According to a new report from STR Global, the importance of the Chinese hotel market both in terms of performance and hotel stock is growing.
The Chinese hotel 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. As can be seen in the table below, all cities but Suzhou reported RevPAR increases.
YTD RevPAR results in local currency
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".
According to STR, the U.S. hotel industry experienced increases in all three key performance metrics during the first week of December. In year-over-year comparisons for the week, occupancy rose 2.7 percent to 51.0 percent, average daily rate increased 2.7 percent to US$99.42 and revenue per available room finished the week with an increase of 5.4 percent to US$50.71.
The U.S. Travel Association is commended the new agreement that will speed the border process for Canadian travelers visiting the United States while enhancing security. President Barack Obama and Canadian Prime Minister Stephen Harper announced highlights of joint action plan at a White House ceremony on December 7.
(MIAMI BEACH, FL) -- As the world's art aficionados, celebrities and super wealthy converge on the shores of South Beach this week to celebrate the tenth anniversary of Art Basel Miami, the real celebrating should be done by the business proprietors in the local economy who will enjoy a multi-hundred million dollar economic windfall left in their wake.
Hospitality giant Marriott International has completed the spin-off of its fractional ownership and timeshare division, with equity shares of the new company, Marriott Vacations Worldwide Corporation, being distributed tax-free to Marriott International shareholders.
Based on new hotel data compiled by STR Global, hotel markets across the world reported mostly positive performance gains in October 2011. The Americas region recorded positive results in the three key performance metrics when reported in U.S. dollars for October 2011.
(MARCO ISLAND, FL) -- Marco Island Marriott Beach Resort recently announced the expansion of its resort golf amenities with the addition of the 18-hole Hammock Bay Golf Course. The off-site facility, located only 10 minutes from the resort, is available exclusively to members and resort guests.
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