Asian hoteliers scale up outlook for 2014

SOME 86 per cent of Asian hoteliers intending to open new properties in the coming year will be opening them in Asia, signalling a deep-seated belief in the ascendancy of the region's tourism market. 

According to the second TripBarometer study conducted by TripAdvisor this year, 34 per cent of Asian hoteliers will be opening new properties in 2014, double the global average of hoteliers expanding their portfolios.

Asia’s hoteliers are ranked the third most optimistic in the world, with 74 per cent of them feeling positive about their business’ profitability in the year ahead.

This puts Asian hoteliers above the global average of 67 per cent, though Central America and North America came in higher at 79 per cent and 74 per cent respectively.

In line with their positive outlook for the Asian hospitality scene, 58 per cent of Asian hoteliers will be raising rates in 2014, mostly to cope with rising overhead costs (58 per cent) and increased demand (38 per cent).

In the meantime, only 51 per cent of global hoteliers intend to hike their rates. 

Hoteliers in Asia are also looking to invest in their current properties for better business. Fifty-four per cent will step up marketing and advertising in 2014, 52 per cent want to train staff up, while 51 per cent will embark on small-scale renovations.

TripAdvisor’s earlier edition of the survey this year found 72 per cent of Asian hoteliers feeling upbeat about the future and only 42 per cent with plans to raise room rates (TTG Asia e-Daily, March 20, 2013).

 On the consumer side, 42 per cent of Asian travellers are going to up their travel budgets for 2014, though 85 per cent of global tourists intend to travel domestically next year and 65 per cent of Asian travellers will stay within their home regions over the next six months. 

 Sourced: ttgasia