEW HOTELS
90
NOTABLE HOTEL DEALS
in 2014
rooms
Amba Taipei Zhongshan
QUICK FACTS
UPCOMING HOTELS
Farglory Taipei Dome Complex
Taipei Marriott
Courtyard by Marriott
CitizenM Taipei
9.0 million
Arrivals 2014
(YTD November 2014)
803 rooms
Number of New Rooms
2014
TWD
67.3% 7,585
Occupancy
Note: Taipei Hotels refers to Luxury & Upper Upscale stock only.
Source: STR Global (YTD December 2014), Dept. of Information and Tourism, JLL
Average Daily
Rate (ADR)
TWD
5,108
Room (RevPAR)
19
20
Tokyo
The 2020 Summer Olympic Games is set to bring a flood of tourism
not only for the host city, but for the country. Tokyo’s hotel sector
is entering an exciting new chapter. Japan’s economic revival is also
providing a boost, with the depreciation of the Yen prompting a surge
of international inbound arrivals and an expanding domestic economy
driving renewed growth in corporate and leisure travel. Even after the
athletes have checked out in 2020, the world’s most populous metropolis
will continue to offer a seemingly endless variety of culture, dining,
entertainment and fashion, with the usual Olympic legacy of new and
improved infrastructure.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
According to the Japan National
Tourism Organization (JNTO), visitor
arrivals to Japan reached approximately
13.4 million in 2014. The number of
inbound tourists in 2014 surpassed
the yearly total history record of 10.4
million achieved in 2013. The high
number of inbound tourists, as well
as the increasing number of domestic
accommodation guests due to the
Japanese economic recovery had a
positive impact on the Tokyo
hotel market.
International accommodation guests,
who account for approximately 25%
of total accommodation demand in
Tokyo, reached an estimated 8.7 million
as at YTD September 2014, registering
year-on-year growth of 25%. On the
other hand, the number of domestic
accommodation guests declined by
4.1% from the previous year to
26.6 million.
According to Japan Ministry of Health,
Labour and Welfare, hotel supply in
Tokyo comprised 680 hotels (97,879
rooms) as at March 2014, representing
an increase of 2.1% in room supply from
2013. Over the second half of 2014, the
84-room Aman Tokyo opened its doors.
In order to achieve its goal of 20 million
international visitors to Japan by
2020, the government has announced
several initiatives and strategies
such as improved accessibility for
foreign visitors. The above mentioned
strategies and the weakened Japanese
Yen will continue to further support the
increasing inbound demand and hotel
trading performances are expected to
improve. RevPAR growth in the short
term is likely to be driven by a
rising ADR.
NEW HOTELS
NOTABLE HOTEL DEALS
Mercure Tokyo Ginza
– Undisclosed
Tokyo Bay Maihama Hotel Club
Resort
– Undisclosed
Hotel Unizo Ginza Itchome
– JPY 9.5 billion
Best Western Shinjuku Astina
Hotel Tokyo
– JPY 8 billion
UPCOMING HOTELS
There are no known hotels for
Tokyo in 2015.
164
rooms
ANDAZ Tokyo
84
rooms
AMAN Tokyo
QUICK FACTS
8.7million
Arrivals 2014
(YTD Septembe 2014)
248 rooms
Number of New Rooms
2014
Note: Tokyo Hotels refers to Luxury stock only, unless otherwise stated.
Source: STR Global (YTD September 2014), Japan Tourism Agency, JLL
JPY
82.8% 46,005
Occupancy
Average Daily
Rate (ADR)
JPY
38,070
Room (RevPAR)
Osaka
Osaka is the second largest city in Japan, located in the Kansai region
on the western side of Japan. Osaka dates back to the Asuka and Nara
period. Under the name Naniwa, it was the capital of Japan from 683 to
745, long before Kyoto became leader. Even after the capital was moved
elsewhere, Osaka continued to play an important role as a hub for land,
sea and river-canal transportation. Its close proximity to key tourism
destinations such as Kyoto, Nara and Kobe has also boosted inbound
arrivals as Osaka is normally included as part of the popular ‘Golden
Route’.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
Osaka is positioned as one of the top
destinations in Japan both domestically
and internationally, recording strong
growth in demand due to stable
economic fundamentals and its
promotion of art and culture. Its close
proximity to other destinations such as
Kyoto, Nara and Kobe has also boosted
tourism as Osaka is normally included as
part of the popular ‘Golden Route’.
The accommodation demand from
international tourists remains strong in
the Osaka market. As at YTD September
2014, international accommodation
guests in Osaka Prefecture recorded a
y-o-y increase of 32% to 4.2 million. The
number of domestic accommodation
guests in Osaka prefecture reached
15.4 million as at YTD September 2014,
an 8.2% increase from the same period
of the previous year. A new area in
Universal Studio Japan (USJ), featuring
Harry Potter, had a positive influence on
tourism demand in Osaka in 2014.
According to Japan Ministry of Health,
Labour and Welfare, hotel supply
in Osaka prefecture comprised 374
hotels (56,992 rooms) as at March
2014, representing an increase of
2.9% in room supply from 2013. As for
the pipeline, “The Park Front Hotel at
Universal Studio Japan,” a 598-room
full-service hotel, is scheduled to open
as one of USJ’s official hotels, in the
summer of 2015.
International visitor arrivals are
anticipated to increase within the next
few years. Kansai International Airport
announced a plan to construct a third
terminal in 2015 for the exclusive use of
international LCCs. Kansai International
Airport aims to double the annual airport
capacity to eight million people upon
the completion of Terminal 3, which will
be able to accommodate more demand
from international travellers.
NEW HOTELS
NOTABLE HOTEL DEALS
Hyatt Regency Osaka
– Undisclosed
Osaka Namba Washington Hotel
Plaza
– JPY 8.9 billion
R&B Hotel Umeda-Higashi
– JPY 1.5 billion
Dormy Inn Namba
– JPY 700 million
UPCOMING HOTELS
The Park Front Hotel at Universal
Studio Japan
360
rooms
Osaka Marriott Miyako
Hotel
QUICK FACTS
4.2 million
International
Accommodation Guests
(YTD Septembe 2014)
360 rooms
Number of New Rooms
2014
JPY
80.8% 17,960
Occupancy
Note: Osaka Hotels refers to Luxury and Up-scale stock, unless otherwise stated.
Source: STR Global (YTD December 2014), Japan Tourism Agency, JLL
Average Daily
Rate (ADR)
JPY
14,506
Room (RevPAR)
21
22
Shanghai
As the Chinese middle class swells, domestic tourism is booming and
Shanghai is among the biggest beneficiaries. With more than 25 million
inhabitants, the port is an economic powerhouse, now connected
to Beijing by high-speed rail. Cutting-edge infrastructure is also
transforming the international visitor experience: a magnetic levitation
train, which links the international airport to the city, reaches speeds of
430 kilometres per hour and provides a heady start to any stay. Visitors
won’t find the must-see attractions of Beijing, New York or Rome but
they will find endless entertainment walking the streets of this exciting
global mega-city.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
International visitor arrivals to Shanghai
increased by 4.5% to 7.9 million in
2014, almost double Beijing’s arrivals.
Shanghai received more than 8.8 million
tourists during the week long National
Day holidays, an increase of 15.8% from
2013, mainly due to effective promotion
of domestic tourism.
The development of Hongqiao Central
Business District, Shanghai Pilot Free
Trade Zone and Shanghai Disney Resort
(although we note the opening date has
now been delayed until early 2016) has
stimulated demand from both corporate
and leisure visitors. The opening of the
National Exhibition and Convention
Center will further stimulate growth of
MICE demand.
The pace of new hotel rooms entering
the market slowed in 2014 compared to
previous years. There were four hotels
with 1,662 rooms opened, mainly in the
first half of 2014. Over 5,000 rooms are
expected to enter the market this year
but it should be noted that opening
dates are often delayed in Shanghai and
several projects may well extend into
the 2016 pipeline.
Hotel demand is expected to increase
in 2015, as the global economy recovers
and Shanghai Pilot Free Trade Zone,
Hongqiao Central Business District and
Shanghai Disneyland increase visitors
arrivals. The improvement of MICE
facilities will also attract more MICE
demand to Shanghai.
NEW HOTELS
NOTABLE HOTEL DEALS
Yueda Nanjiao Huadu
– RMB 75 million
18 Hebao Rd
– RMB 60 million
333
rooms
Pullman
Shanghai South
317
rooms
Shanghai Marriott
Hotel Parkview
313
rooms
Crowne Plaza
Shanghai Noah Square
QUICK FACTS
UPCOMING HOTELS
Shanghai Disney Resort
HUALUXE Shanghai Pudong
Kangqiao
InterContinental Shanghai
Wonderland
W Shanghai – Pudong
Sheraton Shanghai Jiading Hotel
7.9 million
Arrivals 2014
235
rooms
Hyatt Regency
Shanghai Chongming
RMB
1,662 rooms 66.3% 1,051
Number of New Rooms
2014
Note: Beijing Hotels refers to upscale stock only.
Source: STR Global (YTD December 2014), Shanghai Tourism Bureau, JLL
Occupancy
Average Daily
Rate (ADR)
RMB
697
Room (RevPAR)
Beijing
In Beijing the ancient rubs shoulders with the modern. As one of the
six ancient cities in Mainland China, it has been the heart and soul of
politics and society throughout its long history and consequently there
is an unparalleled wealth of discovery to delight and intrigue travellers
as they explore the city’s ancient past and exciting modern development.
The growth of the city’s hotel industry didn’t stop after the closing of the
2008 Olympic Games. Nor did ambitious infrastructure improvements:
by the end of 2015 the city will have opened 14 new subway lines and
last year city authorities announced 126 new projects that will see the
further upgrading of this booming urban landscape.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
International visitor arrivals to Beijing
declined by 5.0% over 2013, recording
4.3 million arrivals in 2014. However,
domestic tourism has shown dynamic
performance throughout 2014, reaching
257.2 million visitor arrivals to Beijing,
which is a 4.0% increase compared
to 2013.
Although there was some recovery
in 2014, driven by new opportunities
from domestic tourism and economy
transformation, hotels still experienced
difficulties due to restrictions on
government consumption and slowing
economic growth. MICE demand has
remained strong through the ongoing
APEC meetings during 2014.
The main supply in 2014 was through
international brands in the high-end
category, with 1,860 rooms entering
the market. With several projects
postponed from 2014, there are
estimated to be more than 2,000 rooms
in the pipeline for 2015. New brands
including Hotel Nuo and the Mandarin
Oriental will be making an entrance into
the Beijing market.
The integration of Beijing, Tianjin, and
development of the capital economic
circle will continue to attract MICE
demand in the future. As well as this,
the construction of Tongzhou District
Universal Studios and a second airport
will help facilitate international arrivals.
NEW HOTELS
NOTABLE HOTEL DEALS
in 2014
349
rooms
W Beijing
329
rooms
Beijing Wangfujing
Renaissance hotel
283
rooms
Rosewood Beijing
QUICK FACTS
UPCOMING HOTELS
Kempinski Beijing Sunrise
CTS tower Metropark
InterContinental Beijing City Center
Tangram Hotel
Mandarin Oriental Beijing
4.3 million
Arrivals 2014
1,860 rooms 69.4%
Number of New Rooms
2014
Note: Beijing Hotels refers to upscale stock only.
Source: STR Global (YTD December 2014), Beijing Tourism Bureau, JLL
Occupancy
200
rooms
Grand Mecure
DongCheng
RMB
967
Average Daily
Rate (ADR)
111
rooms
Yanqi Lake hotel by
Kempinski Beijing
Sunrise
RMB
672
Room (RevPAR)
23
24
Bangkok
Bangkok may be in a period of political upheaval, but few industry
experts doubt the long-term prospects of the Thai capital’s hotel and
hospitality sector. International tourists enjoy a colourful city break en
route to Thailand’s paradise coastlines. Bangkok hotels receive most of
their guests from Asia with China, Japan, India and Korea representing
the top four markets. Bangkok’s sights, attractions, and city life appeal
to diverse groups of tourists. Royal palaces and temples as well as
museums constitute its major historical and cultural tourist attractions.
Shopping and dining experiences offer a range of choices and prices.
The city is also famous for its nightlife.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
International tourist arrivals to Bangkok
numbered 15.5 million in 2014, recording
an 11.3% decline over 2013. This
represented the first decline since 2009,
due to the political demonstrations
during the first quarter across the
capital city followed by a military coup.
China remains the biggest source
market to Bangkok, followed by Japan,
India and Russia. It must be noted that
each of the top ten feeder markets
witnessed a decline in the number of
visitor arrivals during 2014. The primary
purpose of visit for the majority of
tourists to Bangkok is leisure, followed
by business and MICE.
New room supply declined in 2014
compared to the past few years.
Nevertheless, hotel room supply is
expected to grow in the near future
with more than 3,000 rooms expected to
enter the market during 2015. Notable
hotel openings in 2014 included the
Radisson Blu Plaza Hotel (four-star) and
Holiday Inn Express Sukhumvit Soi 11
(three-star).
Bangkok saw some respite in
international visitor numbers towards
the end of 2014 as the political situation
stabilised. In the medium term, we
expect market performance to rebound
as political tensions ease and Bangkok
tourism shows its resilience once again.
Demand is forecast to continue to
recover strongly in 2015.
NEW HOTELS
NOTABLE HOTEL DEALS
Four Points By Sheraton,
Sukhumvit 15
– Undisclosed
Oakwood Apartments Trilliant
Sukhumvit 18
– Undisclosed
Citrus Sukhumvit 22
– Undisclosed
UPCOMING HOTELS
Ibis IMPACT
Crowne Plaza Sukhumvit
Amara Bangkok
Premier Inn Soi 11
Park Hyatt Central Embassy
290
306
rooms
Radisson Blu Plaza
Hotel
214
rooms
Le Méridien
Suvarnabhumi Golf
Resort and Spa
184
rooms
Holiday Inn Express
Sathorn
QUICK FACTS
161
rooms
Holiday Inn Express
Sukhumvit Soi 11
THB
15.5 million 1,264 rooms 54.7% 5,820
Arrivals 2014
Number of New Rooms
2014
Occupancy
Note: Bangkok Hotels refers to Luxury stock only.
Source: STR Global (YTD December 2014), Tourism Authority of Thailand, JLL
Average Daily
Rate (ADR)
86
rooms
U Sathorn Bangkok
THB
3,181
Room (RevPAR)
Phuket
Phuket is Thailand’s largest island and one of the most popular tourist
destinations in Southeast Asia. Located in the Andaman Sea, the island’s
long history has shaped the Phuket of the present with its diverse ethnic
groups, culture and architectural influence. These attributes have made
Phuket a complete tourist destination that offers a lot more beyond its
natural heritage of sea, sand, forest, and world-renowned diving sites.
Sino-Portuguese architecture casts its spell delighting visitors, while
Phuket’s style of hospitality has never failed to impress tourists from all
walks of life.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
International visitor arrivals to Phuket
reached 3.2 million in 2014, recording
a marginal improvement of 0.3% over
2013. Phuket may have benefited
from tourists looking for alternatives
to Bangkok as they tried to avoid the
political demonstrations.
During 2013 (latest available), China,
Russia and Australia were Phuket’s
top three source markets, according
to the Department of Tourism. Among
Phuket’s top ten source markets in
2013, Russia, Japan and China were the
fastest growing markets registering a
y-o-y growth of 68.7%, 21.4% and 19.5%
respectively.
During 2014, Phuket witnessed an
addition of 1,421 new rooms, the
majority of which were categorised
in the upscale segment. The total
number of rooms in Phuket stood at
57,358 at year-end 2014. The west coast
(including Patong, Layan and Kamala)
remains the most popular location for
new hotel developments capturing
53.3% of total future supply between
2015 and 2018.
International tourist arrivals should
continue to grow driven by Chinese
tourists and facilitated by the future
completion of the expansion of the
Phuket International Airport. In the
medium to longer term, we expect
occupancy levels to bounce back in
light of growing demand and limited
future room supply.
NEW HOTELS
NOTABLE HOTEL DEALS
Burasari Patong Phuket
– THB 1.3 billion
314
rooms
Grand Mercure Phuket
Patong
224
rooms
Novotel Phuket
Karon Resort & Spa
224
rooms
Best Western Patong
Beach Hotel
QUICK FACTS
UPCOMING HOTELS
Centara Grand Moringa Resort & Spa
Ramada Phuket Deevana
Novotel Phuket Town
Nikki Beach Hotel & Spa
Ibis Styles Phuket Town
3.2 million
Arrivals 2014
144
rooms
Tune Hotel
THB
1,421 rooms 69.0% 4,178
Number of New Rooms
2014
Occupancy
Note: Phuket Hotels refers to Marketwide Hotels.
Source: STR Global (YTD December 2014), Tourism Authority of Thailand, JLL
Average Daily
Rate (ADR)
105
rooms
Eastin Yama Hotel
Phuket
THB
2,881
Room (RevPAR)
25
26
Mumbai
Home to major corporate and financial institutions, Mumbai has
emerged as the economic powerhouse of the country and thus known
as the ‘Financial Capital of India’. Mumbai also serves as a gateway to
western India and has the second busiest domestic and international
airport. Apart from business demand, Mumbai is also popular among
leisure tourists as it serves as a base for visiting popular tourist
destinations in Western India including Goa. Such a demand profile has
proven to be a boon for the city’s lodging market.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
During 2014, both domestic as well
as international passenger traffic to
Mumbai airport grew to an all-time
high of 23.9 million and 11.1 million
respectively. For foreign tourists,
Mumbai also serves as an entry point
into India for connectivity to other
destinations within the country. Hotels
located in South Mumbai primarily cater
to demand from the leisure segment.
Mumbai is the commercial capital of
India and thus the nature of lodging
demand tends to be dominated by
commercial demand, which contributes
close to 75% of the city’s overall lodging
demand. MICE demand is typically
generated from a number of large
conventions organised in Mumbai and
is expected to grow further with the
development of proposed facilities like
the Dhirubhai Ambani International
Convention and Exhibition Centre
(DAICEC) in BKC by 2017.
Mumbai has seen very limited new hotel
openings in the branded segment over
the past few years. However, future
supply includes 25 hotels comprising of
6,633 rooms currently under different
stages of development and planning.
While the strong supply pipeline
remains a challenge for the market in
the near term, substantial improvements
in infrastructure along with a positive
economic outlook shall underpin the
improvement in demand, with future
supply to be fully absorbed over the
medium to long term.
NEW HOTELS
NOTABLE HOTEL DEALS
in 2014
390
rooms
The Palladium Hotel
58
rooms
Majestic Court Sarovar
Portico Navi Mumbai
QUICK FACTS
UPCOMING HOTELS
JW Marriott Sahar Airport Road
Taj Airport Hotel, Terminal 1C
11.1 million
Arrivals 2014
INR
None
Number of New Rooms
2014
66.8% 8,769
Note: Mumbai performance pertains to Luxury stock only.
Source: STR Global (YTD December 2014), Airports Authority of India, JLL
Occupancy
Average Daily
Rate (ADR)
INR
5,859
Room (RevPAR)
Delhi
Delhi is a city that bridges two different worlds. Old Delhi, once the
capital of Islamic India, is a labyrinth of narrow lanes lined with
crumbling havelis and formidable mosques. In contrast, the imperial
city of New Delhi created by the British Raj is composed of spacious,
tree-lined avenues and imposing government buildings. Delhi enjoys a
diverse economic base driven by sectors such as information technology,
banking, financial services and consulting. Apart from its commercial
and political importance, the city is also an important leisure tourist
destination, showcasing a rich and diverse cultural heritage.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
International passenger traffic reached
an all-time high during 2014 at 13.4
million, a growth of 4.7% y-on-y. With
the launch of an e-visa facility for
visitors from 43 countries in November
2014, international arrivals are expected
to grow further in the near term.
Lodging demand in Delhi includes
a healthy mix of business, MICE
and leisure. Business demand has
rebounded post the election results
and is likely to remain strong over
the medium term, primarily driven by
growing foreign investment into
the country.
The 316-room Ibis Delhi Airport opened
in August, making it the first property
operated by Accor in Delhi. There will
be two additional hotels from the same
operator – Novotel and Pullman New
Delhi Aerocity – which are expected to
be operational in 2015.
Demand levels have shown an
upward trend during 2014 across
all star categories. We expect the
surge in demand to continue over the
medium term underpinned by a stable
government formation at the centre,
business friendly environment and
continued government commitment to
support the tourism industry.
NEW HOTELS
NOTABLE HOTEL DEALS
There were no hotel transactions in
2014
316
rooms
Ibis Delhi Airport
280
rooms
Lemon Tree Premier,
Delhi Airport
265
rooms
Holiday Inn New Delhi
International Airport
QUICK FACTS
UPCOMING HOTELS
Novotel New Delhi Aerocity
Pride Hotel Aerocity
Pullman New Delhi Aerocity
Vivanta by Taj Dwarka
Dusit D2 Aerocity
207
rooms
Red Fox Hotel,
Delhi Airport
INR
13.4 million 1,144 rooms 67.5% 9,372
Arrivals 2014
Number of New Rooms
2014
Note: Delhi performance pertains to Luxury stock only.
Source: STR Global (YTD December 2014), Airports Authority of India, JLL
Occupancy
Average Daily
Rate (ADR)
76
rooms
Park Inn by Radisson
IP Extension
INR
6,328
Room (RevPAR)
27
28
Ho Chi Minh City
As a result of the sweeping economic changes wrought by doi moi in
1986, Ho Chi Minh City, perched on the banks of the Saigon River and
still known as Saigon to its eight million or so inhabitants, has changed
its image from that of a war-torn city to one of a thriving metropolis.
With all the key components of economic success – fine restaurants,
flash hotels, glitzy bars and clubs, and shops selling imported luxury
goods – are here, adding a glossy veneer to the city’s hotchpotch
landscape of French stones of empire, venerable pagodas and austere,
Soviet-style housing blocks.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
International arrivals registered a y-o-y
growth of 7.1% in 2014 to reach 4.4
million. 2014 was the third consecutive
year of positive international arrival
growth with a CAGR of 12.4% between
2011 and 2014.
Top source markets to Ho Chi Minh
City include China, South Korea,
Japan and USA. The Vietnam National
Administration of Tourism targets
4.7 million foreign arrivals to the city
in 2015.
During 2014, the Starcity Airport Hotel
with 300 rooms was the only addition in
supply in Ho Chi Minh City. Hotel supply
is expected to grow further with the
addition of 1,577 rooms during 2015.
The tourism department plans to
improve the quality of tourism products
and services in hotels and river tourism,
as they try to sustain the growth in
tourism. The department aims to
improve human resources and promote
the city overseas.
NEW HOTELS
NOTABLE HOTEL DEALS
Mövenpick Hotel Saigon
– USD 30.4 million
300
rooms
126
rooms
68
rooms
Starcity Airport Hotel
QUICK FACTS
UPCOMING HOTELS
Le Méridien Saigon
Ibis Grand Palace
4.4 million
Arrivals 2014
651 rooms
Number of New Rooms
2014
66.4%
Occupancy
Note: Ho Chi Minh City Hotels refers to Marketwide Hotels.
Source: STR Global (YTD December 2014), Vietnam National Administration of Tourism (VNAT), JLL
USD
USD
Average Daily
Rate (ADR)
Room (RevPAR)
116
77
Hanoi
Hanoi, the capital of Vietnam and second largest city in the country,
offers a fascinating blend of East and West, combining traditional
Sino-Vietnamese motifs with French flair. It is largely unscathed from
the decades of war, and is now going through a building boom, making
it a rapidly developing city in Southeast Asia. Its crumbly, lemonhued colonial architecture is a feast for the eyes; swarms of buzzing
motorbikes invade the ear, while the delicate scents and tastes of
delicious street food can be found all across a city that – unlike so many
of its regional contemporaries – is managing to modernise with a degree
of grace.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
During 2014, international arrivals to
Hanoi increased by 16.3% from 2013 to
reach an all-time high of three million.
Visitor arrivals to Hanoi have shown
sustained growth for five
consecutive years.
Top source markets to Hanoi include
China, South Korea, Japan and USA.
The growing number of domestic
flights from Hanoi is benefiting the
overall tourism industry as visitors
are encouraged to travel to multiple
destinations throughout Vietnam.
During 2014, 1,021 new rooms entered
the market, with the most notable
openings being the Lotte Centre and JW
Marriott. 2015 is expected to witness
an additional supply of 359 rooms in the
branded segment.
Hanoi is continuing to work on its
tourism development plan through to
2020, including the development of
the Ba Vi-Suoi Hai zone into a national
tourist zone. Moreover, the government
continues to promote MICE tours by
organising various international sports,
cultural and political events
and festivals.
NEW HOTELS
NOTABLE HOTEL DEALS
in 2014
445
rooms
JW Marriott
318
rooms
Lotte Centre
QUICK FACTS
UPCOMING HOTELS
The InterContinental Hanoi
3.0 million
Arrivals 2014
748 rooms
Number of New Rooms
2014
68.0%
Occupancy
Note: Hanoi Hotels refers to Marketwide Hotels.
Source: STR Global (YTD December 2014), Vietnam National Administration of Tourism (VNAT), JLL.
USD
USD
Average Daily
Rate (ADR)
Room (RevPAR)
109
74
29
30
Bali
Known as the island of the gods, Bali is one of the most popular tourist
destinations in the world. Few places on earth are blessed with the
amount of sandy beaches, rugged coastlines, lush rice terraces, barren
volcanic hillsides, panoramic views, art galleries, local traditions,
culture and nightlife that Bali has to offer. On top of all this, Bali is
benefiting from increased domestic and international visitor arrivals
thanks to its continuously improving infrastructure, affordable air
connections and Indonesia’s stable economic growth. Despite the rapid
growth of development and tourism, the Balinese tradition, culture and
lifestyle is still what it was and continues to make the island stand out
from other destinations.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
In 2014, international visitor arrivals to
Bali registered a 15.1% increase over
the previous year to 3.7 million visitors,
recording a new peak for Bali. The antiChinese riots in Vietnam, the MH370
flight incident and the military coup
in Thailand resulted in a diversion of
visitors from those countries directly to
Bali and contributed to the growth
in visitation.
Major source markets to Bali showed
remarkable growth in 2014 including
Mainland China (+51.2% y-o-y),
Singapore (+28.6% y-o-y) and Australia
(+19.1% y-o-y). Improvements in
infrastructure including the expansion
of Ngurah Rai International Airport
in June 2014 and an increase in flight
connectivity from the major source
markets have encouraged visitation to
the resort destination.
Hotel supply in the pipeline will be
mainly located in the Seminyak, Pecatu,
Kuta and Nusa Dua areas. If all projects
materialise, JLL expect an addition of
12,831 rooms between 2015 and 2018,
representing an increase of 40.6% from
2014 to 2018.
The increase in airlift as well as a
visa-free initiative for several major
source markets from 2015 is expected to
draw more visitors to the resort island.
However, in light of the significant
increase in hotel supply over the next
few years, this will put some pressure
on the hotel market and also on existing
hotels to upgrade their properties.
NEW HOTELS
NOTABLE HOTEL DEALS
in 2014
321
rooms
Mercure Bali Legian
313
rooms
The Ritz-Carlton Bali
280
rooms
Ramada Encore Bali
Seminyak
QUICK FACTS
UPCOMING HOTELS
Eaton Luxe Nirwana Bali
Centara Crystal on the Bay Nusa Dua
Hilton Garden Inn Bali Ngurah Rai
Airport
Hotel Indigo Seminyak
3.7 million
Arrivals 2014
3,838 rooms 70.5%
Number of New Rooms
2014
Note: Bali Hotels refers to Luxury stock only.
Source: STR Global (YTD December 2014), Statistics Indonesia, JLL
ADR - Average daily rate, RevPAR - Revenue per available room.
Occupancy
146
rooms
Double-Six Seminyak
USD
452
Average Daily
Rate (ADR)
94
rooms
Golden Tulip Essential
Denpasar
USD
319
Room (RevPAR)
Jakarta
Primarily a city of government, business, industry and trade, Jakarta is
also the main gateway to Indonesia’s many tourism destinations. In 2014
Jakarta witnessed its highest ever number of visitor arrivals. Although
the capital of the world’s fourth most populous nation is seldom viewed
as a centre for tourism and culture itself, efforts to improve the city’s
reputation as a service and tourism city have been stepped-up. In recent
years, Jakarta has expanded its facilities for visitors by developing new
multi-star luxury hotels, entertainment centres, fine restaurants as well
as tourist attractions in an effort to boost visitor arrivals.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
Jakarta were recorded at 2.3 million,
a marginal 0.3% increase from 2013.
Growth in international visitor arrivals
slowed from 9.1% in 2013, possibly due
to the presidential elections which took
place during H1 2014.
International visitors to Jakarta are
mainly derived from corporate and
meetings, incentives, conventions
and exhibitions (MICE) demand. The
increase in flight connectivity between
Jakarta and major gateway cities, and
infrastructure improvements in the city,
will continue to encourage visitation to
the capital city.
We estimate that 2,454 rooms opened
in Jakarta in 2014, most of which are
in the economy and midscale sectors.
Hotel openings comprised domestic
brands such as Swiss-Belinn as well
as international brands including
Holiday Inn Express, Ibis, Mercure,
Best Western and Doubletree by Hilton.
There were no upscale or luxury hotel
openings in 2014.
Jakarta and Indonesia as a whole
experienced a volatile early 2014 with
the depreciation of the Indonesia
Rupiah and the presidential elections.
However, with the elections over and
the economic situation stabilising, a
cautious optimism has returned to the
country with investors relooking at one
of Southeast Asia’s largest economies.
The upcoming pipeline of luxury and
upscale hotel developments will also
strengthen Jakarta’s standing as a key
gateway city in Indonesia.
NEW HOTELS
NOTABLE HOTEL DEALS
in 2014
297
rooms
Holiday Inn Express
Jakarta Pluit Citigate
251
rooms
Ibis Styles
Jakarta Airport
166
rooms
Mercure Jakarta
Sabang
QUICK FACTS
UPCOMING HOTELS
Fairmont Jakarta
Raffles Jakarta
The Westin Jakarta
InterContinental Pondok Indah
Jakarta
Sheraton Jakarta Gandaria City Hotel
2.2 million
Arrivals 2014
2,454 rooms 63.7%
Number of New Rooms
2014
Note: Jakarta Hotels refers to Upscale stock only.
Source: STR Global (YTD December 2014), Statistics Indonesia, JLL
Occupancy
156
rooms
Swiss-Belinn
Kemayoran
USD
181
Average Daily
Rate (ADR)
145
rooms
Swiss-Belinn
Airport
USD
115
Room (RevPAR)
31
32
Yangon
While no longer the nation’s capital, Yangon remains the largest
and most commercially important city in Myanmar and is a melting
pot of different cultures and communities. Serving as the country’s
main entrance and seaport, it is the country’s centre of business. The
magnificent Shwedagon Pagoda dominates the city skyline, while at
street level Yangon is a paradise for hunting out a variety of exotic arts
and crafts. It still maintains its colonial charm with wide tree lined
avenues, tranquil lakes, and gracious turn of the century architecture.
Since the 2010 elections, Yangon’s fortunes have skyrocketed along with
its land prices, as both local and foreign investors scrambled to gain a
foothold.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
Foreign visitor arrivals to Yangon have
grown rapidly after cyclone Nargis in
2008, achieving a CAGR of 31.5% over
the seven year period, albeit starting
from a very low base. Arrivals grew by
18.9% to 972,597 during 2014 compared
to the previous year.
Thailand and Mainland China have been
the top source markets to Myanmar
over the past few years given their
close proximity and long-standing
economic cooperation. During 2014,
Thailand was the top source market to
Myanmar, followed by Mainland China
and Japan.
The majority of lodging supply in Yangon
can be characterised as unbranded,
while supply considered to be of
international standard remains fairly
limited. However, there are more than
5,000 rooms (mostly branded) slated to
enter the market over the next three
to five years. Once operational, total
supply of international standard rooms
will more than double in Yangon.
Tourist arrivals to Yangon are expected
to continue growing aided by the
expansion of the existing airport and
construction of a new Hanthawaddy
International Airport by 2018. In terms
of supply, while the majority of future
supply is categorised as luxury and
upscale, we see a strong opportunity
for branded midscale hotels since the
segment remains largely untapped.
NEW HOTELS
NOTABLE HOTEL DEALS
There were no hotel transactions in
2014
214
rooms
Sule Shangri-La
Expansion
(formerly Traders Hotel)
123
rooms
Rose Garden Hotel
(Phase-1)
120
rooms
Shangri-La Residences
(Phase-2)
QUICK FACTS
UPCOMING HOTELS
Novotel Hotel Max
Hilton Yangon
Rose Garden Hotel (Phase-2)
972,597
Arrivals 2014
457 rooms
Number of New Rooms
2014
71.9%
Occupancy
USD
169
Average Daily
Rate (ADR)
Note: Yangon hotels refer to Luxury and upscale hotels only.
Source: Ministry of Hotels & Tourism, JLL
ADR - Average daily rate, RevPAR - Revenue per available room, CAGR – Compound Annual Growth Rate
USD
121
Room (RevPAR)
Seychelles
The granite islands of the Seychelles archipelago cluster around the
main island of Mahé, home to the country’s international airport and
its capital, Victoria. Measuring 28 kilometres long by eight kilometres
wide, the island is home to almost 90% of the Seychelles’ total
population, reflecting the country’s diverse ethnicity and descent from
African, Indian, Chinese, and European populations. Together, the
islands of Mahé, Praslin and La Digue form the cultural and economic
hub of the nation and contain the majority of Seychelles’ tourism
facilities as well as its most stunning beaches. An expensive destination
renowned for its ultra-luxurious options, the Seychelles also offers
plenty of quaint, affordable self-catering facilities and guesthouses.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
Seychelles increased to 232,667, largely
driven by European countries. However,
the growth rate has slowed to 1.0% in
2014 compared to 10.7% in 2013.
Germany, France and Italy remain
the dominant source markets with a
contribution of 15.4%, 13.9% and 8.5%,
respectively. However, visitor arrivals
from France and Italy declined by 9.4%
and 8.7% y-o-y during 2014. Chinese
visitors offset this decline with a y-o-y
growth of 72.4%.
The Savoy Resort & Spa opened in May
2014, adding 163 rooms to the market.
Supply is expected to continue to grow
during 2015 with a total inventory of 284
rooms, including the 124-room Avani
Seychelles Barbarons Resort & Spa that
was launched in February 2015.
The Seychelles Tourism Board plans to
launch its “I love Seychelles” tourism
promotion campaign during 2015,
with the aim of raising Seychelles’
profile and strengthen awareness
of Seychelles as a destination. The
board plans to concentrate on the key
European source markets and China,
which includes the commencement of
non-stop direct flights from Beijing to
Seychelles.
NEW HOTELS
NOTABLE HOTEL DEALS
Banyan Tree Seychelles (70%)
– USD 25 million
123
rooms
Avani Seychelles
Barbarons Resort & Spa
QUICK FACTS
UPCOMING HOTELS
Six Senses Zil Pasyon
Nira Sathwa
232,667
Arrivals 2014
123 rooms
Number of New Rooms
2014
Note: Seychelles Hotels refers to Marketwide Hotels.
Source: Seychelles’ National Bureau of Statistics, JLL.
65.0%
Occupancy
(2013)
USD
400
Average Daily
Rate (ADR)
(2013)
USD
260
Room (RevPAR)
(2013)
33
34
Maldives
A vast stretch of 26 atolls in the azure waters of the Indian Ocean, the
Maldives is one of the world’s finest paradise resorts. Few destinations
are blessed with such close proximity to so many fast-growing tourist
markets: Russia, India, Mainland China and the emerging markets of
Southeast Asia are all within 10-hour direct flights. But demand from
Europe, the Maldives’ traditional visitor source, is growing too, with
Germany supplying the second highest number of arrivals. Mainland
China takes the top spot. Nightly rates are rocketing as a result, driving
real estate transactions in access of USD 1 million per room as investors
scramble to get their share of paradise.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
As at YTD December 2014, visitor
arrivals increased by 7.1% y-o-y to
1.2 million visitors. This increase was
underpinned by strong growth in visitors
from Mainland China, South Korea and
India. The Mainland Chinese market has
been a major source market that has
resulted in a surge in visitor arrivals to
the Maldives over the last few years.
As the leading source market to the
Maldives, Mainland China comprises
about 30.2% of total visitor arrivals to
the country in 2014, which is more than
three times that of the second leading
source market; Germany. The fastest
growing source markets as at the end
of 2014 included India, South Korea and
Mainland China with 19.9%, 15.1% and
9.6% growth, respectively.
The latest resort to open in the Maldives
is Amilla Fushi on Baa Atoll in December
2014. The property is the first property
under the Amilla brand created by
The Small Maldives Island Co., and
comprises 34 over-water villas and 36
land suites/villas. There were four resort
openings in 2014, adding 280 rooms to
the Maldives’ room inventory.
Underpinned by its liberal trade
environment, increasingly dynamic
private sector, and robust growth in
visitor arrivals, we expect investor
interest in the Maldives to remain
strong. Recent legislative changes that
include acquiring islands on longer
leases as well as the opportunity to
extend existing leases will also help
encourage investment demand.
NEW HOTELS
NOTABLE HOTEL DEALS
Outrigger Konotta Island Resort
– Undisclosed
Beach House Iruveli
– USD 72 million
Herathera Island Resort
UPCOMING HOTELS
Outrigger Konotta Island Resort
Radisson Blu Maldives Hulhumale
Amilla Finolhu Maldives
105
rooms
Loama Resort Maldives
at Maamigili
84
rooms
JA Manafaru
70
rooms
Amilla Fushi
QUICK FACTS
1.2 million
Arrivals 2014
280 rooms
Number of New Rooms
2014
68.4%
Occupancy
Note: Maldives Hotels refers to Marketwide Hotels.
Source: STR Global (YTD December 2014), Ministry of Tourism, Arts & Culture, JLL
66
rooms
Maalifushi by COMO
USD
756
Average Daily
Rate (ADR)
52
rooms
Club Med Finolhu
Villas
USD
517
Room (RevPAR)
Sri Lanka
Located south of the Indian subcontinent and just above the Equator
amid the pleasant waters of the Indian Ocean, the tropical island
nation of Sri Lanka is a place where nature’s beauty remains abundant
and unspoilt. Six years after the end of the Sri Lankan civil war, the
tourism sector has seen tremendous growth. The impressive pace of
infrastructure development including several new expressways and a
second international airport, as well as focused destination marketing
efforts, have strengthened the country’s position as a competitive
tourism destination.
HIGHLIGHTS
Tourism
Demand
Supply
Outlook
Sri Lanka continued on its high growth
trajectory, with 2014 arrivals growing
by 19.8% year-on-year to 1.5 million
tourists. Total tourism earnings during
the nine-month period from January
through September (latest available)
increased 31.4% to USD 1.6 billion
in 2014. The Sri Lankan Tourism
Development Authority (SLTDA) has set
a target of 2.5 million annual arrivals by
2016, which amounts to a compounded
annual growth of over 25% y-o-y.
While Sri Lanka earlier depended
heavily on European tourist traffic, there
has been a recent increase in tourist
inflow from the Asia Pacific region,
particularly from India and Mainland
China. Visitors from Mainland China
grew 136.1% in 2014 making it one of
the fastest growing source markets to
Sri Lanka, while India remained the top
source market with a share of 15.9%.
The 158-room Ozo Colombo opened
in May, marking the entry of Onyx
Hospitality in Sri Lanka. The hotel
operator will open a 122-key Ozo Kandy
in April 2015 and has also announced
the ground breaking of the construction
of a 172-key Amari branded resort in
Galle in February 2015.
With a new government formation under
the leadership of President Maithripala
Sirisena, the government remains
committed on its focus to improve
the overall tourism infrastructure
in the country. Continued focus on
facilitating FDI investment into the
country, particularly in the tourism,
infrastructure, knowledge services,
export and manufacturing sectors will
continue to drive business demand to
Sri Lanka.
NEW HOTELS
NOTABLE HOTEL DEALS
Anantara Tangalle (49.9%)
Dickwella Resort & Spa
242
rooms
Cinnamon Red Colombo
165
rooms
Centara Ceysands
Resort & Spa, Bentota
158
rooms
Ozo Colombo
QUICK FACTS
UPCOMING HOTELS
Marriott Weligama
Anantara Tangalle
Ozo Kandy
1.5 million
Arrivals 2014
617 rooms
Number of New Rooms
2014
Note: Sri Lanka Hotels refers to Luxury Hotels only.
Source: SLTDA, JLL
72.0%
Occupancy
60
rooms
Best Western Elyon
Hotel Colombo
USD
USD
Average Daily
Rate (ADR)
Room (RevPAR)
114
82
35
36
Quick Facts
INTERNATIONAL VISITOR
ARRIVALS 2014
NUMBER OF
NEW ROOMS 2014
OCCUPANCY
USD AVERAGE
DAILY RATE (ADR)
USD REVENUE PER
AVAILABLE ROOM
(REVPAR)
60.8 million
1,750
78.5%
476
373
31.5 million
0
90.6%
211
191
pore
a
g
n
Si y)
15.1 million
1,773
80.3%
323
259
r
mpu
u
L
la
)
Kua Upscale
22.9 million
739
73.3%
150
110
0
87.1%
204
178
426
85.8%
177
152
g
Kon
g
n
Houry)
(Lux
au
Maucry)
(Lux
ur
(Lux
ury
(Lux
&
ey
Sydn
(YTD October 2014)
22.6 million
rne
bou
l
e
M
14.8 million
d
klan
c
u
A
2.8 million
153
82.2%
123
101
2.7 million
2,658
67.4%
126
85
14.2 million
1,665
78.1%
191
149
9.0 million
803
67.3%
249
167
8.7 million
248
82.8%
432
357
4.2 million
360
80.8%
168
136
7.9 million
1,662
66.3%
171
113
ila
Man
l
Seou
ei
)
Taiupry & Upscale
(YTD July 2014)
(YTD December 2014)
(Lux
yo
Tok )
ury
(Lux
)
ka
Osa & Upscale
ury
(Lux
ghai
n
a
Sh cale)
(Ups
INTERNATIONAL VISITOR
ARRIVALS 2014
NUMBER OF
NEW ROOMS 2014
OCCUPANCY
USD AVERAGE
DAILY RATE (ADR)
USD REVENUE PER
AVAILABLE ROOM
(REVPAR)
ing
Beij le)
4.3 million
1,860
69.4 %
157
109
gkok
n
a
B )
15.5 million
1,264
54.7%
178
97
3.2 million
1,421
69.0%
128
88
11.1 million
0
66.8%
143
96
13.4 million
1,144
67.5%
153
103
4.4 million
651
66.4%
116
77
3.0 million
748
68.0%
109
74
3.7 million
3,838
70.5%
452
319
2.2 million
2,454
63.7%
181
115
972,597
457
71.9%
169
121
elles
h
c
y
Se
232,667
123
65.0%
400
260
(2013)
(2013)
(2013)
s
dive
l
a
M
1.2 million
280
68.4%
756
517
nka
a
L
i
Sruxury)
1.5 million
617
72.0%
114
82
ca
(Ups
ury
(Lux
ket
Phu
bai
m
u
Muxury)
(L
i
Delh
ury)
(Lux
h
Min
i
h
Ho C
City
oi
Han
Bali )
ury
(Lux
rta
Jakaale)
c
(Ups
gon le)
Yanury and Upsca
(Lux
(L
37
38
Contributors
Scott Hetherington
Craig Collins
Troy Craig
Tom Sawayanagi
Mark Durran
Mike Batchelor
Chief Executive Officer
Asia
[email protected]
Managing Director
Strategic Advisory
Asia Pacific
[email protected]
Managing Director
Investment Sales
Australasia
[email protected]
Frank Sorgiovanni
Head of Research
Asia Pacific
[email protected]
Chief Executive Officer
Australasia
[email protected]
Managing Director
Japan
[email protected]
Managing Director
Investment Sales
Asia
[email protected]
Front cover
Shanghai skyline, China
About JLL Hotels & Hospitality Group
JLL’s Hotels & Hospitality Group serves as the hospitality industry’s global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and
fractional ownership properties; convention centers; mixed-use developments and other hospitality properties. The firm’s more than 320 dedicated hotel and hospitality
experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire
lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totaling more than
US $48 billion, while also completing approximately 4,500 advisory, valuation and asset management assignments. The group’s hotels and hospitality specialists provide
independent and expert advice to clients, backed by industry-leading research.
For more news, videos and research from JLL’s Hotels & Hospitality Group, please visit: www.jll.com/hospitality, download the Hotels & Hospitality Group app for iOS and
Android, or view our e-magazine The Hotel Investor, available for iPad.
JLL Hotels & Hospitality Group offices
Atlanta
Tel +1 404 995 2100
Dubai
Tel +971 4 426 6999
Lyon
Tel +33 4 78 89 26 26
New York
Tel +1 212 812 5700
Auckland
Tel +64 9 366 1666
Düsseldorf
Tel +49 211 13006 0
Madrid
Tel +34 91 789 1100
Paris
Tel +33 1 4055 1718
Bangkok
Tel +66 2 624 6400
Exeter
Tel +44 1392 423696
Manchester
Tel +44 161 828 6440
Perth
Tel +61 8 9322 5111
Barcelona
Tel +34 93 318 5353
Frankfurt
Tel +49 69 2003 0
Marseille
Tel +33 4 95 09 13 13
Rome
Tel +39 06 4200 671
Beijing
Tel +86 10 5922 1300
Glasgow
Tel +44 141 248 6040
Melbourne
Tel +61 3 9672 6666
São Paulo
Tel +55 11 3043 6900
Brisbane
Tel +61 7 3231 1400
Hong Kong
Tel +852 2846 5000
Mexico City
Tel +52 55 5980 8054
San Francisco
Tel +1 415 395 4900
Buenos Aires
Tel +54 11 4893 2600
Istanbul
Tel +90 212 350 0800
Miami
Tel +1 305 529 6345
Shanghai
Tel +86 21 6393 3333
Chengdu
Tel +86 28 6680 500
Jakarta
Tel +62 21 2922 3888
Milan
Tel +39 02 8586 8672
Singapore
Tel +65 6536 0606
Chicago
Tel +1 312 782 5800
Leeds
Tel +44 113 244 6440
Moscow
Tel +7 495 737 8000
Sydney
Tel +61 2 9220 8777
Dallas
Tel +1 214 438 6100
London
Tel +44 20 7493 6040
Munich
Tel +49 89 2900 8882
Tokyo
Tel +81 3 5501 9240
Denver
Tel +1 303 260 6500
Los Angeles
Tel +1 213 239 6000
New Delhi
Tel +91 124 331 9600
Washington D.C.
Tel +1 202 719 5000
www.jll.com/hospitality
Jones Lang LaSalle Property Consultants Pte Ltd | CEA Licence No. L3007326E
© 2015 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.

Hotel Destinations Asia Pacific

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