Double-digit growth in Asian outbound travel led by China - Asians head for the beaches
In addition to the impact of new supply on Singapore's performance, concerns over the Zika virus continued to hinder demand in the market's corporate segment. Several events, such as ITB Asia 2016 (19-21 October), were not enough to soften Singapores worst year-over-year decline in RevPAR for the month of October since 2009.
The region reported 252,195 rooms in 1,089 projects In Construction for the month, which is a 2.0% decrease in year-over-year comparisons.
Hyatt Hotels Corporation (NYSE: H) announced last week plans to expand its Grand Hyatt and Hyatt Regency brands in Pakistan with the signing of management agreements by a Hyatt affiliate for four Hyatt-branded hotels: Grand Hyatt Islamabad, Hyatt Regency Karachi, Hyatt Regency Lahore, and Hyatt Regency Rawalpindi.