Reports

The market letter, written for the traveller

Air access, booking windows, the Monday after. Compressed from the Travel Intelligence Office — without the investor's pitch.

Reports

The city is not cheap. It is briefly negotiable.

Nineteen point five nine million visitors in 2025, occupancy at eighty percent, then a week in March at 22.8. The discount is real. It is not printed on the door, and it does not survive Christmas.

Read the brief →

Reports

The rate on the door is a costume

At twenty percent occupancy a hotel does not cut the public rate. It closes a floor, then offers a fourth night, a credit, a transfer, a child, an upgrade. The discount is real. It is embarrassed.

Read the brief →

Reports

The country is full. Name the island.

398,841 stopovers in 2025, 99.7 percent of a ceiling the country set for itself. The average rate is not the private-island rate. A Mahé week is not a Fregate week.

Read the brief →

Reports

The Gulf still opens the door

Fourteen airlines, three hubs, one Paris link. The first five months of 2026 fell 11.7 percent because the connection shook, not because the granite did.

Read the brief →

Reports

Go this winter. The Guggenheim has not opened.

The island is full enough. The rate is not. Abu Dhabi held its occupancy when Dubai did not, and the discount outlived the shock by two quarters.

Read the brief →

The shock

The planes came back first

In February 2026 the sky closed. Abu Dhabi held about two-thirds occupancy. Dubai touched the low twenties. The aircraft returned before the tourists did. The rate is the part that is still late.

Read the brief →

Reports

Book the shortage. Not the million.

About three hundred and twenty thousand visitors in 2025, against barely a thousand hotel keys. Habitas ran at eighty-nine percent. The plan for 2030 is a million people. That plan is not a room.

Read the brief →

Reports

Book the proof. Not the masterplan.

Fifty thousand guests in 2025, against a plan of three hundred thousand. Eleven resorts are trading. The bill is a Maldives bill, plus a Gulf connection, minus the wine.

Read the brief →

Reports

The Maldives after one million: where the rate goes next

A compressed market letter for the traveller, not the investor. Air access, the booking window for February, and the atolls that still sell silence.

Read the brief →

Reports

The week the mountain towns stop pretending

Christmas to mid-January is not 'high season'. It is a different product. A winter letter on the houses that priced the view, and the ones that priced the queue.

Read the brief →

Reports

The islands are not the risk. The route to them is.

A record 2025, a transit shock in 2026, and a tax stack that adds a quarter to the bill before you have seen the lagoon. Written from the brief, for the person who books.

Read the brief →