Deloitte has announced the launch of the China edition of the HotelBenchmark Survey, in response to the country’s rapidly growing hotel industry…
Deloitte has announced the launch of the China edition of the HotelBenchmark Survey, in response to the country’s rapidly growing hotel industry . Leading the field in monitoring hotel performance in Asia Pacific, the China Survey is another first for Deloitte’s HotelBenchmark team and is being showcased this week at the Hotel Investment Conference Asia Pacific (HICAP) in Hong Kong.
This is the first time that such comprehensive monthly rate and occupancy performance data on the Chinese hotel market has ever been available. The new survey tracks 29 markets across the country – providing analysis by region, province, city, district and size of hotel.
For the first 8 months of 2004 hotel performance in China has continued to grow with revenue per available room (revPAR) up 67% over last year. This is hardly surprising given the weak comparables for 2003 due to SARS. However, more noteworthy is that revPAR is up 20% against the 2000 comparable which is particularly encouraging as most markets worldwide are still trading well below 2000 levels. Given the buoyant performance of the market, it is hardly surprising that China is featuring high on the priority list of a number of hotel chains.
Alex Kyriakidis, Managing Partner of The Deloitte Global Tourism, Hospitality & Leisure industry team said : é>”China will provide the global tourism industry with around 40 million mid to upscale travellers within the next 3 years and will inevitably rise to the top 3 countries in tourism receipt within that period. The hospitality industry in China, with huge potential for domestic tourism, is a fundamental cornerstone in delivering the tourism potential.”é>
Terry Wang, partner in charge of the Deloitte Travel, Hospitality & Leisure team in China further added: “Endless development opportunities exist in China as only 10% of the hotel stock is branded. To meet the needs of China`s growing domestic market significant opportunities exist in the mid-market sector, which to date is relatively under-developed. Accor and InterContinental Hotel Group are two companies seeking to position themselves as the market leaders in this new segment.”é>
China hotel performance on selected markets year-to-August
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
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