Asia Pacific tips

Mastercard Inc forecast current-quarter revenue growth short of Wall Street estimates on Thursday, saying the boost from pent-up demand for travel will diminish going forward.

Both the Middle East and Europe are on track to reach their pre-pandemic levels in 2023 , according to the UN World Tourism Organization. Last year saw a stronger than expected recovery for the global tourism economy.

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.

Just half of companies located in North America are seeing international bookings recover to their pre-pandemic levels, according to a new poll.

Hotels have mixed feelings about business travel in 2023.

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.

Hyatt Hotels Corp., which enjoyed a blockbuster financial performance in 2022, forecasted Thursday continued success this year, especially in the first half. The company expects to benefit from growing consumer interest in its lifestyle, luxury, and resort properties, returning group reservations for its banquet halls, and an expanding room count.

Middle-income consumers paid premiums for hotel rooms as pent-up demand and savings boosted people’s taste for travel post-pandemic. Wyndham Hotels & Resorts, the world’s largest hotel franchisor — whose brands mostly target these consumers — enjoyed quarter-after-quarter of room rate gains throughout 2022.

While the tech sector faces the blues, the travel sector is still moving in a positive direction. You can see this in the last month of earnings reports, as well as from exclusive Skift Research surveys. Although not fully recovered completely, the travel industry gained substantial momentum at the start of the year. All regions have almost recovered from the pandemic blues, Asia Pacific being the only exception. But with loosening travel restrictions and China reopening, we expect a stronger travel industry to be less uneven this year.

Meliá Hotels International is Spain’s largest hotel and resort operator, aiming to grow its portfolio across the Mediterranean, the Caribbean, and Asia Pacific by 40 percent in the next three years. The Mallorca-based company, controlled by the Escarrer family, is open to selling a stake to a world player like Hyatt or Marriott. But its strategy in recent years could set it up to go it alone for much longer.

Travel search volume in the Asia Pacific region rose over 50 percent year over year in the fourth quarter last year, according to Expedia Group. The region’s strong performance led global travel search volume, which rose by 10 percent year over year.

As Radisson Hotels Group continues to expand internationally through its existing brands, its strategy is to focus on service quality and consistency. For Federico González, CEO of the hotel group, having nine big global brands is better than chasing a mass of weak brands.

What percentage of tech employees at Booking Holdings are women? How has the company’s total return compared over the last five years to its internet peers? Booking detailed information about these issues and others in a half dozen charts in its recent annual financial disclosure.

India could rank among the top three markets for outbound travel in the coming years, according to Omri Morgenshtern, CEO of online travel platform Agoda said while speaking to media in India during his recent visit to the country. Indian travellers are increasingly becoming more important to many countries and will become second to China in terms of spending in Asia, he said. An earlier Skift article had reported how the time is ripe for India — which already ticks most of the boxes as a suitable candidate to take over from China as the largest travel source market — to enter the dragon’s space. In India, online travel booking is growing at a faster pace after the pandemic in comparison to other global markets, outpacing the Asia Pacific market, said Morgenshtern. The total transaction value in travel almost hit pre-Covid levels in 2022. “Since 2019, the rank of importance of Indian tourists for Thailand for example has risen from 10th to 6th. I expect it to become more important in the coming years, not only to Thailand but to many countries in APAC,” he added. Morgenshtern also sees a lot of potential for inbound tourism in India. While India’s inbound is growing slower than outbound travel, he believes it is going to see fast growth in the coming years.

Attracting and developing talent is arguably the most critical factor needed for the travel industry to make a complete recovery. Although women represent approximately 55 percent of the travel industry’s workforce, the vast majority of them, however, occupy lower-level positions. They were also among the workers most impacted by the pandemic.

I wanted an update on BWH Hotel Group, the parent company of Best Western Hotels & Resorts. So I spoke with Larry Cuculic, president and CEO since late 2021.

Accor plans to broaden its subscription cards to be more global, granting members discounts and perks worldwide instead of regionally, the Paris-based hotel giant said Tuesday.

American Airlines’ restructuring of its global sales team will involve the departure of three experienced senior leaders, Skift has learned.

Dubai welcomed 1.47 million overnight visitors in January as Russia went on to be the second largest tourism source market for the emirate. Registering a 63 percent increase over 2022, for the emirate, 115,000 Russians visited Dubai for tourism. The highest number of international guests were from India at 186,000, while the third-biggest source market was Saudi Arabia with 98,000 visitors. Skift had earlier mentioned in an article how Dubai has proved to be a safe haven for sanction-hit Russians wanting to flee the country. During the year following Russia’s invasion of Ukraine, air traffic between Moscow and Dubai grew at a whopping 228 percent compared to pre-pandemic, according to travel analytics firm ForwardKeys. While Dubai’s 1.47 million overnight visitors in January is lower compared to 2019’s 1.6 million, it is 50 percent above January 2022’s 980,000 visitors.

Global travel recovery doesn’t seem too far. The Skift Travel Health Index witnessed a month-on-month uptick of 4 percentage points (pp) in February 2023 and now stands at 93. We anticipate this year to bring recovery and growth to the travel industry.

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.