Check-in Time: The Hotel Industry in Asia Pacific Has Bounced Back
In the wake of the global financial crisis, the hotel industry saw global trading fundamentals and investment activity decline. While the hospitality industry in Europe and North America begins to find its footing, it already has begun to roar back across Asia Pacific.
The Asia Pacific hotel industry has bounced back robustly since the global financial crisis began — by almost any measure, 2010’s performance outshone that of 2009, and 2011 is positioned to do even better, as the region’s economy continues to soar and demand increases across emerging markets.
“Overall, Asian hotel markets have fared better in the aftermath of the global crisis than most other regions, with a promising outlook for the years ahead,” says Daniel Voellm, managing director with HVS Global Hospitality Services, based in Hong Kong.
“While Asia was also affected by the global financial crisis, the impact was relatively limited compared