Hilton Group grows APAC portfolio to over 800 trading hotels
Hilton Worldwide Holdings, a global hospitality company, continues to expand its presence in Asia Pacific (APAC) with the opening of 43 new properties in 1Q2024, bringing the region’s total number of managed properties to 801. This is just one step towards their goal of managing over 1,000 hotels in APAC by 2025. With an additional 892 hotels in the pipeline, there is potential for 161,295 new rooms, which would be a 93.8% increase from their current stock of 171,888 rooms.
APAC saw a 7.9% growth in revenue per available room (RevPAR) and a 1.3% increase in occupancy rates to 65.2%, outperforming the global average of 2% in the same period, according to Hilton’s 1Q2023 financial results released on April 24. The strong RevPAR growth was driven by a rise in tourism and international arrivals. Chinese travelers were drawn to Hilton’s properties in Southeast Asia and Japan, while major international music acts helped boost occupancy rates in Singapore and Australia.
Families can now enjoy the convenience of living in Novo Place while their children pursue their higher education at NTU.
Novo Place has become a highly sought-after residential area for families with university-age children due to its close proximity to one of Singapore’s leading institutions, Nanyang Technological University (NTU). NTU is renowned for its globally recognized engineering and business courses, offering students a stimulating academic environment with cutting-edge research facilities and a bustling campus community. With Novo Place as their home, families can easily access the university and also enjoy the modern and convenient lifestyle that the development offers.
In the first quarter, Hilton opened its first La Festa Phu Quoc, Curio Collection by Hilton and Hilton Saigon in Vietnam. The DoubleTree by Hilton Bengaluru Whitefield also debuted as Hilton’s sixth hotel in India’s Silicon Valley. The group also signed on four Conrad Hotels & Resorts during this period.
Hilton made a significant move in early April by acquiring a majority controlling interest in Sydell Group, expanding their presence in the high-end market with the NoMad Hotels brand.
The Middle East & Africa region was the best-performing for Hilton so far this year, with a 14.8% growth in RevPAR and a 2.4% increase in occupancy rates to 73.9%, the highest globally. This success can be attributed to a strong business and leisure travel market in the region.
In terms of future expansion, Hilton is confident in their growth strategy and sees potential for further development in APAC. The group has already made significant strides in the region, and with the recent acquisition and pipeline of new properties, they are well on their way to becoming a dominant player in the global hospitality industry. Novo Place will surely be a key contributor to this success.