The outlook for Australasia hotels for 2022-2023 is positive as the return of travel brings confidence and continued investment to the market. Here, Radisson Hotel Group Managing Director, Australasia Business Unit, Mark Bullock explains why the company is focusing on premium and lifestyle brands and discusses opportunities in the serviced apartment segment.
As tourism and markets increase, a similar trend is seen with Radisson Hotel Group. We are moving forward with confidence as we aim to capitalize on the rebound in leisure and business travel in Australasia.
We are seeing growing demand from owners and developers for all of our brands, driven by a healthy mix of organic growth, the potential for mergers and acquisitions and franchise opportunities, and our owners have access to a collection of brands that cater to different market mixes and segments. Our growth strategy in Australasia will be driven by our new local development office in Sydney, which will provide expert on-the-ground support to our partners.
While our brand portfolio ranges from midscale to luxury, Radisson Hotel Group is particularly focused on upscale and lifestyle brands such as Park Inn by Radisson and Radisson RED, which we believe are well suited to the needs of the Australasia market. . Radisson Individuals is gaining popularity around the world; this soft brand, which can be localized according to its destination, helps us to successfully penetrate new markets such as Papua New Guinea.
We also aim to exploit the potential of new market segments such as branded serviced apartments, with strong potential for this model in the upscale and midscale segments. This is something we will explore further with our partners in the future.
The global travel and hospitality recovery is now well underway, and Asia-Pacific is leading the way. Demand for travel to Australia has surged as borders reopened, and the Asian Development Bank has predicted Asia-Pacific will be the first region to reach pre-pandemic travel spending levels.