Petaling Jaya: The recovery in the Malaysian hotel market is expected to continue next year, fueled by a strong demand outlook, according to independent property consultancy Knight Frank.
On the supply side, the company said Kuala Lumpur’s (KL) existing 47,500 hotel inventory is expected to grow by 9% over the next three years, with about 60% of this new supply in the luxury and upscale segment. said. Currently underrated.
“These new luxury services will make KL a more attractive holiday destination and boost occupancy and hotel revenue growth. We anticipate recovery in revenue per available room (RevPar) in 2024.
The company said hotel occupancy in KL has been on the rise since the beginning of the year, reaching 60% in August. The city has not been very successful in improving its RevPar, which has pushed up its Average Daily Rate (ADR) by just 6% since August 2019, but dropped 28%.
“Since the beginning of 2022, international passenger traffic to KLIA has recovered with an average monthly growth of 27%, boosted by the complete removal of border restrictions, improved flight connections, and the easing of regional travel restrictions. .
“In September 2022, KLIA received 1.64 million international travelers, about 53% of the 3.51 million in September 2019. China finally lifts travel restrictions At times, this will be an additional boost.”
Knight Frank said halal tourism offers great potential for the Malaysian hotel market, with Muslim international travelers registering an average annual growth rate of 7.5% between 2013 and 2019. added. The company said it believes KL, Penang and Langkawi are particularly well-positioned to capture the halal tourism market.
The inaugural Michelin Guide KL and Penang 2023 was unveiled at a ceremony held at the Berjaya Times Square Hotel KL on Tuesday, with four restaurants in KL and Penang receiving the country’s first Michelin stars. At the same time, 32 (Penang 17 and KL 15) received a Bib Gourmand rating.
In 2019, Malaysia received 26.1 million foreign tourists and revenue of RM86 billion. Her three biggest markets in the country that year were Singapore (10.2 million), Indonesia (3.6 million) and China (3.1 million).
