According to HVS research, the South East Asia market is on a trajectory to add 170,671 hotel rooms (or 8.6%) to the overall hotel room supply between 2019 and 2023, translating to a five-year CAGR of 1.7%.
Over the years, South East Asia has been experiencing an unprecedented hotel development boom, with most of the hotel room supply focusing on major urban and suburban markets in the upper-midscale through upper-upscale market segments. The South East Asia (Indonesia, Malaysia, Myanmar, Philippines, Singapore, and Vietnam) lodging industry experienced mixed sentiments for 2019.
Despite growth in tourism arrivals, the ever-changing political climate, mercurial global economic conditions, and growth in accommodation supply are few of the many reasons that continue to put downward pressure on several markets. Even with the headwinds, the underlying dynamics behind demand growth appear to be resilient and are expected as such going forward.
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