|Just How Well Is The Asia-Pacific Hospitality Market Doing?|
By Melanie Nayer ~ Weekly Exclusive - Views On The Latest Trends
Thursday, 26th December 2013
Exclusive Feature: According to experts, the region is expected to reach close to $352 billion this year;
The astounding information comes straight from PhoCusWright, an industry research agency, that released the figures this quarter at ITB Asia, 'The Trade Show for the Asian Travel Market'.
The reason for the upsurge in Asia-Pacific tourism spending: the flurry of activity and new hotels opening in China, India and South East Asia.
PhoCusWright predicts the Asia-Pacific region will reach $351.9 billion by the end of 2012, putting it ahead of Europe to become the world's biggest regional travel market for the year.
“We expect the Asia-Pacific travel market to maintain its growth through 2015 to reach USD 407.3 billion and China will account for a third of that. The Indonesian market is also poised for rapid development in the next three years and double-digit growth is forecast for several Asia-Pacific markets through 2015,” said Chetan Kapoor, Research Analyst – Asia Pacific, PhoCusWright, in a statement.
The PhocusWright study also states projected growth figures for the countries within Asia Pacific over the next three years led by China, Japan and the Pacific region.
Are you surprised by these figures? Based on press releases from hotel brands throughout the year, seems this news wasn't entirely unbeknownst to all. Ritz-Carlton, Marriott, Hilton, Mandarin Oriental, Starwood and more all announced new hotel openings in Asia-Pacific this year. Ritz-Carlton rounded out 2012 with the some of the biggest news yet – the brand's ultra-luxury Reserve hotels will open in Bali in 2015, making it the second Reserve property in Asia-Pacific (Phulay Bay in Krabi, Thailand, is where the first Reserve resides), and sure to bring plenty of luxury travel to the region.
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Melanie Nayer is a hotel reviewer and expert on luxury travel around the world. She has covered all aspects of hotels including corporate restructures, re-branding initiatives, historical aspects and the best of the best in luxury hotels around the world.
Melanie writes a weekly exclusive column for 4Hoteliers.com