By Sharen Kaur - Published in NST Property, August 23, 2022
sharen@nst.com.my
Hilton, a global hospitality corporation, has announced six significant signings for its portfolio of premium brands in the Asia Pacific (APAC) so far this year in response to increased excitement about luxury travel in the region.
The historic agreements include the 2024 opening of the Waldorf Astoria Kuala Lumpur, which will introduce the renowned Waldorf Astoria brand to Malaysia.
Waldorf Astoria Jakarta, which is anticipated to be the city's tallest building, will also open in 2024.
Japan's first Waldorf Astoria hotel will open in Osaka a year later.
Hilton will bring this top-tier luxury brand to Australia and Sydney's well-known Circular Quay with the opening of Waldorf Astoria Sydney in 2026.
The signing of these agreements would bring Hilton's pipeline of five-star properties in the region to 20, the company stated in a statement.
Over the next five years, Hilton said that Waldorf Astoria's presence in the Asia Pacific will be more than trouble.
Travelers will be treated to a stunning portfolio of over 50 luxury hotels around the Asia Pacific when the new properties open in the upcoming years, the hotelier said.
Hilton is the fastest-growing hospitality company in the Asia Pacific, according to Clarence Tan, senior vice president of development for the Asia Pacific at Hilton.
"Our recent signings and robust pipeline reflect the confidence that owners, developers, and investors have in Hilton to capture growing demand and deliver strong returns in APAC's most sought-after destinations. As we continue to pursue quality organic growth and enhance our network effect, we purposefully prioritise the right partnerships to deploy the right brands in the right locations.
"The future of luxury travel presents immense growth opportunities. While owners and developers are increasingly optimistic about the luxury travel sector, they remain highly selective when it comes to partners and brands that will optimise their yield and look to Hilton with confidence to expand their business," Tan said.
Asia Pacific offers a US$10 trillion consumption growth opportunity over the following ten years due to a growing middle class, rising consumer expenditure, and underserved accommodation industry.
Given that the APAC hotel investment volume increased by 46 per cent year over year to more than US$12 billion in 2021 and that investors were most interested in acquiring luxury or resort assets, the post-pandemic recovery has led to an increase in owner and developer interest in hospitality real estate.
In addition, the luxury travel market is predicted to grow as 42 per cent of APAC consumers who want to travel internationally look for luxurious experiences.
Nils-Arne Schroeder, vice president, Luxury, Asia Pacific, Hilton, said, "The strength and recognition of our luxury brands are key drivers of growth for our luxury portfolio in the Asia Pacific. With more destinations in the Asia Pacific becoming increasingly attractive to luxury travellers today, we are seeing a growing demand for our brands which are known globally for providing unforgettable stays, delivered with unrivalled hospitality and intuitive, personalized service."
As Hilton's network of luxury brands continues to expand into intriguing new areas and raise the bar for luxury hospitality to new heights, Schroeder said that the future of luxury travel in this region is more promising than ever.
Next year will also see the opening of Conrad Kuala Lumpur, marking the brand's debut in Malaysia.
Nearly 60 per cent of the Conrad estate worldwide, according to Hilton, is located in the Asia Pacific.
The brand already controls the greatest portion of Hilton's APAC luxury portfolio and will increase by over 50 per cent once the hotels in its pipeline open, according to the company.
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