Horwath HTL have teamed up with STR Global to produce quarterly market updates on the Asia Pacific Hotel Market;
Each report includes overviews and breakdown of the Asia Pacific markets but also includes a more in-depth focus on one specific market. This quarter the spotlight is on the Vietnam market.
Q3 2014 was a busy quarter for hotel openings, with 58 hotels opened, increasing supply by 14,075 rooms.
This is a significant jump in activity from the same period last year with an 87% increase in openings and more than double the number of rooms opening (14,075 rooms opened compared to 6,504 opened in Q3 2013).
In terms of management structure, of the new openings this quarter, only 10 hotels or 19% of hotels were opened on a franchise basis, the majority opened under management agreement basis.
Continuing the trend seen throughout the year as well as last year, the majority (91%) of the new hotel openings are new build hotels, only 5 of the 58 hotels opened this quarter were hotel conversion projects.
In terms of opening locations, China continues to dominate, with more than half (52% of the hotels opened this quarter located in China.
India hotel openings accounted for 17% percent of the total openings, while Indonesia was ranked third most popular location in Q3 2014 with 12% share of the total hotels opened