Hotels see reasons for optimism: report
By Cherry Cao |
November 7, 2012, Wednesday
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Print Edition
Print Edition
HOTELS in China remained generally optimistic about short and mid-term prospects despite challenges including increasing operating costs, an industry report said yesterday.
An overwhelming 85.6 percent of hotels across the country forecast occupancy rates will increase or remain the same this year as that in 2011, which stood at 64.1 percent on average, Jones Lang LaSalle Hotels said in its annual China Hotel Market Outlook 2012.
The joint publication with the China Tourism Hotel Association was based on a survey of 251 hotels around the country. Eighty percent of the hotels were rated either 4- or 5-star properties.
"Despite increasing challenges to future operations, which mainly include increased operating costs caused by rising inflation and increased labor costs, 44.6 percent of surveyed hotels are optimistic or very optimistic on future market outlook, compared to 43 percent in 2011, suggesting they have confidence in China's overall economic growth," said Charles He, senior vice president of Jones Lang LaSalle Hotels and head of China Advisory.
Business travelers are the main customers among the surveyed hotels and many have marked the growth of MICE (meetings, incentives, conferences and exhibitions) business as a key contributor to revenue and income, the report found.
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