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HVS Monday Musings: The Hand of God in the Post-Pandemic Revival of Indian Tourism

By Abhishek Rajadhyaksha and Dipti Mohan

Religious tourism, which contributes significantly to domestic tourism in India, has demonstrated resilience and recovered faster than most other segments following the pandemic. Read on to know more.


To view and download the full article, please click here

Thakral Corporation has sold Hotel WBF Namba Motomachi

Singapore-based Thakral Corporation Ltd (“Thakral”) has divested Hotel WBF Namba Motomachi in Osaka, Japan at an undisclosed sum. Located minutes away from JR Namba Station and Namba Metro Station, the 111-key property features one breakfast restaurant and a club lounge for CLUB WBF members. The funds raised from the divestment will help to increase the company’s cash flows for reinvesting in other properties. After the completion of the divestment, Thakral will hold two business hotels and six commercial buildings with a combined area of around 430,000 square feet in Osaka. Thakral is currently looking to sell the remaining two hotels.

Central Pattana has Announced the Progress of the Development of Central Korat

Thailand-based Central Pattana (“CP”) has announced the development progress of Central Korat (“CK”). The mixed-use development consisting of the Central Korat shopping centre, Escent Korat Condominium (“EKC”), and Centara Korat Hotel (“CKH”) is valued at THB10 billion. With the success of EKC, CP has announced the plan for phase two of EKC, featuring 395 units. CKH featuring 218 guest rooms will be opening on 13 September 2022. The president of CP, Mr. Kree Dejchai, mentioned that CK development's main strategy is to become the new central business district and tourist destination of Korat.

Tokyo to Resume Travel Subsidy Campaign 

Tokyo will be resuming the travel subsidy programme, Motto Tokyo, in September to support the tourism industry in Tokyo. The joint initiative between Tokyo Metropolitan Government (“TMG”) and the Tokyo Convention and Visitor Bureau (“TCVB”) will provide discounts for fully vaccinated Tokyo residents for hotel stays within Tokyo. Individuals will receive JPY5,000 per night for up to 5 nights, with the condition that individuals have proof of at least three Covid-19 vaccination shots and the cost of the accommodations must be more than JPY6,000 per night. Individuals can also receive JPY2,500 for an excursion that costs more than JPY3,000.

Pan Pacific Collaborated with Tokyu Hotels to Launch Two New Hotels in Tokyo

Singapore-based Pan Pacific Hotels Group Limited (“PPHG”) has collaborated with Japan-based Tokyu Hotels Co., Ltd. (Tokyu Hotels) to launch two new hotels in the new mixed-use Tokyu Kabukicho Tower in Shinjuku, Tokyo. Slated to open in the first half of 2023, the 97-key Bellustar Tokyo, a Pan Pacific Hotel will occupy the uppermost floors from 39th to 47th, and feature a ‘sky spa’, a private gym, and various food and beverage outlets; the 538-key Hotel Groove Shinjuku, a Parkroyal Hotel will occupy the 18th to 38th floor and features private event rooms, the main restaurant, and a bar, and an open-air terrace featuring outdoor LED screens for events. The two hotels will be managed by Tokyu Hotels, combined with PPHG’s powerful global platforms.

Absolute Share Price Performance, as of 2 September 2022

Closing Share Price

2 September 2022

26 August 2022

% Change

Australia Stock Exchange (ASX)

Elanor Investors Group

1.87

1.85

1.1%

Event Hospitality & Entertainment Ltd

14.96

14.42

3.7%

General Property Group

4.26

4.13

3.1%

Mirvac Group

2.07

2.05

1.0%

Bangkok Stock Exchange (THB)

Central Plaza Hotel Public Co Ltd

44.50

44.00

1.1%

Dusit Thani Public Co Ltd

11.50

11.50

0.0%

The Erawan Group Public Co Ltd

3.68

3.82

-3.7%

Grande Asset Hotels & Property Public Co Ltd

0.21

0.22

-4.5%

Laguna Resorts & Hotel Public Co Ltd

31.00

31.00

0.0%

Minor International Public Co Ltd

32.25

33.00

-2.3%

S Hotels and Resorts Public Company Limited

3.96

4.20

-5.7%

China Shanghai Stock Exchange (RMB)

Jinling Hotel Corporation Ltd

8.45

7.66

10.3%

China Shenzhen Stock Exchange (RMB)

Huatian Hotel Group Co.,Ltd.

4.23

3.97

6.5%

Guangzhou Lingnan Group Holdings Company Limited

10.39

9.10

14.2%

NASDAQ (US$)

Huazhu Group Limited

35.32

41.51

-14.9%

Hong Kong Stock Exchange (HK$)

Miramar Hotel & Investment Co Ltd

13.28

13.30

-0.2%

Regal Hotels International Holdings Ltd

3.05

3.28

-7.0%

Sino Hotels Holdings Ltd

1.92

1.90

1.1%

The Hong Kong & Shanghai Hotels Ltd

6.98

7.16

-2.5%

Shangri-La Asia Limited

6.15

6.28

-2.1%

National Stock Exchange (INR)

Chalet Hotels Ltd

334.00

334.50

-0.1%

IHCL (Taj Hotels, Resorts & Palaces)

296.90

275.50

7.8%

EIH (Oberoi Hotels & Resorts)

191.50

160.80

19.1%

Hotel Leela Ventures

10.60

9.90

7.1%

Lemon Tree Hotels Ltd

72.00

70.45

2.2%

Korea Exchange (KRW)

The Shilla

72,100

70,500

2.3%

Singapore Stock Exchange (S$)

Amara Holdings Ltd

0.33

0.34

-2.9%

ARA Htrust (US$)

0.46

0.47

-2.2%

Ascott Residence Trust

1.08

1.11

-2.7%

Banyan Tree Holdings Limited

0.30

0.30

-1.7%

CDL Hospitality Trusts

1.26

1.25

0.8%

Eagle Htrust

0.14

0.14

na

Far East Hospitality Trust

0.61

0.62

-1.6%

Frasers Hospitality Trust

0.71

0.71

0.0%

Hotel Grand Central Ltd

0.98

0.98

0.5%

Hotel Properties Ltd

3.47

3.48

-0.3%

Mandarin Oriental International Ltd (US$)

2.02

1.97

2.5%

Stamford Land Corporation Ltd

0.38

0.39

-2.6%

Taiwan Stock Exchange (NT$)

Formosa International Hotels Corporation

172.50

167.50

3.0%

The Ambassador Hotel, Ltd

32.65

32.85

-0.6%

Tokyo Stock Exchange (JPY)

Japan Hotel REIT Investment Corp.

68,300

68,900

-0.9%

Imperial Hotel, Ltd

1,811

1,814

-0.2%

Red Planet Japan Inc

44

42

4.8%

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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