The ongoing travel momentum in Asia Pacific, which gained traction in the latter half of 2022, has resulted in a notable improvement in hotel performance.
Average Daily Rates have reached record levels, and occupancy rates continue to rise steadily.
Despite the robust demand, the recovery has encountered challenges such as manpower shortage and rising costs which has reduced inventory in some markets.
The tourism sector in the region also faces headwinds such as economic pressures, geopolitical tensions, and the high cost of air travel. Caught in the middle of the disconnect between a strong tourism recovery and macro-environmental headwinds, hotels in Asia Pacific are navigating this uncertainty.
JLL’s inaugural Hotel Operators’ Sentiment Survey (HOSS) Asia Pacific aims to gather sentiment on hotel operations for the year ahead, at a time when owners and operators are getting ready for the 2024 budget season starting soon.
The report provides a look at the changing dynamics of the regional hospitality markets, highlight the strategies employed by hotel operators to adjust to the industry's new realities as we look forward to 2024.
JLL’s HOSS Asia Pacific complements JLL’s Global Hotel Investors' Sentiment Survey, planned at a latter month of the year, which focuses on the hotel investors’ sentiment.
