Hotel transactions across Asia and Pacific reached $ 12 billion in 2024, an increase of 3.3 % on an annual basis, according to Nihat Ercan, CEO of JLL Hotels & HosPitality Group, Asia and the Pacific Ocean.
But can the gains continue to look at the turmoil in the global economy?
Erkan said in an exclusive interview with Skift: “We are actively calling for quotes all over the region, and in the past week only, we exchanged contracts on two boutique hotels in Singapore, and we launched new offers on a main hotel in Sydney, and we just got a display in another hotel in Melbourne,” Erican said in an exclusive interview with Skift.
ERCAN expects this momentum to grow despite global market fluctuations.
“The fluctuations in public markets that I think are expected in the short term focus on investors’ desire to diversify and invest in difficult assets such as hospitality,” said Erisan, who helped the Mother Group, JLL, said more than $ 80 billion in hotel assets around the world.
Erkan said that the boundaries on the new development should support attention in deals. The high construction costs and restricted financing slowed the project pipeline despite the high number of visitors, creating a defect in demand that pays revenues for every growth in the available room (Revpar).
Erkan said: “This creates a vacuum for more positive growth and expectations for the circulation of hotels, and we look at 2025 and 2026,” Ergane said.
Tourist balls, China recovery
IDPs in Asia and the Pacific (APAC) reached 316 million in 2024, which is a sharp recovery from previous years, although it is still less than 13 % of the prenatal levels.
Erkan said: “The visa exemptions and the visa -free travel policies granted by governments encourage more demand for dispersion within APAC.”
While China’s external travel is late during the initial recovery, the momentum is built. “The Chinese are normalErkran said that China represents 19 % of expatriates in Singapore, bypassing Indonesia and India, and has regained its position as the best source of the source of the Maldives, which represents 13 % of the total expatriates.
The rise of the economy of the experience
Hotels adapt to new guest expectations.
Erkan said: “We are witnessing the rise of branded housing, lifestyle hotels, and flexible spaces that mix work, play and society.” “They want guests today more than one room – they want to call, story and purpose.”
This trend is to reshape hotel operations. Unarpsed areas, such as meeting rooms, are converted into a popup division. External sources of food and beverages (F&B) are increasingly used to the owners of advanced local restaurants, creating real experiences that attract both travelers and locals.
“Hotels in the Center for Actional Completion,” indicated Ecker. “There is the ability of hotels to increase the income from every square meter of the ground area.”
Tourism leads to events is increased performance. from Taylor Swift Singapore concerts To register the attendees in the Grand Prize race in Melbourne, events that depend on the destination are translated into a strong request for the hotel. Regional currencies like yen operates travelers to major markets like Japan.
Erkan praised the strategic approach to Singapore in the event’s tourism: “Singapore was very proactive in the ability to target tourists at first with Formula 1 and recently with musical events such as Taylor Swift last year and the next year Lady Gaga party in May. He said this has a great relationship with the infrastructure available in the city.
Balance of automation with human touch
While hospitality continues to adopt innovation, employment is still an ongoing obstacle. JLL operator survey In the third quarter of 2024, a total of 1075 hotels in Asia and the Pacific, across 20 countries, determined the locations of the front office and F&B as the most difficult to fill it.
“Since the work has become more sensitive to salaries and benefits due to the presence of the constant uncertainty of the macroeconomic, the hotels in Asia and the Pacific Ocean find it difficult to use the roles facing guests (the front office), the F & B related (S & B Service and Kitchen). It is also another section enjoyed by hotels, especially in Australia, and Greater Southheast ASIA, She is advising her. “
To reduce these pressures, hotels are increasingly spreading solutions that artificial intelligence driven-from smart room technology to managing tasks based on the group of the cores. However, Ercan emphasized the importance of permanent human interaction.
He said: “We will see more technology -based solutions, but at the same time, this is a service industry. The human touch point is equally important. It is related to the right balance.”
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