These were the notable hotel openings in Kuala Lumpur

A total of 1,350 rooms entered the market so far in 2022.

In a recent report, JLL revealed that four hotels offering around 1,350 rooms have opened in Kuala Lumpur so far in 2022. Key openings included the 535-key PARKROYAL Collection Kuala Lumpur and the 300-key Le Meridien Petaling Jaya.

Other notable openings to come in late-2022 and 2023 include the 544-room Conrad Kuala Lumpur and the 232-room Park Hyatt Kuala Lumpur, JLL added. New hotel developments in 2022 and 2023 are spread out across the state with the majority being in KLCC, Bukit Bintang and Pudu.

Here’s more from JLL:

While revenue per available room (RevPAR) has grown by 326.1% y-o-y as at YTD September 2022, occupancy remained muted at 41.9%, 28.9 percentage points (ppts) lower than the same period in 2019. Operators have pointed to the labour shortage as the main cause preventing many hotels from operating at full capacity.

Mismatch of demand and supply has driven average daily rate (ADR) up by 13% y-o-y to MYR 566, following an upward trend of ADR since international borders fully reopened. However, RevPAR has recovered to only 57% of 2019 levels, indicating that full recovery will likely take time, and be contingent on the recovery of international corporate demand and improvement in the labour shortage situation.

Outlook: Progressive recovery expected to continue

After doubling its initial target in July 2022, Malaysia has once again revised its target upwards to 9.2 million on the back of a quicker-than-expected rebound in visitation. This should help ease supply-side pressures that are likely to surface in 2023, which could impact trading performance.

In the short term, the depreciation of the Malaysian ringgit against major currencies has increased travel affordability for international visitors, allowing Malaysia to better compete with other regional destinations which have also opened in recent months.

Note: Kuala Lumpur Hotels refers to Kuala Lumpur's luxury and upscale hotel market.