The major groups have recorded a record number of openings and rooms in 2023, and are forecasting equally dynamic expansion in 2024.

Hilton: 132 openings in the fourth quarter and net growth of 4.9% by 2023

During the fourth quarter, Hilton Hotels & Resorts opened 132 hotels and approximately 24,000 rooms, marking the company's largest expansion quarter to date. The 395 hotel openings and 63,000 rooms during the year reflect commendable net growth of 4.9%. Forecasts for 2024 remain optimistic, with positive net unit growth indicators of between 5.5% and 6.0%.

The focus on global expansion has led to the signing of a record number of nearly 1,000 hotels, representing 130,000 rooms, an increase of 45% on the previous year. Two new brands, Spark by Hilton and LivSmart Studios by Hilton, played a central role in this growth strategy, responding to growing demand for upscale economy rooms and extended-stay accommodations.

“Our team is delivering robust results, supported by the power of our brands, our award-winning culture and strong commercial engines. Premium products and exceptional levels of service are driving strong customer demand for our hotels around the world, while better returns are supporting strong owner interest. We continue to feel very good about our prior net unit growth guidance of 5.5% to 6.0% in 2024, with strong indications towards the higher end of the range based on the positive momentum we are seeing in signings and construction starts.” - Chris Nassetta, president and CEO, Hilton

Marriott: net growth of 4.7% and record pipeline of 573,000 rooms

Marriott International has announced an exceptional year of global signings, marking a 52% increase in organic rooms signed in 2023 compared to the previous year. The company delivered strong net room growth of 4.7%, with a development pipeline ending at a record 573,000 rooms. 

Marriott signed a record number of organic management and franchise agreements, representing around 164,000 rooms globally, with numerous signings in regions including the US and Canada, China, Vietnam, Japan and the United Arab Emirates. 

The global development pipeline now includes nearly 3,400 hotels and approximately 573,000 rooms. Marriott's global network includes nearly 8,800 properties and more than 1,597,000 rooms in 139 countries and territories. The company is expanding its luxury portfolio, entering the affordable mid-market segment and increasing its presence in conversions and all-inclusive resorts. In addition, Marriott strengthens its portfolio of branded residences and launches the MGM Collection with Marriott Bonvoy.

“Marriott remains focused on offering more best-in-class brands and experiences to meet the strong consumer demand for travel. As we continue to expand our global brand portfolio, grow our Marriott Bonvoy loyalty platform, and provide innovative offerings to our owner and franchise community, we continue to meet the needs of guests across all stay purposes around the world. I am excited about our momentum as we strive to connect people through the power of travel.” - Anthony Capuano, Marriott International President and CEO

Marriott is expanding its Apartments by Marriott Bonvoy brand, with a focus on luxury flat accommodation. The first property, Casa Costera, Isla Verde Beach, recently opened in San Juan, Puerto Rico, and agreements have been signed for developments in the US, Italy and Saudi Arabia. These flats offer independent living with spacious living areas, local design influences, private bedrooms, full kitchens and in-unit laundry. From the owner's point of view, they offer opportunities for conversion, new build or integration into multi-use properties. With launches in St. Louis, Courmayeur (Italy) and NEOM (Saudi Arabia), the brand is set to expand worldwide until 2024 and beyond, offering diversified living spaces and residential amenities.

Accor: major global expansion planned for 2024

Accor is positioning itself for ambitious growth in 2024. The Luxury and Lifestyle brands currently represent the majority of the value in the group's development pipeline. With a portfolio of more than 370 luxury hotels and 150 lifestyle hotels around the world, Accor will open an additional 100 luxury and lifestyle hotels over the next two years, with a target of at least five new openings per year.

Among the highlights to come, the Orient Express brand will launch the Orient Express La Dolce Vita at the end of 2024. Raffles Hotels & Resorts will continue its expansion with openings planned in India, Saudi Arabia and Singapore. Fairmont Hotels & Resorts will open properties in Spain and South Africa. The Sofitel and MGallery Hotel Collection brands will expand in Benin, Mexico, Japan, Taiwan, Kenya and Poland, while Ennismore will open more than 15 new hotels in destinations around the world.

Beyond luxury and lifestyle, Accor's Premium, Midscale & Economy division also plans ambitious growth in 2024, with a particular focus on the Americas region, aiming to increase the portfolio from 450 to more than 700 hotels over the next three years. Pullman Hotels & Resorts, Handwritten Collection, and Swissôtel Hotels & Resorts will play a key role in this expansion, with the anticipated debut in Brazil of TRIBE, an innovative new design brand.

The ibis Styles brand in Europe announces the opening of 20 new hotels and the signing of 16 others, totalling more than 1,200 rooms between 2023 and 2026. It is strengthening its presence in eight countries, including France, Romania, Spain and Poland, with flagship projects including a foray into Iceland and major renovations in the UK and Benidorm, Spain. By 2023, 20 new ibis Styles hotels have been opened, reflecting the brand's distinctive creativity. With these developments, the ibis Styles portfolio in Europe will approach 450 hotels, consolidating Accor's position as a leader in budget hotels in strategic destinations.

Ennismore plans significant expansion in 2024 with the opening of over 15 new hotels and more than 50 restaurants and bars under its leading global brands, spread across iconic destinations such as London, Paris, Dubai, Budapest, Jakarta, Jeddah and Nice. Ennismore's three distinct business units, Lifestyle Collective, Immersive Resorts and Iconic Venues, will present a variety of experiences. Notable openings include The Hoxton Vienna with a design inspired by Austrian history, Hyde London City marking the brand's UK debut, The Hoxton Edinburgh offering self-contained flats, 25hours Hotel The Oddbird in Jakarta blending Indonesian jungle and urbanity, 25hours Hotel Paper Island in Copenhagen honouring the history of newspaper printing, SLS Barcelona on the seafront overlooking the Mediterranean, Mama Shelter Nice in the heart of Riquier, and Mama Shelter Dubai Business Bay, the brand's first address in the Middle East, offering a unique experience with 197 rooms, 204 residences, several restaurants, four swimming pools and an outdoor amphitheatre.

Hyatt: Record pipeline and expansion of All-Inclusive and Lifestyle brands in key markets

Hyatt Hotels Corporation has outlined its growth strategy for 2024 and beyond in Europe, Africa and the Middle East (EAME). The company recorded a record year of deal signings in 2023, resulting in a global pipeline of 127,000 rooms.

Spain, the UK, Italy, Portugal and Greece are the key markets for this expansion, representing almost 40% of Hyatt's existing room portfolio. Strategic growth includes plans for AluaSoul Costa Adeje and Palace de Muro in Spain, developing the Lifestyle and All-Inclusive brands. The Inclusive Collection resorts address the growing popularity of all-inclusive offerings.

The EAME pipeline comprises more than 70 properties across various brand collections, including Timeless, Park Hyatt, and Boundless. Notable openings in 2024 include Hyatt House and Hyatt Place in Leeds, Park Hyatt Johannesburg, Park Hyatt London River Thames, and the Inclusive Collection Dreams Madeira and Zoëtry Halkidiki resorts. This growth reflects Hyatt's commitment to being the preferred hospitality brand in key markets.

“The all-inclusive segment continues to increase in popularity among our key stakeholders and generate opportunities for strategic growth across EAME. The Inclusive Collection, the largest portfolio of luxury all-inclusive resorts in the world, is the leader in the all-inclusive space with unique brands for varying needs and occasions. Our anticipated 2024 openings in existing markets like Spain and Greece, as well as new markets like Portugal, underscores our commitment to grow our brands with intent in markets that matter most to guests, customers, and owners.” - Javier Coll, global head Hyatt Inclusive Collection growth, Hyatt

Choice Hotels: growth of its upscale brands, starting with Radisson Blu

Choice Hotels International is enhancing its portfolio of upscale and premium hotels, with a focus on revamping brands such as Radisson Blu. The company aims to redefine five of its eight upscale and premium brands, including Cambria Hotels, Ascend Hotel Collection, Radisson and Radisson Individuals. The goal is to reach a portfolio of 400 upscale hotels, with 19 new hotels in the Ascend Hotel Collection and nine new Cambria Hotels.

The Radisson Blu brand, known as the Nordic Vanguard, recorded year-on-year growth of more than 8% in revenue per available room (RevPAR). A $15 million renovation at the Radisson Blu Mall of America will demonstrate this transformation.

Cambria Hotels has been recognized as the premium brand in the J.D. Power 2023 North America Guest Satisfaction Index study. Choice's commitment to franchisees is reflected in its industry-leading 98% voluntary retention rate. Choice provides owners with artificial intelligence-based technology to reduce reliance on OTAs, improve efficiency and profitability.

"Radisson Blu has proven its potential and appeal among guests and owners alike as it transcends the ordinary, redefining upper upscale by blending contemporary design with warmth and an enriching environment. The upper and upscale landscape is littered with generic hotels and Choice now has the opportunity with 400 hotels and counting, and the proven success we've had, to make a statement and drive even stronger returns for hotel owners and repeat stays for guests." Indy Adenaw, senior vice president and general manager, upscale brands, Choice Hotels

Meliá: 2024 growth plans focus on luxury and Mediterranean markets 

Meliá Hotels International is stepping up its global expansion, aiming to add at least one hotel every two weeks, with a focus on the luxury and upscale segments. The company, led by President and CEO Gabriel Escarrer, unveiled its ambitious plans at the Madrid Tourism Fair (Fitur).

By 2023, Meliá has signed 26 new projects and opened 12 hotels, ending the year with 350 operational hotels and 92,057 rooms. Expansion will focus on the Caribbean, Southeast Asia and new Mediterranean markets such as Albania.

In 2024, Meliá plans to open more than twenty hotels, including the Torre Melina hotel in Barcelona, and extend the ME by Meliá luxury brand to Lisbon, Malta, Malaga, Sayulita and Guadalajara. The collaboration with Rafa Nadal's Zel brand will result in a new hotel in Tossa del Mar, as well as projects in Sayulita, Madrid and Punta Cana. The group is also planning significant growth in Mexico and the Dominican Republic, with the intention of creating a "Meliá destination in its own right".

The Meliá Collection brand will double from 8 to 16 hotels, underlining the company's commitment to the luxury segment. In addition, Meliá continues to expand in Saudi Arabia and is playing a key role in the development of the hotel sector in Albania, where it is already the leading international hotel chain. Prime Minister Edi Rama endorsed Meliá's commitment to Albania, underlining the country's potential in the tourism sector.

Minor Hotels: more than 200 new hotel openings by 2026

Minor Hotels is gearing up for an ambitious global expansion with a target of more than 200 hotel openings over the next three years. This growth, which represents an increase of almost 40% on its current portfolio of 540 properties, aims to add more than 30,000 rooms to its existing inventory of almost 80,000.

The business strategy includes a change in operating model from an asset-right strategy to a more balanced mix of management and franchise agreements. Minor Hotels plans to reduce its percentage of ownership or leasing from 70% to around 50%. The geographical spread will also be balanced, with around half of the new openings in Asia and significant additions in Europe, the Middle East, Australia and New Zealand, the Americas and Africa.

The Anantara, Avani, Oaks, Tivoli and NH Hotels brands will be the main drivers of this expansion. In addition, new brands are expected to be unveiled to meet specific market demands. Strategic growth will include the opening of Anantara luxury properties in Vienna, Abu Dhabi, Bali and Jaipur, among others. Avani Hotels & Resorts will be present in Frankfurt, Amsterdam, Seychelles and China. NH Collection Hotels & Resorts and Tivoli Hotels & Resorts will continue to expand their global footprints, while nhow Hotels will make its debut in Peru and Elewana Collection will announce the opening of premium safari lodges in Kenya and Tanzania.

Against this backdrop of growth, Minor Hotels remains committed to expanding into new experience categories and developing culinary and non-hotel brands. The company is poised for significant global expansion and improved competitive positioning.

“2023 has been a record year and the figures, both financial and regarding the group’s expansion, confirm this. Looking ahead, we intend to increase this pace of openings, expanding our brands within our existing areas of operation and growing our global footprint into new regions in which we are not yet present.” - Dillip Rajakarier, Group CEO of Minor International and CEO of Minor Hotels

“We’re focused on cross-developing our brands to create a harmonious blend of luxury and accessibility in diverse locations. We’re also moving towards a lighter 'asset-right' model. While we will always retain direct ownership of key flagship assets, embracing modern trends we’re shifting towards an increased focus on management and also franchised contracts. This strategic move is set to organically expand our global footprint while retaining our strict owner-driven mindset across all management categories.” - Ian Di Tullio, Chief Commercial Officer of Minor Hotels

CapitaLand Ascott Trust (CLAS): solid performance portfolio improvement

CapitaLand Ascott Trust (CLAS) has announced a 16% year-on-year increase in its distribution per stapled share (DPS) for the 2023 financial year, reaching 6.57 cents. This marks consistent annual growth in DPS since FY2020, with an adjusted DPS of 5.44 cents for FY2023, excluding exceptional items. Total distribution increased by 25% to S$237.0 million, driven by improved operating performance and contributions from 18 new acquisitions.

CLAS recorded strong demand for its properties on the back of a recovery in international travel, resulting in a 23% year-on-year increase in revenue per available unit (REVPAU) for FY2023 to S$148. In H2 2023, REVPAU reached 103% of pre-pandemic levels in H2 2019, with a 10% year-on-year increase to S$157. Key markets such as China, Japan, the US and Vietnam also posted year-on-year REVPAU growth in 4Q 2023.

Gross profit for 2H 2023 increased 12% year-on-year to S$183.9 million, reaching 106% of pre-pandemic levels. Revenue for 2H 2023 increased 12% to S$397.6 million. CLAS realised a fair value gain of S$156 million, contributing to a 2% increase in portfolio value. The Trust maintained a healthy financial position with low cost debt, a proportion of fixed rate debt of 81%, and approximately S$1.32 billion of cash and credit facilities available.

CLAS has improved the value and profitability of its portfolio through various development and asset improvement initiatives. The student accommodation property, Standard at Columbia in the US, was completed in June 2023 and welcomed its first students in August 2023. Construction of the new Somerset serviced residence at Clarke Quay in Singapore is scheduled for completion in the second half of 2025. CLAS has also announced Asset Enhancement Initiatives (AEIs) for eight properties to unlock growth potential, with Riverside Hotel Robertson Quay already rebranded as The Robertson House by The Crest Collection in October 2023. The AEI for this property is on track for completion in the first quarter of 2024, while AEIs for the remaining seven properties are planned between 2024 and 2026.