India's Hotel Supply Is Less Than Demand as Development Tries to Catch Up

25.08.2023 - 14:42 / skift.com / Sean Oneill

Here are some excerpts from Daily Lodging Report from the past week. If you’re not a subscriber, you should be. Get news on hotel deals, development, stocks, and career moves. Sign up here, now.

While Travel + Leisure’s stock price rebounded a little bit after Thursday’s earnings-induced decline, Credit Suisse lowered the boom on them. CS cut the company’s stock to Underperform from Outperform and lowered the price target to $31, from $77.

Brookfield is acquiring the Ritz-Carlton San Francisco and hotels in Wine Country and San Jose as part of its multibillion-dollar acquisition of Watermark Lodging Trust. Private funds managed by Brookfield Asset Management now control 1,072 hotel rooms across the Bay Area, including the Ritz (336 rooms), the San Jose Marriott (510 rooms) and the Fairmont Sonoma Mission Inn & Spa luxury resort (226 rooms), reported the San Francisco Business Times.

An Arkansas hotelier may soon kick off its planned $73 million transformation of a 109-year old historic building in Kansas City, Missouri. Beechwood Pinnacle Hotels is expected to start construction on its conversion of the 13-story Rialto Building into a 240-room AC Hotel by Marriott – the AC Rialto – late this year, the Kansas City Business Journal reported. The hotel is slated to open next year with a first-floor restaurant and bar, meeting space, and a gym.

Skift Note: There’s been a disconnect this third-quarter earnings season between the optimism and strong numbers reported by hotel companies and the relative cautiousness of investment analysts about next year’s outlook.

Hotels are multiplying in India, but possibly not at a fast enough rate to meet demand over the next five years. Hotelivate said there are about 59,000 new rooms proposed across the country in the next five years, with 72 percent, or about 35,000 rooms, under active development, Mint reported. In the upcoming hotel supply, about 6,800 rooms are going up in Bengaluru, followed by 5,400 rooms in Mumbai. (.)

According to the third quarter United States Construction Pipeline Trend Report from Lodging Econometrics, within the first three quarters of 2022, the markets with the greatest number of new openings are New York City, Austin, Nashville, Atlanta and Detroit.

Skift Note: Some areas are booming with hotel development much more than others. India looks set to have a strong cycle ahead.

Anantara Riverside Bangkok Resort announced the opening of the BDMS Wellness Clinic Retreat in a forward-looking initiative that is set to strengthen Thailand’s position as a wellness tourism leader. The BDMS Wellness Clinic Retreat at Anantara Riverside is part of the Bangkok Dusit Medical Services (BDMS) network, Thailand’s largest operator of private hospitals,