Luxury hotels in Bangladesh are facing a nearly 90% drop in guests and significant financial losses due to unrest, curfews, and travel warnings, with near-zero bookings reported for late July and August.
Bangladesh International Hotel Association data shows the number of guests in luxury hotels has decreased by almost 90% and room bookings have come down to only 10%. The quota reform movement is being described as shocking the system similar to the Covid-19 crisis as the unrest and curfew have resulted in no domestic or foreign tourists visiting luxury hotels. In addition to the mass cancellation of bookings by foreign guests, domestic events and programs are also being canceled or postponed. The hotels must still pay utility bills, salaries and interest on bank loans despite no income causing TK100 crore in losses across the industry each day. The remaining days of July and some of August are showing near zero bookings in luxury hotels. Several countries have issued travel warnings to Bangladesh, all resulting in hotels reporting no new bookings being made, in addition to all the mass cancellations. There are 20 five-star hotels in Dhaka, Chattogram and other parts of the country. There are 4 four-star hotels and 22 three-star hotels.
Las Vegas Sands said it now expects the completion of the renovations of the rooms in Tower 3 at Marina Bay Sands in Singapore to be done by the second quarter of next year. Originally they were shooting for Chinese New Year 2025, late January of 2025. There will be 544 redesigned rooms that will include 385 new suites. This is the first of the major changes coming to the Marina Bay Sands. This renovation will cost a total of $750 million and will include the hotel lobby and rooftop Sands SkyPark. There is also a $1 billion renovation of Tower 1 and Tower 2 of the complex and then a US$3.3 billion expansion. The renovations, when complete, will result in three hotel towers offering 1,850 refurbished rooms of which 775 will be suites. Pre-renovation had a total of 2,560 rooms and suites.
In Macau, the Londoner Macau renovations from Sands China/Las Vegas Sandswill result in the Sheraton brand being removed, replaced with Londoner Grand by December of this year. The currently closed Pacifica casino is on track to reopen in December, also under the Londoner Grand branding. The Londoner Grand hotel will have 2,405 rooms compared to the Sheraton-branded towers pre-renovation total of 3,968. The number of suites will rise to 1,500 from 360 previously.
Marriott International and Mapletree Investments signed an agreement to operate the group’s existing hotel and serviced apartments in District 1 of Ho Chi Minh City, as well as introduce the JW Marriott brand to the city. The existing hotel will be converted into JW Marriott Hotel & Suites Saigon and the rebranded property is slated to open in September 2024. This marks the brand’s third location in Vietnam, following Hanoi and Phu Quoc. Mapletree will be upgrading the hotel as part of its enhancement plan for its mPlaza asset in the heart of Ho Chi Minh City. JW Marriott Hotel & Suites Saigon is expected to feature a 21-story tower and 31-story serviced apartment tower consisting of one to three-bedroom apartments. Amenities will include a conference space of more than 1,200 square meters and five restaurants and bars. There will be outdoor pools and fitness centers with each tower offering separate facilities. The planned Spa by JW will have treatment rooms, whirlpools, steam rooms and saunas. JW Marriott Hotel & Suites Saigon will be Marriott International’s 24th property in Vietnam and the fifth hotel in Ho Chi Minh City.
Marriott signed a hotel management agreement with the SKS Group to open Courtyard by Marriott Subang in Indonesia. This marks SKS Group’s third collaboration with Marriott International and its first project outside of Johor. Courtyard by Marriott Subang is expected to open in 2026, part of a mixed-use development featuring retail spaces. The hotel will offer 280 rooms, strategically located in Subang’s economic zone, 35 minutes from Kuala Lumpur International Airport and a 5-minute drive from Sultan Abdul Aziz Shah Airport. The planned amenities include an all-day dining restaurant, rooftop pool and versatile event spaces. The hotel will have a 1,000-square-meter hotel ballroom and four meeting rooms.
ITC Ltd said they are set to open 60 new hotels in the coming few years at their soon-to-be demerged hotels divisions. It will take the total count of the hotel business to 200. ITC Ltd. will hold a 40% stake in ITC Hotels once it is demerged and listed on the bourses. ITC Hotels Ltd will continue to focus on managed properties that the company terms an asset-right strategy. The company is exploring hospitality properties in Nepal and may also consider opportunities in West Asia. They announced the opening of their 25th property under the Welcomhotel brand in Belagavi in Karnataka. The 116-key Welcomhotel Belagavi aligns with the expansion of the brand.
Hilton has made its foray into the Himalayan country of Nepal by opening a hotel in Kathmandu. The new flagship property is now the tallest in the city, located 4 kilometers from Tribhuvan International Airport. The hotel is owned and developed by the Shanker Group. The Hilton Kathmandu has 172 rooms, including presidential suites, all offering panoramic views of the Langtang Valley’smountain rangers. The hotel features five dining venues.
The Roxy Square Shopping Centre and Grand Mercure Roxy Hotel in Singapore have been put on the market with a minimum asking price of $1.25 billion, according to JLL. The prime freehold mixed-use development includes a comprehensive suite of facilities, including 296 retail shops, 26 residential apartments, and a hotel with 576 rooms. The total gross floor area of the development is approximately 668,000 square feet. The site also permits the development of around 350 residential units with the remaining 172,000 square feet allocated for office, hotel and other commercial uses.
The Radisson Red Phuket Patong Beach will be the first Radisson Red hotel in Thailand. The 390 key resort is positioned just 270 meters from Patong Beach, surrounded by retail malls, restaurants and nightlife. The hotel is owned by Destination Group and is set to open in December 2024. Guests will be greeted by a life-sized sculpture of a red lacquered elephant wearing earphones. The art-inspired lobby features a red tuk-tuk as the centerpiece. The Urban Café is also in the lobby with the other place to enjoy socializing being at the rooftop club. The resort will have 8,000 square feet of versatile ballroom and meeting space, wellness amenities including a Himalayan sea salt spa, ice tubs and state-of-the-art gym and power fitness center.
