Home > > Marriott posts 65% occupany in China; OTA believes in "revenge travel" | Daily Brief

Marriott posts 65% occupany in China; OTA believes in "revenge travel" | Daily Brief

09/16/2020| 11:19:44 PM| ChinaTravelNews

Huazhu prices global offering at HKD 297 to raise around USD 783 million; Alibaba may invest in Grab to bolster its business in Southeast Asia.

Marriott CFO: Greater China continues to recover with 65% occupancy in August

>> The world's largest hotel group said its performance in the Greater China area has continued to recover, with a 65% occupancy rate in August, according Marriott CFO and SVP Leeny Oberg. In the Asia Pacific region, the company is up 30% in room signings compared with a year ago, which she called "pretty extraordinary."

Huazhu prices global offering at HKD 297

>> Shanghai-based hotel chain Huazhu Group has set the final offer price for both the International Offering and the Hong Kong Public Offering at HKD 297 (USD 38.3). With the planned 20,422,150 new ordinary shares, the company will raise around USD 783 million. 

MakeMyTrip believes travel will be back with a bang

>> MakeMyTrip's founder Deep Kalra said during an interview that he is a big believer in "revenge travel". The company had USD 6 billion gross booking last year, but the figure was down to zero in the latest quarter. Business has gradually recovered since July with domestic flights now back at 15%-20% capacity and domestic hotel bookings at 10%-12%. 

Alibaba may invest in Grab to bolster its business in Southeast Asia

>> Chinese e-commerce giant Alibaba is in talks to invest USD 3 billion in Southeast Asian ride-hailing firm Grab, which was valued at USD 14 billion in March 2019. Working closely with Grab would enable Alibaba to strengthen its ecommerce operations in SEA and build a broader payments and commerce ecosystem, like Alipay and WeChat Pay have in China.

Macao casinos report strong bookings for golden week

>> Macao has become a preferred destination for many, as the enclave is the only region in China where commercial gambling is permitted. Despite ongoing concerns with COVID-19, many Chinese people are booking trips to the world’s richest casino center. Gross gaming revenue in Macao has plunged 81.6% January through August, with the six licensed casino operators winning USD 4.5 billion. Total visitor arrivals to the city is down 86% year-over-year January through July. 

International tourist numbers fall 65% in first half

>> International tourist arrivals fell by 65% year-on-year in the first six months of 2020, according to the latest data from the World Tourism Organization, which underlines the severe impact that COVID-19 has had on the sector. In June, tourism figures plummeted by 93%. The drop in international travel demand over the period January-June translates into a loss of 440 million international arrivals and about USD 460 billion in export revenues from international tourism. This is around five times the loss in international tourism receipts recorded in 2009 amid the global economic and financial crisis.

Airport services provider Swissport agrees pact to restructure debt

>> Airport ground services and air-cargo handler Swissport International AG has reached a deal on a balance-sheet restructuring that will preserve its business under pressure from the Covid-19 pandemic. Swissport's shareholder HNA Group will surrender its equity stake to appease lenders led by SVP Global and Apollo Global.

TAGS: Daily Brief | Marriott | Greater China | Grab | Alibaba
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