Hong Kong lead hotels rates in Asia
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Prices have been boosted by the MICE segment as it continues to be a significant source of corporate demand and has expanded in tandem with Hong Kong’s growing reputation as a key MICE destination in Asia.
Together with the limited supply increase in the five-star sector, average daily rates and occupancy levels at five-star hotels surged their highest levels in ten years in 2006 pointed out the report.
The Firm expects room rates to grow by 10-15% annually in the immediate term while hotel occupancy levels are expected to register moderate increase within five percentage points.
In anticipation of the growth in tourist arrivals the Hong Kong Tourism Board is rolling out its tourism master plan which will reshape the city’s tourism landscape. The hotel industry too, is responding with more innovative product concepts from boutique hotels to affordable hotels for the value-conscious traveller.
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