Hottest markets in Asia Pacific for 2024

Back in 2004, I was in Tenerife, Spain, doing my first hotel pre-opening gig. It was a beautiful resort with 284 rooms. I have since opened/rebranded quite a few other hotels - I still think back to my time in Spain fondly. I wouldn’t say I am a pre-opening junkie, but I enjoyed the process of setting everything up from scratch.?

As we are wrapping up 2023, I can’t help but peek into the future. I studied the hotels (projects) expected to be opened in 2024 and filtered only the hotels under construction (hence more likely to actually open).?

I saw some interesting data points and thought I would share them with you. Here is the list of hottest markets in Asia Pacific (excluding China and India), measured by new inventory expected to enter the market in 2024.

#1: Vietnam - 41,000 rooms

First place - by far - is Vietnam. Vietnam is expected to add 41,000 rooms to its existing inventory. This is almost twice the room count of the runner-up: Indonesia.

Most of the inventory will be added in Central and Northern Vietnam. And the rest will open in South Vietnam.

I will be heading to Vietnam at the end of the year to find out more! The crazy idea is to explore Vietnam on a motorbike - I plan to ride the whole coast of Vietnam from South to North. It is a little ambitious, but I look forward to it!

#2: Indonesia - 20,000 rooms

In many ways, Indonesia is near and dear to my heart. Both my wife and I lived and worked in Indonesia - in Jakarta and Bali respectively.

It is not a surprise that most of the action (i.e. new inventory) is in Jakarta and Bali. There are also significant additions expected in Banten/West Java (Surabaya) and Sumatra Islands.

Indonesia is so much more than just Bali, and soon, the world will find out!

#3: Malaysia & Thailand - 18,000 rooms?

Trailing very closely behind Indonesia - Tied for 3rd place are Malaysia and Thailand.

Both countries are renowned for their diverse culture, stunning natural landscapes, delicious food, and a mix of modernity with traditional charm, though culturally significantly different.

Both countries are highly dependent on tourism and have plans to grow this further. Fun facts:

• In Malaysia, hospitality and tourism hires 1 out of 4 people in Malaysia
• Almost 20% of Thailand’s GDP is from the tourism industry

#4: Japan: 13,000 rooms

From my social media feeds, it certainly feels like the whole world is in Japan. I am not a cold-weather person, so you wouldn’t find me skiing in Japan - but many people around me are planning to go.

It certainly helps that the Japanese yen has been weakening against major currencies - which makes a trip to Japan more affordable.

Japan has so much to offer: from its unique blend of tradition and modernity to its rich history and delicious cuisine. I am not surprised that despite being an established destination, 13,000 rooms are expected to be added in 2024.

#5: Australia & the Philippines: 12,000 rooms

Australia and the Philippines are tied for 5th place.?

The Philippines’ tourism department says: “It is More Fun in the Philippines!”. Having lived and worked in Australia, I would say that Australia’s fun factor is comparable to the Philippines.

Both countries are known for their fun-loving and easygoing citizens who are always up for a good time.

Asia Pacific is the place to be.

Did any of these surprise you? Are you planning to visit any of these beautiful destinations in 2024?

Check out "Hotel Operators' Sentiment Asia Pacific - Navigating the recovery in 2024" article from Xander Nijnens and Marina Bracciani for more insights!

*Sources: I gathered the information from STR, press releases, and other sources. I have included some of the links in the comment below if you are interested.