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The importance of the Chinese hotel market both in terms of its strong performance and growing hotel stock is seen in figures supplied by STR Global, the leading provider of market data to the world’s hotel industry.
STR Global now has more than 980 Chinese hotels participating in its benchmarking survey. This represents more than 280,000 guestrooms and enables STR Global to report on 21 cities across China including Hong Kong and Macau. The hotel performance data is confidentially collected from local hotel brands including Metropark, HNA Hotels and Jin Jiang, plus international brands such as Holiday Inn, Marriott, Sheraton, Sofitel, Super 8 and Ascott.
The performance of the Chinese market shows continued year-on-year growth in revenue per available room (RevPAR) for the first four months of 2011 with a 7.7-percent increase to CNY462. All cities but Suzhou reported RevPAR increases.
The STR Global Pipeline Report for April 2011 indicates significant development growth with 502 hotel projects in construction, final planning and planning across the country. This represents more than 164,900 rooms and is an expected increase of 13 percent on the existing room stock.
“There is no underestimating the significance of the Chinese market both domestically and, as the Chinese start travelling, beyond its borders”, said Elizabeth Randall, managing director of STR Global. “Developing our relationships with the major domestic players in China has added to our already good links with the internationally branded hotels. We are delighted to have been able to increase the size of our sample in China by some 23 percent over the last year. Our office in Beijing helps to make us the go-to resource for performance data in China”.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
