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By Author
Published on December 27, 2023
As 2023 winds down, it's time to look back at a year that was both challenging and rewarding for the hotel industry. Despite some financial turbulence, the sector saw its fair share of success stories, with certain companies not just surviving but thriving.
The Year in Review: A Mixed Bag for Hotels
The hotel industry globally maintained a steady ship with an occupancy rate hovering near 63%. This was a slight decrease from 2019's 66%, but not too shabby considering the circumstances. Average Daily Rates (ADR) inched up by about 5%, touching around $155 USD.
Interestingly, group room nights bounced back impressively, somewhat offsetting the decline in domestic leisure travel. However, the transactions market hit a bit of a cold patch. The surge in federal funds rate, from less than 1% in early 2022 to 5.25-5.5% by late summer 2023, alongside some early-year bank failures, shook the investment world. This led to a 35% drop in transaction volume compared to the previous year.
Regional Insights
United States: The U.S. saw a bit of softening in hotel fundamentals during the second quarter, as more Americans traveled abroad and international arrivals slowly recovered. However, modest growth in Revenue per Available Room (RevPAR) is expected in late 2023 and early 2024, thanks to improved business and group travel.
Caribbean: The region kept its momentum, with significant increases in visitor arrivals. New hotel projects are on the horizon for 2024, signaling investor confidence in the Caribbean market.
Europe: Driven by pent-up consumer demand, Europe's hotel sector showed signs of recovery, especially in the luxury and upscale segments. However, investment remained cautious due to higher debt finance costs.
Asia-Pacific: Domestic tourism made a comeback, but international visitors were slower to return. The Chinese market played a crucial role in boosting Hotel ADR in most areas.
2023's Standout Performers
Marriott International Inc.: Leading the pack with a 22% year-over-year revenue increase to $23.541 billion, Marriott's diverse portfolio played a significant role in its resilience.
MGM Resorts International: Garnering $15.38 billion in revenue, a 22.15% increase, MGM benefited from its combination of resort and gambling services.
Caesars Entertainment Corp: Marking an 8.81% increase in revenue to $11.524 billion, Caesars' strategic expansion and entertainment offerings paid off.
Hilton Worldwide Holdings: Hilton's global presence and diverse brands helped it achieve a 23.33% revenue jump to $10.070 billion.
Hyatt Hotels Corp: With a focus on customer experience and expansion, Hyatt saw a 22.61% increase in revenue, reaching $6.595 billion.
Las Vegas Sands Corp: A staggering 114.3% increase in revenue to $8.574 billion, thanks to its entertainment diversification.
Galaxy Entertainment Group: A monumental 374% jump in net revenue to $9.7 billion, Galaxy leveraged its focus on the Asian market.
Looking Ahead to 2024
The outlook for 2024 in the hotel industry is cautiously optimistic. A slow start is expected, but momentum should build towards a strong finish. The U.S. might dodge a recession, and with potential Fed rate cuts, transaction activity could see an uptick in the hotel sector and beyond. The key will be adaptability and strategic positioning in an ever-evolving market landscape.
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By Hariharan U
Published on October 22, 2025
ITC Hotels has expanded its premium Storii brand with the launch of Storii Narindera Orchards, Kufri, an experiential mountain retreat set amidst apple orchards with stunning views of the Dhauladhar ranges. The property blends the natural beauty of the Shimla Hills with refined hospitality, offering guests an immersive, soulful escape.
Storii Kufri features elegantly appointed rooms overlooking the valley, a spa with curated wellness experiences, and multiple dining options. Guests can indulge in Himachali delicacies and global cuisine at Daran Valley, enjoy open-air terrace dining with light bites and handcrafted beverages at Café Mehral, relax with teas and desserts at Baag View, or savour premium cocktails at Raspippin Bar. The Baghal Room serves as the signature banquet space, ideal for weddings, corporate retreats, and social gatherings.
“ITC Hotels Limited has a very strong presence in Himachal Pradesh and with the addition of Storii Narindera Orchards, Kufri, we further strengthen our footprint in the state. The property is inspired by the region’s rich heritage and culture, celebrating local artistry thoughtfully blended with contemporary comforts,” said Anil Chadha, Managing Director, ITC Hotels Limited.
“Our dream was to create more than a hotel, we envisaged a destination that reflects the essence of Shimla Hills. We welcome guests to discover not just a stay, but a story that celebrates the region and the spirit of true hospitality,” said Udayvir Singh Punta, Owner of Storii Narindera Orchards, Kufri.
Visitors can enjoy orchard walks, curated treks, bonfire evenings, and wellness treatments at the spa and salon. Located just a short drive from Shimla, the retreat is positioned as a premier choice for leisure getaways, corporate retreats, and destination weddings.
With Storii Narindera Orchards, Kufri, ITC Hotels continues to expand its portfolio of premium experiential destinations, combining regional authenticity with modern luxury.
If you want, I can also draft a shorter social media-friendly version highlighting the scenic location, wellness offerings, and curated dining at Storii Kufri.
The Hotel and Restaurant Association (Western India) – HRAWI commemorated its Platinum Jubilee with a landmark awards ceremony at its 20th Regional Convention, celebrating 75 years of leadership and service to the hospitality industry.
The evening was graced by actor Boman Irani, who felicitated all past presidents of HRAWI for their enduring contributions. Dr Shashi Tharoor, Member of Parliament and Chairman of the Parliamentary Standing Committee on External Affairs, presented Lifetime Achievement Awards to Dr Ajit B Kerkar, President of Honour, and Vivek Nair, Member of Honour, recognising their exceptional contributions to Indian hospitality. As Dr Kerkar was unable to attend, Jimmy Shaw, President of HRAWI, accepted the award on his behalf.
“Seventy-five years is a remarkable journey. Each of these leaders has carried forward the legacy of Indian hospitality, setting benchmarks of excellence and resilience. It is a privilege to celebrate their contributions to the industry and to the Association,” said Boman Irani, reflecting on his early career as a waiter at The Taj Mahal Palace, Mumbai.
Dr Shashi Tharoor, delivering the keynote address, lauded HRAWI’s legacy and emphasised the wider role of hospitality in national development. Describing tourism and hospitality as “mirrors of a nation’s soul,” he highlighted the need to advance India’s Viksit Bharat 2047 vision through three pillars: Image, Infrastructure, and Immigration.
“This evening isn’t just about honouring the leaders and pioneers who have shaped our Association; it’s about celebrating seventy-five years of an industry that has built careers, created opportunities, and welcomed the world with open arms,” said Jimmy Shaw.
Founded under the leadership of the late JRD Tata, HRAWI has grown into one of India’s most influential voices for the hospitality sector. The Platinum Jubilee ceremony honoured stalwarts including the late AP Sabavala, Rustom Masani, DRD Tata, Maneck S Shaw, and many others who have contributed to shaping Western India’s hotel and restaurant landscape.
Over the decades, HRAWI has played a defining role in policy advocacy, skill development, sustainability initiatives, and industry growth, serving stakeholders across Maharashtra, Gujarat, Madhya Pradesh, Chhattisgarh, Goa, and the Union Territories of Dadra & Nagar Haveli and Daman & Diu. The Platinum Jubilee celebration not only paid tribute to its illustrious past but also reaffirmed HRAWI’s commitment to shaping the future of Indian hospitality.
If you want, I can also draft a shorter version optimized for social media or a press release snippet to highlight the awards and key personalities from the event.
Hilton has reached a major milestone in its luxury and lifestyle segment, now operating over 160 hotels across Asia Pacific. This growth reflects rising demand for unique, experience-driven stays, and the company plans to expand its portfolio by at least 50% in the coming years.
The expansion follows the recent launch of Motto by Hilton Hong Kong Soho, Hilton’s first lifestyle brand in the region. The hotel offers a connected experience with thoughtfully designed guest rooms, dynamic public areas, and locally inspired food and beverage offerings. Recent openings of Waldorf Astoria Osaka and Secan Hotel Qingdao, Curio Collection by Hilton, also highlight Hilton’s growing presence in the luxury and lifestyle segment.
“Asia Pacific continues to be an engine of growth for Hilton’s luxury and lifestyle brands. The appetite for distinctive, experience-led stays is stronger than ever, and Hilton is proud to lead the way in shaping the future of hospitality in this vibrant region,” said Alan Watts, President, Asia Pacific, Hilton.
Hilton’s upcoming openings over the next 12 months include Waldorf Astoria Shanghai Qiantan, Canopy by Hilton Shanghai Belfry Plaza, KROMO Bangkok, Curio Collection by Hilton, Kahavadi Chiang Rai, Curio Collection by Hilton, and Nivata Koh Samui, Tapestry Collection by Hilton. The first Waldorf Astoria in Indonesia will debut in Bali in 2027, while NoMad Singapore and Canopy by Hilton Makati in the Philippines are set for 2026.
“Hilton brands lead the industry in terms of rooms under construction in this region. In Asia Pacific, we are on track to double our presence of Waldorf Astoria, Conrad, and LXR Hotels & Resorts, debut NoMad and Signia by Hilton, and expand our lifestyle brands which are seeing surging interest from owners across the region,” said Clarence Tan, Senior Vice President, Development, Asia Pacific, Hilton.
Long-term plans include seven new Waldorf Astoria properties in Kuala Lumpur, Hanoi, Sydney, Xi’an, Tokyo, Delhi, and Bali. Conrad Hotels & Resorts will grow in Jaipur, Kuala Lumpur, Nagoya, Bangkok, and several Chinese cities. LXR Hotels & Resorts will debut in Bengaluru, Hiroshima, and Xi’an, while Signia by Hilton is set to launch in India. Curio Collection by Hilton will arrive in Bengaluru, Wuxi, and Langkawi, and Canopy by Hilton will open in Bangkok and Okinawa.
Hilton’s growth has been accelerated by acquiring a majority stake in Sydell Group to expand the NoMad brand and an exclusive partnership with Small Luxury Hotels of the World, giving Hilton guests access to independent luxury properties globally.
With this momentum, Hilton has added over 100 future luxury and lifestyle hotels to its global development pipeline in 2025 and expects to launch three new luxury and lifestyle hotels per week, adding approximately 150 hotels to its global portfolio.
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