The total profit of the sector fell 2.4 percent to CNY31.6 billion (USD4.6 billion) in the first half of this year.
Japan introduced a new departure tax of JPY1,000 (USD9.20) at the beginning of the year, applicable to all travelers leaving the country, but this has done little to dent tourism numbers.
In the four-week period from June 16 – July 13, flight bookings to Hong Kong from Asian markets fell by 5.4% on the equivalent period last year.
Marriott has 310 deals signed for new properties in China. Marriott currently operates 346 properties in the country.
Of its USD600 million investments in China, USD100 million will go to recruitment, customer experience, quality and systemic improvements to promote Oyo's further growth.
The US' share of the global travel market dropped from 13.7 percent in 2015 to 11.7 percent last year.
After the cash is injected from this round, the company is likely to have a paper valuation of around $62 billion.
CITS Investment and Development aims to develop the 693,000 square-meter duty-free commercial, tourism and shopping complex.
As certain cross-platform features overlap or contradict each other, clients using the ill-suited solution are likely to be abandoned.
This suggests that along with an inventory of boutique hotels, the acquisition brings with it a share of bleisure travelers.
The proceeds will be used to launch operations in Latin America and Asia, and to build a car-pooling service.
Instant booking is being pushed as part of Airbnb's ongoing strategy to attract more business travelers to the service.
Najah Air plans to take up minority stake in Malaysia Airlines in a debt-for-equity swap and wants countrol of the board and management.
TravelPerk will announce “major product additions that will bring a new level of disruption to the pricing structure of an industry that is still dominated by outdated solutions”.
The acquisition of Yatra would lend itself to significant synergies and the emergence of EbixCash as India’s largest and most profitable travel services company.
Travelstop reports that Asia-Pacific is the largest business travel market in the world, comprising 40 percent of the global total while more than 90 percent of the spend is unmanaged.
ChinaTravelNews is a wholly owned subsidiary of
©2019 TravelDaily Inc.