Kuala Lumpur hotel supply grows by 2.3% in the first nine months of 2024

Four new hotels added over 1,000 rooms.

As of YTD September 2024, JLL data revealed that four hotels, representing 1,109 keys, opened in Kuala Lumpur. Supply expanded by 2.3% as a result.

“For the remainder of the year, two new hotels are expected to enter the market, and a number of internationally-branded hotel openings have been postponed to 2025 and 2026,” the analyst said.

Here’s more from JLL:

As of YTD September 2024, Kuala Lumpur hotels have registered a significant improvement in average revenue per available room (RevPAR), which can be attributed to an increase in occupancy and rates from heightened tourist demand.

The hotel capital market in Malaysia was quiet in the second quarter as no major transactions were completed.

Outlook: Kuala Lumpur poised to capture both leisure and corporate demand

The Malaysia Airports group has made intensive efforts to increase flight frequency and introduce new flight routes through a collaboration with international airlines.

Corporate demand and MICE continues to ramp up owing to new office developments such as the TNB Gold, Oxley Towers and PNB Project 1194.