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HVS Global Hotel Industry: 2023 Recap and 2024 Outlook

As 2023 ends, regional HVS leaders across the globe take a look back at how the global hotel industry fared this year. Overall, operating metrics shined brightly, with revenue growth achieved in most global markets, while investment activity cooled. The investment market is expected to improve in 2024.


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Jennifer Hu appointed Vice President at HVS Executive Search Asia Pacific

Jennifer Hu was appointed Vice President at HVS Executive Search, based in Melbourne, Australia. With over a decade in hotel management and 15 years in executive recruitment in Asia-Pacific, she brings valuable hospitality industry expertise. HVS welcomes her as a key addition to advance brand strategy and serve clients in the underserved Australian market. CEO Court Williams expresses confidence in Jennifer's positive impact on the organization.


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Japan Hotel REIT Acquires 170-key Hotel JAL City Kannai Yokohama For JPY4 Billion

Japan-based Japan Hotel REIT has bought the 170-key Hotel JAL City Kannai Yokohama (“The hotel”) for JPY4 billion. Located in central Yokohama, the limited-service hotel is in close proximity to Yokohama’s Chinatown, seaside attractions, and the Nihon-Odori railway station. The acquisition comes after a steady recovery of business and leisure demand in the Kannai area. The purchase was funded with a JPY1.2 billion loan from Japan-based MUFG Bank and a JPY2.8 billion loan from the Development Bank of Japan. The hotel is expected to be leased to a wholly owned subsidiary of Japan Hotel REIT’s strategic partner, Hotel Management Japan.

82-key Shanghai Bulgari Hotel Sold For RMB2.4 Billion

Chinese state-owned developer Overseas Chinese Town (OCT) has sold the 82-key Bulgari Hotel (“The hotel”) in Shanghai, China, to China-based Jiangsu Jinfeng Cement Group, for RMB2.4 billion. Built in 2016, the hotel comprises of 63 standard rooms and 19 suites that occupies the top eight floors of the 48-storey tower. The sale took place via a public tender, and includes ancillary buildings associated with the hotel, three commercial segments, and parking spaces, which adds up to 35,247 square metres of gross floor area. The transaction is expected to be completed in the first half of 2024, with the continued use of the Bulgari brand being subject to further negotiation.

Shanghai’s 193-key Wanda Reign on the Bund Hotel Acquired 

Singapore-based Pacific Eagle Real Estate (PERE) has acquired the Wanda Reign on the Bund hotel, in Shanghai, China, from China-based Dalian Wanda Group. PERE is the property investment and development arm of Singapore-based RGE Group, owned by Indonesian billionaire Sukanto Tanoto. While the transaction price remains undisclosed, it is estimated that the hotel was acquired at an amount ranging between RMB1.44 to 1.66 billion. Located in Shanghai’s Bund waterfront district, the 193-key luxury hotel was built in 2016 and occupies 36,000 square metres of floor area. Moving forward, it is expected that the hotel will continue to operate under the Wanda brand and be managed by the company’s hotel division.

Absolute Share Price Performance, as of 12 January 2024

Closing Share Price

12 January 2024

5 January 2024

% Change

Australia Stock Exchange (ASX)

Elanor Investors Group

1.43

1.37

4.4%

Event Hospitality & Entertainment Ltd

12.26

11.96

2.5%

General Property Group

4.65

4.48

3.8%

Mirvac Group

2.07

2.02

2.5%

Bangkok Stock Exchange (THB)

Central Plaza Hotel Public Co Ltd

43.00

46.00

-6.5%

Dusit Thani Public Co Ltd

8.85

8.65

2.3%

The Erawan Group Public Co Ltd

5.10

5.25

-2.9%

Grande Asset Hotels & Property Public Co Ltd

0.15

0.15

0.0%

Laguna Resorts & Hotel Public Co Ltd

38.75

38.00

2.0%

Minor International Public Co Ltd

28.25

29.25

-3.4%

S Hotels and Resorts Public Company Limited

2.36

2.52

-6.3%

China Shanghai Stock Exchange (RMB)

Jinling Hotel Corporation Ltd

8.39

8.21

2.2%

China Shenzhen Stock Exchange (RMB)

Huatian Hotel Group Co.,Ltd.

4.11

4.09

0.5%

Guangzhou Lingnan Group Holdings Company Limited

9.13

9.15

-0.2%

NASDAQ (US$)

Huazhu Group Limited

33.02

33.67

-1.9%

Hong Kong Stock Exchange (HK$)

Miramar Hotel & Investment Co Ltd

10.60

10.80

-1.9%

Regal Hotels International Holdings Ltd

2.87

2.88

-0.3%

Sino Hotels Holdings Ltd

1.78

1.76

1.1%

The Hong Kong & Shanghai Hotels Ltd

5.73

6.22

-7.9%

Shangri-La Asia Limited

5.15

5.13

0.4%

National Stock Exchange (INR)

Chalet Hotels Ltd

749.10

685.05

9.3%

IHCL (Taj Hotels, Resorts & Palaces)

461.55

456.05

1.2%

EIH (Oberoi Hotels & Resorts)

279.70

279.20

0.2%

Hotel Leela Ventures

30.55

27.70

10.3%

Lemon Tree Hotels Ltd

133.80

129.35

3.4%

Mahindra Holidays & Resorts

407.3

387.95

5.0%

Royal Orchid Hotels

363.25

333.75

8.8%

SAMHI Hotels Limited

193.35

177.25

9.1%

Korea Exchange (KRW)

The Shilla

61,000

62,800

-2.9%

Singapore Stock Exchange (S$)

Amara Holdings Ltd

0.60

0.60

0.0%

ARA Htrust (US$)

0.31

0.30

3.3%

Ascott Residence Trust

0.97

0.98

-1.5%

Banyan Tree Holdings Limited

0.34

0.34

-1.5%

CDL Hospitality Trusts

1.06

1.08

-1.9%

Far East Hospitality Trust

0.65

0.67

-3.0%

Frasers Hospitality Trust

0.49

0.49

-1.0%

Hotel Grand Central Ltd

0.80

0.81

-0.6%

Hotel Properties Ltd

3.60

3.63

-0.8%

Mandarin Oriental International Ltd (US$)

1.49

1.56

-4.5%

Stamford Land Corporation Ltd

0.40

0.40

0.0%

Taiwan Stock Exchange (NT$)

Formosa International Hotels Corporation

223.00

219.50

1.6%

The Ambassador Hotel, Ltd

48.90

48.70

0.4%

Tokyo Stock Exchange (JPY)

Japan Hotel REIT Investment Corp.

70,200

69,700

0.7%

Imperial Hotel, Ltd

982

959

2.4%

Red Planet Japan Inc

19

17

11.8%

For the latest in the hospitality industry, please visit: http://www.hvs.com/. You are also welcome to contact the following personnel. 


Hok Yean Chee, Regional President – HVS Asia Pacific hychee@hvs.com


Mandeep S. Lamba, President, South Asia – HVS Anarock mlamba@hvs.com


Mei Leng Ho, Senior Vice President – HVS Singapore mlho@hvs.com


Florian Kittler, Managing Director – HVS Executive Search Europe & Asia Pacific fkittler@hvs.com

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