Driven by Beijing tourism development and the 2008 Olympic Games, more than 12,000 guestrooms of hotels under international management are expected to be launched in Beijing market in 2008 -- a record number.
According to a summary of the Chinese hotel market issued by Jones Lang LaSalle Hotels, average rates per night of five-star hotels in Beijing have maintained a rising trend for six consecutive years, with a growth rate of 3.5% in 2007. The average rate per night and revenue per available room of four-star hotels in the city increased by 10% and 8%, respectively. Besides the Beijing Olympic Games and the Shanghai World Expo, development in both domestic leisure and inbound tour sectors are taken as the drivers of growth in Chinese hotel industry.
The summary also said that the revenue per available room in seven of 11 domestic markets showed remarkable growth; the second- and third-tier cities in China are attracting more and more hotel investors; and the domestic budget hotel market keeps growing.
(China Hospitality News July 28, 2008)