Jakarta to see over 1,800 new luxury hotel rooms by year-end | Real Estate Asia
, Indonesia

Jakarta to see over 1,800 new luxury hotel rooms by year-end

This will be the highest figure for the next three years.

Two new hotels completed in Jakarta in the first quarter: PARKROYAL Serviced Suites Jakarta, and ibis Jakarta Raden Saleh. In a report, JLL said this brings the total existing hotel and serviced apartment supply in Jakarta to 63,375 rooms at the end of Q1 2024. 

“In particular, the luxury segment totalled 7,007 rooms including serviced apartments. Hotels in the capital city continued to be mostly located in the Central area. By the end of 2024, 1,803 rooms are expected to open, the highest number in the next three years, driven by significant projects such as Pan Pacific Jakarta, Movenpick Hotel Jakarta City Centre, and 25hours Hotel The OddBird,” the report added.

Here’s more from JLL:

The strong momentum registered in 2023 has continued in the first three months of 2024. The strong occupancy performance was boosted by the rebound in international guests, and sustained domestic demand also helped to hold high average daily rate (ADR) levels, induced by a resurgence in business activities in the post-election landscape.

In Q1 2024 however, luxury ADR have started to drop y-o-y, although still in excess of pre-COVID-19 levels. This enabled occupancy to rise to almost 60%, higher than in Q1 2019. As a result, revenue per available room (RevPAR) in the first three months of 2024 exceeded pre-pandemic levels by almost 8%.

Outlook: Resurgence in hotel performance anticipated in 2024

With improved airlift and international visitation likely to increase consequently in 2024, in tandem with robust domestic demand, RevPAR for Jakarta luxury hotels is anticipated to marginally rise, boosted by an uplift in occupancy.

A resurgence in business activities in the post-election landscape will likely induce a rebound in the hotel sector’s performance. This also coincides with the end of religious observances at the end of the first quarter, such as the fasting month and Eid holiday.

Note: Jakarta Hotels refers to Jakarta's luxury hotel market.


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