Today's edition of Skift's daily podcast looks closer at New York City's short-term rental backlog, booking travel on Google, and a cricket travel bump in India.
Betting against China's torrid economic growth has been a fool's errand for decades. But nothing lasts forever. Foreign hotel executives shouldn't make blind assumptions about endless hotel development opportunities in the country.
So 2022 was the first growth year for investment in the global tourism sector since the pandemic. Even so, the sector is down over $100 billion down from its pre-pandemic level. It still has a long way to go for a full recovery.
China has a hotel construction pipeline of 3,666 projects with 678,965 rooms. Mid-level upscale and upper midscale projects are active. Hilton, IHG, and Marriott lead the franchise companies.
The vision for the hospitality sector goes much beyond just branded hotels — to include tier-2 and 3 cities which will be crucial for tourism growth. Plus, other highlights from last week's news in hotel deals and development across the country.
While China easing group tour restrictions is a travel industry leap, don't expect a sudden surge of Chinese tourists. The revival might need a little more time to unfold.
American Airlines and Delta Air Lines will both add more flights to China this fall and winter as geopolitical tensions between the U.S. and China begin easing.