Good Morning!!!!
Malaysia's hotel sector is experiencing continuous investment for new hotel developments, driven by a positive tourism outlook. The team is equally busy with buyers and sellers.
Electrical and mechanical engineering group LFE Corp Bhd secured two contracts worth RM16.7 million for a 22-storey hotel in Georgetown, Penang, expected to be completed by November 2025. Seri Pajam Development Sdn Bhd launched SPD Tech Valley in Senawang, Negeri Sembilan, a RM3 billion industrial park that will notably feature a business and leisure support center with a boutique hotel.
Additionally, Kuching will see three new international hotels, including one by Ascott, approved by the State Planning Authority, as part of efforts to expand accommodation options and meet future tourism demand, supported by increased direct flights and enhanced regional connectivity plans.
Meanwhile, Putrajaya experiences surging demand for hotel rooms amidst changing travel preferences, notably with young, affluent travelers seeking immersive cultural experiences and 'bleisure' trips. In response, hotels like newly opened Moxy Putrajaya are enhancing offerings with advanced business facilities, wellness centers, dining choices, and leisure activities tailored to these evolving preferences.
In recent developments within the travel and tourism sectors, Malaysia experienced a remarkable 19.5% surge in air passenger traffic in April 2024, primarily driven by domestic travel during Hari Raya Aidilfitri, signaling positive signs of recovery. Concurrently, AirAsia's designation as the official airline partner for the Malaysia-China Summit 2024 underscores initiatives aimed at strengthening trade and cultural ties, accompanied by exclusive travel offers for summit participants.
Moreover, Tourism Malaysia is collaborating with Trove Tourism Development Advisors to bolster awareness and tourism from North America, aligning with its strategic vision for Visit Malaysia Year 2026.
For more details on this week’s hospitality updates, do visit https://lnkd.in/gUNAn8jR#zerinproperties#corporaterealestate#corporatetransactions#estateagency#hotelforsale#hotelinvestment#corenetglobal#apac#southeastasia#hotelinvestment#hotelexpansion#motac#tourismmalaysia#tourismrecovery#airlines#mice#medicaltourism#sustainability#esg#traveltrends#strategicpartnership#ascott#kuching#penang#airasia
Based on trends from 2023, hotel performance in Bali in Q4 is expected to decline, primarily due to the conclusion of the holiday season for both domestic and international tourists. Any increase during this period typically occurs around the Christmas and New Year holidays. To find out more about hotel market in Bali, download and read Colliers Quarterly Property Market Q3 2024 Report | Bali Hotel through this link: https://ow.ly/kwLP50U46zX
If you want to discuss more about hotel market in Indonesia, please reach out to our #experts, Satria Wei and Ferry Salanto.
#ColliersIndonesia
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AWC and Hotel Okura Announce Two Unique Projects in Chiang Mai and Bangkok, Bridging Japanese Elegance and Thai Heritage, Strengthening Thailand’s position as a global sustainable tourism destination
Bringing the Authentic Japanese Experience by Hotel Okura to two of Thailand’s unique destination with its own distinct charm.
Okura Resort Chiang Mai, the world’s first luxurious Ryokan experience under the Okura brand outside Japan and the first Okura-branded hotel in Northern Thailand at the heart of Chiang Mai’s cultural and natural heritage, blending Japanese refinement with the cultural charm of Lanna.
The Okura Prestige Sukhumvit Bangkok Hotel and Spa, a wellness-focused haven in Thonglor, featuring exclusive Japanese-inspired design and unique Sky elements, bringing Japanese luxury to one of the city’s most diverse lifestyle neighborhoods.
With an investment of more than THB 7,600 million, the two new projects will add over 400 room keys, expanding AWC's portfolio across key tourism destinations, in alignment with the company's sustainable GROWTH-LED Strategy.
Read more: https://lnkd.in/gu2uhRCX#AWC#AssetWorldCorporation#HotelOkura#OkuraPrestige#OkuraResort
Hotel General Manager - Le Meridien Petaling Jaya Hotel
5moWell done team - much deserved for all your hard work and focus on providing the service and facilities to earn this achievement. Proud of you all!!