Hotels in Asia Pacific Region See Signs of Recovery

Hotels in the Asia Pacific region still need international travel, but there are other promising signs that are contributing to the recovery.

Speaking during the STR COVID-19 webinar: Analyzing Hotel Performance in Asia Pacific, Jesper Palmqvist, STR Asia Pacific Director, said a full economic recovery will depend on the course of the pandemic.

He noted that the United States and Europe have opened more than the Asia-Pacific region in terms of companies returning to their offices and easing travel restrictions.

STR is CoStar’s hospitality analytics company.

“What do we need to get rid of? Travel restrictions,” he said, noting that there was more positive news in the last quarter of this year than before.

Palmqvist said that China is the market with a zero-tolerance policy for COVID-19. On the other hand, Japan has eased restrictions on vaccinated business travelers. Korea looks forward to welcoming expats by the first quarter of 2022. India is officially open, leading local expats. Cambodia is allowing vaccinated travelers to forgo testing and quarantine.

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