U.S. hotel operators are now benefiting from pent-up demand throughout Asia Pacific.
The world’s largest hotel franchisor registered 10% growth in its direct franchising business in China.
With travel restrictions lifted in China, RevPAR in March exceeded 2019 levels in all regions and segments for the first time since the pandemic began.
Systemwide RevPAR is 19% above the 2019 pre-pandemic period.
From budget inns and high-end hotels to luxury resorts, most hotels in China have doubled or even tripled their rates, with some places costing thousands of yuan.
Macau’s slow hiring process for foreign workers is a key hurdle to fully reopening.
Wanda Hotel managed more than 120 hotels and nearly 28,660 guest rooms as of Dec. 31, 2022.
The Chinese hotel group reported a net loss of USD 12 million for Q4, but a net income of USD 14 million for full year 2022.