MANILA (Reuters), Radisson Hotel Group intends to open 150 more hotels in Asia-Pacific by the end of this year, as it relies on tourism and economic recovery, said its CEO.

Radisson Hotels, the most important hotel group in the world, has begun a five year plan to expand its portfolio to 3200 hotels across 120 countries.

Federico Gonzalez Radisson CEO stated that Asia has a large role to play in Radisson’s business plans due to the presence we have in the future.

Radisson has signed agreements to open 200 hotels globally, of which 137 in Asia-Pacific. Hotel deals take three to five year to become operational.

Radisson’s portfolios in China and India will grow to 1,200 and 200, respectively by 2025 according to Gonzalez. He also said that about 150 agreements would be made this year. However, China’s strict lockdown could affect the construction of new hotels.

Asia-Pacific travelers are trailing other countries and can expect slow border reopenings to make it a difficult recovery. A Booking (NASDAQ.com) executive stated in March.

While most Radisson hotel rooms will be located in Asia-Pacific after the completion of Radisson’s expansion program, a large portion of its revenues will come from Europe.

Gonzalez stated that profits and revenues will return to pre-pandemic levels next year as COVID-19 restrictions around the globe are removed.