China’s hotels could lead recovery – survey
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China’s hotels may spearhead the industry in shaking off the economic recession, according to a senior official from China Tourist Hotels Association (CTHA).
A survey based on the performance of 14 major cities’ hotels showed that between September 2008 and January 2009, hotels in China were hit by the global economic slowdown compared to the same period in 2007. China Daily said hotels managed by international companies felt more of a pinch than their local rivals.
The survey, jointly conducted by CTHA and hotel investment consultancy SAO Hotel Solution Consulting Ltd, showed that the average occupancy rate of international branded hotels’ plummeted 28% to 45% amid the financial crisis.
The report said occupancies at domestic hotels fell 17-60%, Xu Jingsheng, Secretary General with CTHA, was reported saying. Of the hoteliers polled, 60% were prudent about prospects for this year and another 34% were still full of confidence.
The Lunar Chinese New Year holiday had sparked a robust recovery, Xu was reported saying. During the weeklong vacation, 109 million people travelled for sightseeing or visiting relatives, up 24.7% year-on-year.
“It is highly probable that China’s tourism industry will get revived first,” Xu was quoted saying.
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