China Hotel Market Report, 2006-2007 - IBFCMF of All Five-Star Hotels in China Increased by 42%
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China Hotel Market Report, 2006-2007 - IBFCMF of All Five-Star Hotels in China Increased by 42%
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Category: Asia Pacific - China - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2008-07-18
Research and Markets (http://www.researchandmarkets.com/research/5427d6/china_hotel_market) has announced the addition of the "China Hotel Market Report, 2006-2007 (English Version)" report to their offering.
After twenty years of rapid growth in the economy, China has now become one of the world’s most attractive destinations for tourists, which means great opportunities for the development of hotels. China, along with its entry into WTO, will further open its tourism market; meanwhile, the negative affects from excessive expansion in the 90’s have been gradually digested by the market and the hotel industry is recovering. A new investment peak in the hotel industry appeared in the 2004-2005 period: international hotel groups surged into the Chinese market on a large scale while domestic hotels reacted harshly.
China had 120.29 million inbound travellers in 2005, increasing by 10.3% over 2004. Over 46.81 million of the inbound travellers stayed overnight, increasing by 12.1%. With further execution of reform and open policy, the national economy will continue to develop rapidly and peoples living standard will also improve. China is pacing up towards internationalization, for example the Beijing Olympic Games, Shanghai World Expo and Guangzhou Asian Sports Meeting are to be held soon, all of those factors are creating a good environment for hotel industry development in China.
Generally speaking, the hotel industry shows a strong momentum in China. IBFCMF of all five-star hotels in China increased by 42%; as for four- and three-star hotels, the increase rate was 52% and 24% separately. Particularly, IBFCMF for foreign funded five- and four-star hotels realized better increase rate, which shared 43% and 35% of their total revenue respectively. Five-star hotels in Shanghai set the highest record with IBFCMF sharing 48% of the total revenue, followed by Sanya (47%) and Beijing (40%). In addition, the guest room sector earned the most for five-star hotels, accounting for 55% of the total revenue while only taking 11% of the total expenditure. In contrast, 35% of the revenue came from catering sector, but shared 22% of the total expenditure.
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