UNWTO Anticipates Robust Recovery and Growth in Global Tourism in 2024

UNWTO Anticipates Robust Recovery and Growth in Global Tourism in 2024

By Author

Published on January 22, 2024

International tourism is poised to make a remarkable comeback in 2024, signaling a return to pre-pandemic levels, according to the latest findings from the UNWTO (United Nations World Tourism Organization). Building on a robust 2023, where international tourism reached 88% of pre-pandemic levels, the sector is expected to witness a complete resurgence by the end of this year.

The UNWTO World Tourism Barometer for the beginning of this year revealed that the Middle East emerged as the front-runner in the recovery race, surpassing pre-pandemic levels by 22%. Europe, the world's most visited region, closely followed, achieving 94% of its 2019 figures. Africa was not far behind, boasting an impressive 96% recovery, while the Americas reached the 90% mark.

In contrast, Asia and the Pacific reported a 65% recovery of pre-pandemic levels. However, within this region, South Asia outshone others by already achieving an 87% recovery, while North-East Asia lagged at approximately 55%.

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The UNWTO highlighted notable growth in various destinations, both established and emerging, with some reporting double-digit increases in international arrivals in 2023 compared to 2019. Noteworthy sub-regions that exceeded their 2019 arrival levels included Southern Mediterranean Europe, the Caribbean, Central America, and North Africa.

Underscoring the economic significance of the recovery, the UNWTO reported that international tourism receipts reached an estimated USD 1.4 trillion in 2023, marking 93% of the earnings recorded in 2019. Total export revenues from tourism, including passenger transport, are estimated at USD 1.6 trillion, almost 95% of the figures recorded in 2019. Preliminary estimates indicate that tourism's contribution to global GDP, measured in tourism direct gross domestic product (TDGDP), reached USD 3.3 trillion in 2023, constituting 3% of the global GDP.

The sustained recovery is also reflected in industry indicators. According to the UNWTO Tourism Recovery Tracker, international air capacity and passenger demand both recovered about 90% of pre-pandemic levels through October 2023, as reported by IATA. Global occupancy rates in accommodation establishments reached 64% in November, slightly above the 62% recorded in September 2022, based on STR data.

With a positive outlook for 2024, the UNWTO predicts a full recovery to pre-pandemic levels, with initial estimates pointing to a 2% growth above 2019 levels. The UNWTO Tourism Confidence Index survey reflects this optimism, with 67% of tourism professionals anticipating better prospects for 2024 compared to 2023.

However, challenges persist on the horizon, including economic and geopolitical headwinds. Travelers are expected to prioritize value for money, sustainability, and proximity in their choices.


Royal Caribbean Group raises dividend by 33% to $1 per share

Royal Caribbean Group raises dividend by 33% to $1 per share

By Manu Vardhan Kannan

Published on September 14, 2025

Royal Caribbean Group (NYSE: RCL) has announced a significant increase in its shareholder returns, declaring a 33% hike in its quarterly dividend. The company’s Board of Directors approved a dividend of $1.00 per common share, payable on October 13, 2025, to shareholders of record at the close of business on September 25, 2025.

Jason Liberty, President and CEO of Royal Caribbean Group, said the move underscores the company’s confidence in its performance and long-term growth strategy. “Today’s dividend increase reflects both the strength of our performance and our commitment to return capital to shareholders. This increase in dividend, along with our ongoing share repurchase program, highlights our balanced approach to capital allocation, returning value to shareholders while funding future growth,” Liberty stated.

Royal Caribbean Group is a global leader in the vacation industry, operating a fleet of 68 ships across five brands that serve millions of guests annually. Its portfolio includes Royal Caribbean International, Celebrity Cruises, and Silversea, as well as land-based experiences such as Perfect Day at CocoCay and the Royal Beach Club collection. The company also holds a 50% joint venture in TUI Cruises, which manages brands like Mein Schiff and Hapag-Lloyd Cruises.

With a reputation for innovation and guest-focused experiences, Royal Caribbean Group continues to expand its global footprint while maintaining its commitment to responsible and sustainable growth.


Apeejay Surrendra Park Hotels Reports Rs 13 Crore Net Profit in Q1 FY26

Apeejay Surrendra Park Hotels Reports Rs 13 Crore Net Profit in Q1 FY26

By Manu Vardhan Kannan

Published on August 18, 2025

Apeejay Surrendra Park Hotels Limited (ASPHL) announced its financial results for Q1 FY26, recording a net profit of Rs 13 crore. Revenue from operations stood at Rs 154 crore, a 14% increase year-on-year, while operating EBITDA grew 16% YoY to Rs 45 crore. The company maintained an industry-leading occupancy of 92%, reaffirming its leadership in the hospitality sector.

ASPHL’s growth is fueled by expansion into Tier 2 and Tier 3 markets. The company recently signed an MoU to acquire and manage four leisure properties in Goa, Manali, Shimla, and Dharamshala, adding 138 rooms under its brand. These steps align with ASPHL’s strategy to broaden its presence in high-potential tourism destinations and double its key count to 5,750 over the next five years.

Flurys, ASPHL’s iconic bakery and confectionery brand, now operates 102 outlets nationwide, reflecting the company’s focus on expanding its market presence while integrating modern amenities with rich cultural heritage.

Commenting on the performance, Vijay Dewan, Managing Director, Apeejay Surrendra Park Hotels, said,

"We have delivered an extraordinary and best-ever Q1, setting a strong momentum for the year ahead. With topline growth of 14% and EBITDA growth of 16%, we recorded India’s highest occupancy of 92% and maintained leadership in RevPAR in the upper-upscale segment. ARR improved by 13% and RevPAR increased by 12%. With nearly 600 new rooms added, including a 41% rise in our asset-light model, and nationwide Flurys rollout, we are poised to scale faster, enhance margins, and deliver exceptional shareholder value."

ASPHL’s strong performance in Q1 FY26 underscores its strategic focus on market expansion, operational excellence, and premium guest experiences.


Marriott Announces Dividend and Expands Share Buyback Plan

Marriott Announces Dividend and Expands Share Buyback Plan

By Manu Vardhan Kannan

Published on August 10, 2025

Marriott International, Inc. has declared a quarterly cash dividend of 67 cents per share on its common stock, reaffirming its commitment to delivering shareholder value. The dividend will be paid on September 30, 2025, to shareholders who are on record as of August 21, 2025.

Alongside the dividend announcement, the hospitality giant also revealed an expansion of its share repurchase program. The board of directors has authorized the repurchase of an additional 25 million shares of its Class A common stock. This comes in addition to the approximately 7.4 million shares that were still available under previous authorizations as of July 30, 2025.

Marriott has already bought back 6.4 million shares this year, amounting to $1.7 billion. These moves reflect the company’s continued confidence in its financial stability and long-term performance, aiming to strengthen shareholder value through strategic capital allocation.

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