ITB 2024 Special Reporting
Asia Hotel Valuation Index 2009.
Saturday, 25th April 2009
Source : HVS International
2008 has been a tale of two fortunes for the tourism and hospitality industries in Asia andalthough the subprime crisis began in 2007, the effect of the fallout was only felt in Asia in the second half of 2008.

According to the United Nations World Tourism Organisation, the Asia Pacific region's annual tourism performance growth declined the most in 2008 as compared to the other regions of the world like the Americas, the Middle East, Europe and Africa.

While arrivals in the Asia Pacific regiongrew 6% in the first half of 2008, the last six months of the year saw a 3% drop-off in arrivals to book an overall 2% growth in the full year 2008 as compared to approximately 10% in 2007. The year will also be remembered for the meltdown in the global financial markets, and commodities, oil price and exchange rate fluctuations.

The tourism industry has been growing in significance in many local economies and receiving greater attention from
authorities. Stimulus packages have been declared in contries such as China, Thailand, Singapore and Indonesia to support domestic and regional travel and shore up the tourism sector.

Looking ahead, we anticipate tourism demand to ease in the short-to-medium term; however, the long-term potential of the region remains buoyant.

On the investment and development front, hotel transactions are few and far between as compared to 2007, while
some development projects are being put on hold due to the credit crunch, which resulted in the difficulty in obtaining financing and refinancing. Despite this setback, notable transactions over the year include the approximate US$700 million acquisition of the Westin Tokyo by the property

investment arm of the Government of Singapore Investment Corporation and the acquisition of a 87% stake in the 435 room Four Seasons Shanghai by Shanghai Industrial Holdings from its parent company for a reported price of approximately US$173 million.

Folllow the link below to read the article in a new window:

 Latest News  (Click title to read article)

 Latest Articles  (Click title to read)

 Most Read Articles  (Click title to read)

~ Important Notice ~
Articles appearing on 4Hoteliers contain copyright material. They are meant for your personal use and may not be reproduced or redistributed. While 4Hoteliers makes every effort to ensure accuracy, we can not be held responsible for the content nor the views expressed, which may not necessarily be those of either the original author or 4Hoteliers or its agents.
© Copyright 4Hoteliers 2001-2024 ~ unless stated otherwise, all rights reserved.
You can read more about 4Hoteliers and our company here
Use of this web site is subject to our
terms & conditions of service and privacy policy