Southeast Asia’s hotel industry sees growth with MICE events
The region is becoming a hub for hosting bigger events between countries and industries
The hotel industry in Southeast Asia has experienced fluctuations over the past year but the demand for travel has increased steadily. Hospitality Net noted that leisure travel has been the most resilient, but recent demand in Southeast Asia can also be linked to MICE (Meetings, Incentives, Conferences and Exhibitions) travel and events.
Convention Magazine M&C Asia discussed a challenging first half of 2022, and how hotel occupancy and average daily rates (ADR) have steadily increased since then. Large-scale events like conferences, exhibitions, and trade shows have made a comeback, contributing to the rise in hotel occupancy and ADR. Cultural festivals like Thailand’s Songkran festival and Easter celebrations in certain Southeast Asian countries also drive hotel demand. The return of big-name music acts, such as Justin Bieber’s visit to Jakarta, has also boosted the recovery of the hotel industry.
Related: New dawn fades: A promising year for Southeast Asia
There are various other larger-scale events soon to happen within the Southeast Asia region. The G20 Summit in Bali and The Business Show in Singapore both pushed occupancy and average daily rate (ADR) to peak levels. Cultural festivals, such as the Thai New Year celebration, and religious observances, such as Good Friday, have also driven demand.
STR, a data benchmarking and analytics company for the global hospitality sector, measures future trends in demand and shifts in bookings through Forward STAR, which is active in 450 areas worldwide. Looking ahead to the remainder of 2023, hoteliers are expected to benefit from both leisure travel and large-scale events.
The Property Report editors wrote this article. For more information, email: [email protected].
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