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Upscale hotels post higher occupancy rate
By Cherry Cao |
January 11, 2013, Friday
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Online Edition
Online Edition
SHANGHAI'S upscale hotel market recorded a stable performance last year despite rising pressure from new properties.
In the first 11 months, the occupancy rate of five-star hotels in Shanghai climbed 1.1 percentage points year-on-year to 59.1 percent, according to Jones Lang LaSalle Hotels, which tracks more than 15,000 rooms across the city.
Average room rate dropped 3.9 percent annually to 1,113 yuan (US$176) while revenue per available room, a key measurement for hotel performance, dipped 2 percent to 657 yuan during the 11-month period.
"While demand has increased across Shanghai, a steady stream of new supply, especially after the 2010 Expo, has asserted some pressure on hotel performance," said Charles He, senior vice president of Jones Lang LaSalle Hotels and head of China Advisory. "The impact of new supply has essentially wiped out any gain in RevPar."
Last year, seven international brands including Four Seasons Pudong and Banyan Tree Shanghai on the Bund opened around the city. It brought Shanghai's total stock of major internationally branded hotel rooms to 46,200, almost 1.5 times the figure in 2009. The number will grow to around 60,400 by 2015, Jones Lang LaSalle Hotels estimated.
While the overall market remained stable, some hotels did feel the pinch amid intensified competition.
Gran Melia Hotel Shanghai, a five-star property in Lujiazui, will be replaced by the Kempinski brand soon due to a dispute between the owner and the hotel management company over unsatisfactory operating performance, China Business News reported earlier this week.
In the first 11 months, the occupancy rate of five-star hotels in Shanghai climbed 1.1 percentage points year-on-year to 59.1 percent, according to Jones Lang LaSalle Hotels, which tracks more than 15,000 rooms across the city.
Average room rate dropped 3.9 percent annually to 1,113 yuan (US$176) while revenue per available room, a key measurement for hotel performance, dipped 2 percent to 657 yuan during the 11-month period.
"While demand has increased across Shanghai, a steady stream of new supply, especially after the 2010 Expo, has asserted some pressure on hotel performance," said Charles He, senior vice president of Jones Lang LaSalle Hotels and head of China Advisory. "The impact of new supply has essentially wiped out any gain in RevPar."
Last year, seven international brands including Four Seasons Pudong and Banyan Tree Shanghai on the Bund opened around the city. It brought Shanghai's total stock of major internationally branded hotel rooms to 46,200, almost 1.5 times the figure in 2009. The number will grow to around 60,400 by 2015, Jones Lang LaSalle Hotels estimated.
While the overall market remained stable, some hotels did feel the pinch amid intensified competition.
Gran Melia Hotel Shanghai, a five-star property in Lujiazui, will be replaced by the Kempinski brand soon due to a dispute between the owner and the hotel management company over unsatisfactory operating performance, China Business News reported earlier this week.
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