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1、Hotels ResearchAsia Pacific|Q1 2023A robust recovery despite Chinese tourists yet to fully returnContentsHotel marketsHotel Market Insights06 Hong Kong07 Beijing08 Shanghai09 Tokyo10 Seoul11 Singapore12 Bangkok13 Jakarta14 Kuala Lumpur15 SydneyJLL Asia Pacific Hotels Q1 2023205Mainland China3.05.5Gr
2、owth forecasts revised up with private consumption and fixed investment to lead the recovery while exports face dimmer prospects given a softer outlook for the global economy and external demand Indonesia5.33.9Challenging global backdrop are expected to weigh on momentum with exports slowing,while w
3、eaker confidence challenges domestic demand as the impact of monetary tightening flows through Japan1.00.6Domestic demand to increasingly carry growth momentum as the weak external environment is likely to drag on the performance of exports and the manufacturing sector South Korea2.60.5Ongoing downt
4、urn in the semiconductor cycle to drag on production with the global economy set to slow further.Domestic demand to feel the strain of tight financial conditions and soft business sentiment Singapore3.70.4Export weakness as soft external demand conditions drag on trade.Domestic demand is also likely
5、 to moderate as the uncertain growth outlook weighs on employment and incomes Australia3.71.6Higher interest rates and cost pressures to curb household spending.Trade should remain a positive impetus of growth partly supported by strength from services exports amidst a greater return of students and
6、 tourists Hong Kong-3.52.2Recovery strengthening with support from domestic demand and the return of tourists,particularly from Mainland China.Export outlook,however,remains challenging against the backdrop of weaker growth in advanced economiesIndia6.74.8Consumption growth to slow but remain a posi
7、tive driver.Global financial sector stress and softer global economy to feed through to weaker investment and external demand Real GDP(%y-o-y change)20222023F2023 OutlookMajor EconomiesOutlook for Major EconomiesSource:Oxford Economics,April 2023JLL Asia Pacific Hotel Q1 20233|Hotel Market Insights|
8、Hotel market|SingaporeSouth KoreaHong KongJapanAP OthersChinaAustraliaUSD millions 2,0000 4,000 6,000 8,000 10,000 12,000 14,000 16,00020072008200920000022YTD2023Hotel Investment VolumeSource:JLL,1Q23Figures refer to transactions over USD 5 millionJLL Asia
9、 Pacific Hotel Q1 20234|Hotel Market Insights|Hotel market|Completed Additions to Hotel SupplyFuture Hotel Supply010,00020,00030,00040,000200022202320242025Hotel Market InsightsTourism arrivals continue to riseMainland Chinas earlier-than-expected reopening of borders has prese
10、nted multiple challenges due to three years of strict restrictions,including labour shortages,passport renewals,limited air capacity,and visa issues.As a result,destinations located closest to Mainland China have been the first to benefit from the reopening.In Hong Kong for instance,visitors from Ma
11、inland China have driven overall strong demand growth in the first quarter of 2023.Following the loosening of travel restrictions in Beijing and Shanghai,domestic demand and MICE have significantly rebounded,particularly during Chinese New Year.Across the region,tourism demand has continued to incre
12、ase strongly in Q1,and hotels are gradually shifting from domestic to international demand.Limited new supply completed in Q1The first quarter of the year saw only a handful of hotel openings in the region,including the 250-key The Quarter Chaophraya by UHG in Bangkok,the 324-key TRIBE Hong Kong Kow
13、loon in Hong Kong,and The Capella Sydney Sandstone adding 192 keys into Sydney market.Due to significant delays in hotel openings during the pandemic,a surge in new supply is anticipated across the region in 2023.Trading performance boosted by a rise in occupancyRevPAR levels have continued to rise
14、across the region,driven by an increase in occupancy and ADR.However,the extent of recovery varies depending on the hotel segment.While the upscale and above segments have shown significant recovery,even surpassing pre-pandemic levels in certain markets like Singapore and Sydney,lower-end segments s
15、till lag behind 2019 levels.This is because these segments typically rely on Chinese tour groups,who may take longer to return due to challenges in airlift and labour shortage.On the other hand,the upscale and above segments continue to benefit from higher-spending visitors and international corpora
16、te demand.Outlook:Boost in tourism arrivals expected in the second half of 2023With all remaining travel restrictions lifted,the tourism and hotel industry in Asia Pacific is expected to pick up speed in the second half of 2023.Chinese tourists are anticipated to return fully by Q2 2023,leading to a
17、 complete recovery in the number of Chinese tourists by early H2 2023 in nearby border destinations such as Hong Kong.Mass-tourism from Mainland China is likely to increase in the beginning of H2 2023,benefitting destinations in Southeast Asia like Thailand.Meanwhile,MICE activities Nihat ErcanCEO,J
18、LL Hotels and Hospitality Group Asia P*Major additions to hotel supply in the following destinations:Bangkok,Beijing,Hong Kong,Jakarta,Kuala Lumpur,Seoul,Shanghai,Singapore,Sydney and Tokyo.Source:Industry sources,JLLare expected to increase towards the second half of the year in the main destinatio
19、ns such as Seoul,Tokyo,Singapore and Sydney.However,uncertainty around air capacity is hindering a full recovery.The high-end hotel segment is expected to maintain high room rates,while the midscale and lower-end segments are likely to focus on volume towards the end of 2023 with the return of touri
20、st groups.Major additions to hotel supply in AP*(no.of rooms)JLL Asia Pacific Hotel Q1 2023|Hotel Market Insights|5Hotel market|Major Additions to Hotel Supply“The return of Mainland China travellers positively impacts the Hong Kong hotel market.”Nihat ErcanCEO-Hotels&Hospitality Group,Asia PacificM
21、ainland China drives strong overall demand growth As of YTD March 2023,revenue per available room(RevPAR)of luxury hotels increased by 310.6%y-o-y to reach HKD 2,214.As travel restrictions eased,this improvement was predominantly occupancy-driven,with the occupancy level registering a 161.7%growth f
22、rom the same time last year.As at YTD February 2023,total overnight visitation reached more than 1.1 million,a significant growth from 9,100 in Jan-Feb 2022,while same-day visitation improved to more than 842,000 in Jan-Feb 2023,from just over 500 in the previous year.Hotel supply remains slow Overa
23、ll hotel supply in Hong Kong is expected to remain relatively sluggish due to the current headwinds,including inflated construction costs and elevated interest rates.In the first three months of 2023,504 new hotel rooms entered the market as a result of the soft opening of the Regent,formerly known
24、as Intercontinental Hong Kong,located in Tsim Sha Tsui.Hong Kong remains a tightly held investment market The hotel capital market in the city is expected to pick up towards the end of the year 2023,fuelled primarily by hotels with smaller key counts and assets from distressed companies,reaching USD
25、 1.0 billion for the full year.Similarly,with the border reopening coupled with the current macroeconomic environment,we do not expect other significant transactions related to co-living and repurposing conversions.Outlook:Initial tangible recovery expected,following 2Q23 While Hong Kong is slowly r
26、ecovering,significant rebound travel is expected to start in 2Q23,following the Golden Week.Although there may be some challenges and uncertainties in the short term,the hotel market in Hong Kong is poised for continued growth,and full recovery is expected by the end of 2024.YTD RevPARMarchHKD 2,214
27、RevPAR Growth Y-O-Y310.6%Stage in RevPAR CycleRevPAR RisingHong KongNote:Hong Kong Hotels refers to Hong Kongs luxury hotel market.Source:Industry sources,JLLCompleted Room Additions Future SupplyNo.of rooms2002001,0001,5002,0002,5003,0003,5004,000JLL Asia Pacific Hotel Q1 2023
28、Hotel market|6|Hotel Market Insights|Major Additions to Hotel Supply“With adjustments to travel restrictions,the hotel market performance rebounds rapidly in 1Q23.”Nihat ErcanCEO-Hotels&Hospitality Group,Asia PacificThe relaxation of travel restrictions drives demand In 1Q23,the hotel and tourism ma
29、rket experienced a rapid recovery due to the loosening of travel restrictions and the border reopening.According to the Beijing Municipal Bureau of Culture and Tourism,the Spring Festival holiday saw a total of 7.1 million tourists visiting Beijing,representing 88%of 2019 levels.As restrictions have
30、 been relaxed,there has been a gradual pickup in MICE demand,with 15 conferences held in 1Q23.However,there is still a considerable gap to be bridged before reaching the pre-pandemic level of 2019.It is expected that around 50 conferences will be held in the first half of 2023,compared to 104 confer
31、ences during the same period in 2019.No new supply in the first three months of 2023 Beijing had no new hotel openings in the quarter.No new upscale and above-market hotels are expected to complete in 2023.Originally planned to open in March 2023,Hyatt Regency Beijing Daxing has now been delayed to
32、2025.The hotel market achieves a swift recovery in trading performance In January,the Beijing market saw its occupancy rate(OCC%)and average daily rate(ADR)reach 43.6%and RMB 999,respectively,leading to a RevPAR of RMB 436.In February,the OCC%and ADR had further improved to 69.1%and RMB 1,020,leadin
33、g to a RevPAR of RMB 706,which surpassed 2019 levels by 14.4%.In March,there was a slight decrease in OCC%,and RevPAR declined m-o-m by 4.8%.By the end of March,the YTD ADR and OCC%reached RMB 1,022 and 58.7%,respectively.RevPAR increased by 49.2%y-o-y to RMB 600,representing a recovery to 82%of 1Q1
34、9 levels.Outlook:Improved connectivity and attractions to induce recovery Benefitting from enhanced air connectivity,the recovery of the tourism industry is expected to accelerate.Starting from March 26,the two airports will add 20 new international routes and 75 new domestic routes.In the long run,
35、the Beijing government plans to achieve 140 million air passengers per year by 2025.New tourism attractions are expected to contribute to the recovery of hotel leisure demand.Shougang Park,which is an example of the effective use of Winter Olympic venues,welcomed 2.4 million tourists in 1Q23.It is e
36、xpected that the Winter Olympic venues,Universal Studio Beijing,and other new tourism attractions will comprehensively enhance Beijings tourism competitiveness in the market.YTD RevPARMarchRMB 600RevPAR Growth Y-O-Y49.2%Stage in RevPAR CycleRevPAR RisingBeijingNote:Beijing Hotels refers to Beijings
37、upscale hotel market.Source:Industry sources,JLLCompleted Room Additions Future SupplyNo.of rooms02004006008001,0001,2001,4001,6001,8002002120222023JLL Asia Pacific Hotel Q1 2023Hotel market|7|Hotel Market Insights|Major Additions to Hotel Supply“Border reopening boosts hotel industry rec
38、overy.”Nihat ErcanCEO-Hotels&Hospitality Group,Asia PacificBorder reopening drives positive effect A total of 363,600 international visitors arrived in Shanghai in the first quarter of the year,an increase of 72.6%over the same period last year.The international arrivals recorded in March represente
39、d nearly half of the total,showing a good start as the border reopens.Demand for leisure travel during the Chinese New Year holiday and the Romance Economy of Valentines Day contributed to the strong performance of the upscale and luxury hotel segments.A supply influx is expected in 2023 Shanghai We
40、st Coast MGM Hotel(219 rooms)opened on 23 February 2023.The hotel fills the long-standing vacancy of upscale and luxury hotels in the Xuhui Bund Area.A total of 3,696 rooms will enter the market in the next three quarters.Many conversions will also be unveiled,including the 188-room Alila Hotel(from
41、 Four Seasons),and the 384-room Sofitel in North Bund(from Jiulong Hotel,an independent hotel).Market sees a recovery from 2022,but a lag effect persists The Upscale and above-market hotel industry is gradually recovering.RevPAR increased rapidly by 60.2%to RMB 542 as of YTD March 2023,compared to t
42、he same period last year,mainly attributable to the recovery in occupancy.Occupancy increased by 19.0 ppts to 57.3%,while average daily rates(ADR)increased by 7.1%to RMB 946.However,compared to the same period in 2019,RevPAR only reached 80%of 2019 levels,while occupancy rates and ADR recovered to 8
43、8%and 91%,respectively.This reflects a lag effect from the COVID-19 pandemic.Outlook:Demand for domestic and inbound travel rebounds The resumption of visa issuance by China for all types of visas should have a positive impact on the tourism and hotel industries.Already,there have been international
44、 exchanges between Shanghai and other foreign source markets,and activity is expected to increase.Business activities are likely to resume first,followed quickly by a resurgence in leisure tourism.Under the impact of macroeconomic factors,investors in the domestic hotel investment market are holding
45、 cautious investment strategies,and price expectations between buyers and sellers are returning to rationality.YTD RevPARMarchRMB 542RevPAR Growth Y-O-Y60.2%Stage in RevPAR CycleRevPAR RisingShanghaiNote:Shanghai Hotels refers to Shanghais upscale and luxury hotel market.Source:Industry sources,JLLC
46、ompleted Room Additions Future Supply05001,0001,5002,0002,5003,0003,5004,0004,5002002120222023No.of roomsJLL Asia Pacific Hotel Q1 2023Hotel market|8|Hotel Market Insights|Major Additions to Hotel Supply“Return of inbound travellers drives the improvement in hotel trading performance.”Kur
47、audo OhashiExecutive Vice President Head of Advisory,JapanInternational demand shows steady recovery The number of visitor arrivals to Japan is rapidly increasing since the opening of borders to international tourists in October 2022.As at YTD February 2023,Japan welcomed 8.5 times more internationa
48、l arrivals as compared to the same period last year,which represented a 56%recovery to pre-pandemic levels.Accommodation demand in Tokyo is measured by the number of visitor nights,and the latest statistics showed that Tokyo saw 1.8 times more visitor nights in the month of January 2023 as compared
49、to January 2022.Furthermore,the percentage of international visitor nights reached 34%,exceeding 30%for the first time in 3 years since January 2020.No additional supply of four-or five-star hotels No luxury hotels were scheduled to open in 1Q23.In 2Q23,Bulgari Hotel Tokyo,and two luxury and upscale
50、 hotels in a newly-built mixed use complex called“Tokyu Kabukicho Tower”in Shinjuku,opened in April and May,respectively.Jenu Tokyo and Hotel Indigo Tokyo Shibuya are scheduled to open from 2H23 onwards.New supply of international luxury hotels such as JW Marriott and Fairmont are planned for 2025 o
51、nwards,indicating a continued willingness of international hotel operators to open new hotels in Tokyo.Hotel operating performance exceeds pre-pandemic levels Tokyos luxury hotel revenue per available room(RevPAR)marked an increase of 9.7%y-o-y to JPY 42,207 as at YTD March 2023 compared to the same
52、 period in 2019.While occupancy was still down by 20.9%,the average daily rate(ADR)increased by 38.7%,resulting in an improvement in RevPAR.The hotel investment market continues to see strong investment momentum,supported by improved operational performance and optimistic expectations for future dem
53、and in the hospitality sector.Outlook:A full-fledged recovery of the market is anticipated The nationwide travel subsidiary program was announced to be gradually phased out after the end of June.However,inbound demand is on a recovery trend and a further increase in arrivals is expected due to the r
54、emoval of Chinas zero-COVID policy.The recovery in accommodation demand is expected to continue to support the hotel trading performance from 2Q23 onwards.Active hotel transactions are expected to continue from 2Q23 onwards.In addition to the recent depreciation of the Japanese yen,the debit financi
55、ng environment in Japan is attractive to investors despite the backdrop of rising interest rates globally.YTD RevPARMarchJPY 42,207RevPAR Growth Y-O-Y232.1%Stage in RevPAR CycleRevPAR RisingTokyoNote:Tokyo Hotels refers to Tokyos luxury hotel market.Source:Industry sources,JLLCompleted Room Addition
56、s Future SupplyNo.of rooms2002004006008001,0001,2001,4001,600JLL Asia Pacific Hotel Q1 2023Hotel market|9|Hotel Market Insights|Major Additions to Hotel Supply“Strong tailwind from tourism recovery,but headwinds for hotel real estate.”Nihat ErcanCEO-Hotels&Hospitality Group,Asi
57、a PacificInternational visitation is recovering,albeit at a slower pace As of YTD February 2023,South Korea has experienced a significant 402.5%y-o-y increase in international visitor arrivals by welcoming 913,677 visitors.While the return of key source markets such as Japan is promising,tourism act
58、ivity remains below pre-COVID-19 levels as the Chinese government excluded South Korea from the list of countries permitted for Chinese group tours.Following the reopening of borders,the domestic leisure demand,which was the main driver of recovery during COVID-19 periods,was diverted to nearby inte
59、rnational destinations such as Japan,the Philippines and Vietnam.Nonetheless,with the unfavourable exchange rate and rising demand for staycations,domestic demand remained a major driver in the recovery of the overall tourism market.Supply growth remains muted,with no new completions in 1Q23 No new
60、hotels opened during 1Q23 due to schedule delays.During the remainder of 2023,approximately 3,000 additional keys will be added,including Inspire Entertainment Resort Incheon,Double Tree Pangyo,Cassia Sokcho and Village de Ananti Busan.It is worth noting that the new supply is mostly concentrated in
61、 provincial markets.Hotel development projects face challenges in securing financing loans as well as rising construction costs,which may result in project delays or halts.This is particularly so for condominium hotels and timeshare products that have become popular in major leisure destinations alo
62、ng the East Sea,such as Busan and Jeju.Fuelled by international visitation,recovery is accelerating Amid the rebound in tourism,RevPAR of the Midscale&Economy segment in Seoul recovered to KRW 53,547 in 1Q23,a 100.1%y-o-y increase from 1Q22.The Luxury&Upper and Upscale segment saw even stronger reco
63、very,with RevPAR increasing to KRW 182,184,surpassing the 2019 level by 33.8%.As international visitation and group tours return,we anticipate the recovery in the Midscale&Economy segment to accelerate,and the recovery in the Luxury&Upper and Upscale segment to slow down.The ADR of the Luxury&Upper
64、and Upscale segment has recovered by only 13.2%y-o-y as of 1Q23,but the Midscale&Economy segment has recovered by 39.6%during the same period.Outlook:Deal volume may decline despite strong investment appetite South Korea,especially Seoul and Jeju,is poised to be the largest beneficiary of pent-up le
65、isure and business demand from the reopening of Chinese borders.However,global recessionary fears and heightened geopolitical tensions are expected to continue to be the main factor weighing down the recovery to 2019 levels.The hotel market is expected to remain resilient,backed by the return of int
66、ernational visitors.However,challenges such as the high cost of debt are predicted to limit transaction activity.We anticipate a number of value-add opportunities to attract international investors seeking value-add or opportunistic investments,but the larger core assets held by conglomerates will l
67、ikely weather the storm.YTD RevPARMarchKRW 182,184RevPAR Growth Y-O-Y70.4%Stage in RevPAR CycleRevPAR RisingSeoulNote:Seoul Hotels refers to Seouls luxury and upper upscale hotel market.Source:Industry sources,JLLCompleted Room Additions Future SupplyNo.of rooms2002001,0001,500
68、2,0002,5003,0003,5004,0004,500JLL Asia Pacific Hotel Q1 2023Hotel market|10|Hotel Market Insights|Major Additions to Hotel Supply“Luxury hotels lead as Singapore tourism continues to recover.”Nihat ErcanCEO-Hotels&Hospitality Group,Asia PacificTourism arrivals in 1Q23 reach two-thirds of 2019 levels
69、 Singapores tourism industry continues to recover,with 2.9 million visitors arriving in 1Q23,representing 62%of 1Q19 levels.This surpassed the 1.5 million visitors reported for 1H22,while the average length of stay grew to 3.97 days.The Singapore Tourism Board forecasted 12-14 million international
70、visitors for the full year of 2023,more than double the 6.3 million in 2022.Indonesia was the top source market for Singapore tourism in 1Q23,accounting for 17.1%of total visitors,followed by Malaysia(8.9%),Australia(8.6%),India(6.6%)and South Korea(5.5%).In addition,the Chinese market has returned
71、to the top ten,given the reopening of its borders.Yet,Chinese visitor arrivals and market share still lag behind 2019 levels due to limited airline capacity.New hotels to open in 2023 after years of delay At the end of 2022,Singapore counted 61,755 existing hotel rooms.Some planned openings were del
72、ayed in the past three years,and there were small-chain independent hotels reported to be permanently closed.However,2023 is expected to bring an influx of new supply as delayed projects open,and the market has seen a number of conversions and rebranding efforts.In 1Q23,818 rooms entered the market,
73、including the 270-room Mercure Singapore Tyrwhitt(formerly Parc Sovereign Hotel,Tyrwhitt Road),the 106-room Owen House by Hmlet,and the 442-room Momentus Hotel Alexandra(formerly Park Hotel Alexandra).Another 1,670 rooms are expected to open later in 2023,including properties like Mondrian,Pan Pacif
74、ic Orchard and Pullman Singapore on Hill Street.Luxury RevPAR in 1Q23 exceeds 1Q19 by 13%,driven by ADR Luxury hotels maintained their strong performance in 1Q23,with an occupancy of 69.8%,an average daily rate(ADR)of SGD 487,and a revenue per available room(RevPAR)of SGD 340.While occupancy remains
75、 6.0 ppts lower than the same period in 2019,ADR has exceeded its 2019 numbers by 21.6%.Notably,the luxury sector had the highest RevPAR growth rate,surpassing 2019 levels.The upscale hotel segment in Singapore continues to lag behind 2019 levels in terms of RevPAR,while the midscale sector has seen
76、 a 7.6%growth in RevPAR compared to 1Q19.Before the pandemic,these segments would have benefited from Chinese tour groups,but this market has yet to fully recover.Outlook:Singapore is expected to return to pre-COVID-19 levels by 2024 Singapore,as a safe haven market and gateway city in the Asia-Paci
77、fic region,is expected to continue its tourism recovery and lead the rebound in Southeast Asia.With diverse travel demand for leisure,corporate and MICE activities,the outlook for Singapores tourism industry remains positive.Looking ahead,we anticipate that the Singapore hotel market will continue i
78、ts rate positioning strategy while ramping up occupancy.Despite the expected influx of new supply in 2023 and 2024,the majority of these properties have a small key count(less than 200 keys).With strong tourism fundamentals,we expect trading performance to return to pre-COVID-19 levels by 2024.YTD R
79、evPARMarchSGD 340RevPAR Growth Y-O-Y144.8%Stage in RevPAR CycleRevPAR RisingSingaporeNote:Singapore Hotels refers to Singapores luxury hotel market.Source:Industry sources,JLLCompleted Room Additions Future SupplyNo.of rooms2002001,0001,5002,0002,5003,000JLL Asia Pacific Hotel
80、Q1 2023Hotel market|11|Hotel Market Insights|Major Additions to Hotel Supply“The spike in ADR since 4Q22 should normalise in 3Q23 with the mass market returning.”Nihat ErcanCEO-Hotels&Hospitality Group,Asia PacificArrivals show steady month-to-month recovery as of YTD Feb 2023 According to Ministry
81、of Tourism and Sports(MOTS),4,279,587 international passengers and 5,290,145 domestic passengers were registered as of YTD February 2023,a y-o-y increase of 1,351.3%and 13.9%,respectively.As a result,the total number of passenger arrivals improved by 93.8%to 9,569,732 passengers as of YTD February 2
82、023.The five biggest international source markets for Bangkok in Jan-Feb 2023 were India,Russia,South Korea,Mainland China and the United Kingdom.Bangkok welcomes three additional hotels Bangkok saw the opening of three new properties in 1Q23:the 80-key CASA 17 Hotel,the 65-key Jono Hotel Asok,and t
83、he 250-key Quarter Chaophraya by UHG.Due to a large number of projects delayed due to the pandemic,8,421 keys are expected to be added to Bangkoks hotel supply in 2023,representing the largest annual increase in the past decade.Between April 2023 and December 2025,16,774 keys are expected to open.Re
84、vPAR of luxury hotels improves by 314.4%y-o-y In 1Q23,luxury hotels in Bangkok registered a y-o-y improvement in performance,with revenue per available room(RevPAR)increasing by 314.4%y-o-y to THB 6,340.This can primarily be attributed to growth in both occupancy and average daily rate(ADR),rising b
85、y 40 ppts and 78.2%,respectively.Similarly,midscale and upscale hotels in Bangkok experienced a y-o-y increase in RevPAR of 218.7%to THB 1,454,and 318.2%to THB 2,945,respectively,as of YTD March 2023.Like the luxury hotels,the improvement in both segments are attributed to growth in both occupancy a
86、nd ADR.Outlook:Occupancy to gradually close pre-pandemic gap in 2023 With the abrupt announcement of Chinas reopening,it is expected that travellers will need time to prepare,such as obtaining passport renewals and waiting for the reopening of tour agencies,before a significant increase in tourist a
87、rrivals will be seen.We expect the Chinese to return as the top source market for Thailand by the end of the year.With hotels that were closed in Bangkok during the pandemic fully reopening in 1Q23,we expect the inflated rate to start normalising from 2Q23 onwards.The recovery outlook for Bangkok is
88、 bullish,and the hotels sector is expected to gradually close the gap with pre-COVID-19 levels throughout 2023.We expect 4Q23 to be the first real high season in Bangkok after three years of the pandemic.YTD RevPARMarchTHB 6,340RevPAR Growth Y-O-Y314.4%Stage in RevPAR CycleRevPAR RisingBangkokNote:B
89、angkok Hotels refers to Bangkoks luxury hotel market.Source:Industry sources,JLLCompleted Room Additions Future SupplyNo.of rooms2002,0002,0003,0004,0005,0006,0007,0008,0009,00010,000JLL Asia Pacific Hotel Q1 2023Hotel market|12|Hotel Market Insights|Major Additions to Hotel Su
90、pply“Continued rebound of MICE and corporate demand has driven strong trading performance in 1Q23.”Nihat ErcanCEO-Hotels&Hospitality Group,Asia PacificInternational visitation rebounds,backed by Asian demand With borders in the region now fully reopened,international visitation,particularly from key
91、 Asian countries,has witnessed strong growth.Total international visitor arrivals increased by 724.0%y-o-y as at YTD February 2023.Mainland China has returned as a top source market for Jakarta,alongside Malaysia,Singapore and South Korea.Jakarta remains on track to recover to pre-COVID-19 levels as
92、 international visitation as of YTD February 2023 represents 65.4%of 2019 levels.New supply pipeline slows in 2023 There are currently no new hotel openings as of March 2023 as new projects have delayed their opening.Currently,the total number of hotel rooms in Jakarta stands at 62,923.The hotel pip
93、eline is expected to ramp up in 2023,with a total of 1,706 rooms expected to enter the market this year,representing a 2.7%growth.The majority of the hotels slated to open in 2023 are concentrated in the CBD and Central Jakarta.MICE demand backs strong performance Governmental and corporate activiti
94、es,as well as other non-business MICE events such as concerts,exhibitions and sports events,have boosted demand for hotel accommodations.Backed by healthy domestic demand,RevPAR rose 38.9%y-o-y,supported by a recovery in ADR and occupancy,which increased by 13.3%and 10.8 percentage points respective
95、ly.Outlook:Trading performance to continue improving in 2023 Mainland Chinas announcement to lift outbound travel restrictions and ease quarantine regulation in January 2023 is expected to support growth in ADR and occupancy.However,given the limited frequency flights,the positive impact will likely
96、 be seen from 3Q23 onwards.With all COVID-19-related public activity easing in December 2022 and the projection of 7.4 million international visitors in 2023,Jakartas high-end hotel segment is expected to maintain high room rates while midscale and lower-end segments are likely to focus on volume.YT
97、D RevPARMarchIDR 1,416,195RevPAR Growth Y-O-Y45.9%Stage in RevPAR CycleRevPAR RisingJakartaNote:Jakarta Hotels refers to Jakartas luxury hotel market.Source:Industry sources,JLLCompleted Room Additions Future SupplyNo.of rooms05001,0001,5002,0002,5002002120222023JLL Asia Pacific Hotel Q1
98、2023Hotel market|13|Hotel Market Insights|Major Additions to Hotel Supply“Kuala Lumpur hotels positioned for recovery in anticipation of the return of international visitors.”Nihat ErcanCEO-Hotels&Hospitality Group,Asia PacificCautious optimism driven by the rebound in international visitors Followi
99、ng the reopening of borders in the region,hotels have been transitioning out of domestic tourism and pivoting towards international demand.With corporate and MICE demand picking up,trading performance for hotels will likely be supported by international visitor arrivals in 2023.According to Malaysia
100、 Tourism Data,Malaysia welcomed about 10.1 million international visitors in 2022,representing a 7475%y-o-y increase from 2021.However,this only represents approximately 39%of visitor arrivals in 2019,indicating that a full recovery may take more time to materialise.Hotel supply to grow significantl
101、y in the short to medium term Hotel room inventory in Kuala Lumpur is expected to grow 18%between 2023 to 2025,assuming all proposed projects materialise.Many owners have also re-invested in their hotel assets in the past two years and this has changed the quality and distribution of hotel inventory
102、 in the market.Of new supply entering the market between 2023,81%of hotel rooms are in the upscale segment,and the remaining 19%are in the midscale segment.Major luxury project openings,such as Regent KL and Kempinski Hotel KL,have been delayed to 2024 onwards.Uplift in occupancy and ADR continues t
103、o drive up RevPAR Revenue per available room(RevPAR)has recovered significantly in March 2023 as compared to the same period in 2022.RevPAR has risen by 195.6%y-o-y,driven by an improvement in occupancy by 36.9 percentage points and a 21.6%rise in average daily rate(ADR),due to the reopening of bord
104、ers in the region.Upcoming developments in Kuala Lumpur,including the Merdeka 118 and TRX,as well as the MRT and LRT expansion are expected to enhance connectivity and better position Kuala Lumpur as a financial hub to boost tourism.Outlook:Hotel market on the runway to full recovery While 2023 is e
105、xpected to be a year of headwinds and full recovery of the tourism sector is not anticipated,a steadily increasing number of international visitor arrivals should lead to a higher international-to-domestic guest ratio in the year ahead.In January 2023,Malaysia opened special lanes for travellers fro
106、m Mainland China given the reopening of its borders.While the number of international arrivals from Mainland China has yet to recover to pre-pandemic levels,we expect the move to aid in Kuala Lumpurs steady recovery in hotel performance.YTD RevPARMarchMYR 390RevPAR Growth Y-O-Y195.6%Stage in RevPAR
107、CycleRevPAR RisingKuala LumpurNote:Kuala Lumpur Hotels refers to Kuala Lumpurs luxury and upscale hotel market.Source:Industry sources,JLLCompleted Room Additions Future SupplyNo.of rooms2002001,0001,5002,0002,5003,0003,5004,0004,5005,000JLL Asia Pacific Hotel Q1 2023Hotel mark
108、et|14|Hotel Market Insights|Major Additions to Hotel Supply“Trading performance continues to recover with RevPAR now above pre-COVID-19 levels.”Anthony CorbettManaging Director-Head of Hotels&Hospitality,Valuations Advisory,AustraliaInternational visitor arrivals continue to steadily recover Demand
109、continues to be largely led by domestic leisure,however a return in major events,recovery in corporate/MICE demand and international air capacity has led to strong demand growth over 1Q23.Sydney Airport reported total passenger traffic for the month of March has now recovered to 86.7%of pre-COVID-19
110、 levels(March 2019),with international passengers representing an 82.3%recovery.Occupancy as at YTD March 2023 improved to 77.0%y-o-y versus 40.2%for the same period last year.Despite this,market occupancy continues to be affected by the ongoing impact of the pandemic,illustrated by a pre-COVID-19 o
111、ccupancy rate of 88.1%for the same period in 2019.Two new hotels open over 1Q23 A total of 230 rooms opened in the first quarter of 2023,representing 1.0%of total room stock.These included the 192-room Capella Sydney located in the CBD and the 38-room boutique hotel,202 Elizabeth(formally The Clancy
112、)situated in Surry Hills.Five new hotels are currently under construction in Sydney CBD and the surrounding fringe suburbs,representing a net increase of 1,267 rooms or 5.7%on existing stock.It is expected that future new development activity will be relatively subdued over the near term,given the c
113、urrent interest rate environment and construction costs on the rise.RevPAR recovery supported by strong recovery in occupancy As at YTD March 2023,revenue per available room(RevPAR)increased to sit at AUD 248,which represents a 134%increase from the previous year,and has been heavily supported by a
114、strong recovery in market occupancy(77%y-o-y).Despite this,occupancy remains 13%down on pre-COVID-19 levels(YTD March 2019),however RevPAR has now recovered to be 4%above pre-COVID-19 levels.Sydney recorded the strongest investment volumes of any city in 2022,with over AUD 1 billion of transactions(
115、across eight deals)settling over the year.Momentum has continued into 1Q23,with the significant trophy transaction of the future Waldorf Astoria currently under construction,for a reported AUD 520 million.Outlook:Recovery expected to accelerate,despite current headwinds Sydney is expected to benefit
116、 from a significant events calendar over the coming 12 months,which will continue to support accommodation demand over the near term.This will also support trading conditions with positive occupancy levels and strong ADRs.Visitor arrivals are anticipated to continue recovering to pre-pandemic levels
117、 as international and Chinese visitation returns.Whilst the direct effects of COVID-19 have now eased,the market is facing other challenges such as supply chain disruption,a high inflationary environment and staffing shortages.Despite this,investment appetite in Sydney remains strong but selective,e
118、specially for trophy assets or non-performing assets with upside potential,be that through refurbishment,repositioning,or redevelopment.YTD RevPARMarchAUD 248RevPAR Growth Y-O-Y134.4%Stage in RevPAR CycleRevPAR RisingSydneyNote:Sydney Hotels refers to all grades of accommodation and includes both ho
119、tels and serviced apartments.Source:Industry sources,JLLCompleted Room Additions Future SupplyNo.of rooms200200200300400500600700800900JLL Asia Pacific Hotel Q1 2023Hotel market|15|Hotel Market Insights|Note:All physical indicators charts are based on the local measurement stan
120、dard-GFA or NLA.Office rental figures at the top of each market page refer to the main submarket in each city.Asia PacificNihat Ercan Chief Executive Officer Hotels&Hospitality Group Calvin Li Head of Transaction Advisory Hotels&Hospitality Group +65 9739 0854 Marina Bracciani Vice President Researc
121、h Asia Pacific Hotels&Hospitality Group+852 9248 8238 Greater China Tao Zhou Head of Greater China Hotels&Hospitality Group+86 186 1053 2318 SingaporeCalvin Li Head of Transaction Advisory Hotels&Hospitality Group +65 9739 0854 Thailand Rathawat Kuvijitrsuwan Senior Vice President Hotels&Hospitality
122、 Group+66 86 885 1605 JLL Research-Asia PacificIndonesiaCleavon Tan Senior Vice President Hotels&Hospitality Group+65 9696 7396 Malaysia Cleavon Tan Senior Vice President Hotels&Hospitality Group+65 9696 7396 Japan Kuraudo Ohashi Head of Advisory Hotels&Hospitality Group+81 90 6494 1182 Australia An
123、thony Corbett Joint Head of Hotels&Hospitality Valuations Hotels&Hospitality Group+61 411 647 681 Kyle Wheatley Seniot Analyst Research Australasia Hotels&Hospitality Group+61 438 049 006 JLL Asia Pacific Hotel Q1 202316|Hotel Market Insights|Hotel market|Asia Pacific1 Paya Lebar Link#10-08 PLQ2 Sin
124、gapore 408533 tel +65 6220 3888 fax+65 6438 3361 .sgAbout JLLFor over 200 years,JLL(NYSE:JLL),a leading global commercial real estate and investment management company,has helped clients buy,build,occupy and invest in a variety of commercial,industrial,hotel,residential and retail properties.A Fortu
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