Hotels in China and the Special Administrative Regions - International - August 2012
This report provides an overview of recent developments in the Greater China hotel sector (including Hong Kong and Macao). Following a review of the outlook for spending on travel and tourism in China, the country’s hotel capacity and performance are evaluated, as well as the major urban hotel markets. The main body of the report is devoted to profiles of the leading hotel operators and the final section offers some perspective on what to expect for the hotel sector in China over the coming years.
Some key findings from the report include:
- The number of domestic travellers is forecasted to increase by over 25% from the current level to reach 3.3 billion by 2015 and the Chinese hotel market is projected to grow by 5-8% annually through 2030. Chinese chains will increasingly target outbound travellers from China, with the number of trips projected to about double, rising to 100 million over the next ten to 15 years.
- Given the exceptional growth expected in the number of Chinese hotel guests, both the international chains and Chinese groups have been busy adapting their lodging products or creating new brands to target this market.
- Some major Chinese property developers, which have partnered with the big international chains, have now started to create their own brands and have major development projects on the drawing board.
- The leading hotel chains in terms of room capacity and the most rapidly expanding ones have been Chinese budget operators, including Home Inns, 7 Days Inns and Hanting Inns and Hotels, which are all also quoted on the US NASDAQ Stock Exchange. However, it is likely that their rate of growth will slow in the future as the segment reaches saturation point. Evidence pointing in this direction is the increasing horizontal integration in the sector, best exemplified by Home Inn’s purchase of Motel 168 in September 2011.
- China’s major budget hotel operators have adopted an ‘asset-light’ structure of expansion via franchises and management contracts, and are de-emphasising leaseholds, the formerly favoured practice. Jin Jiang, the leading Chinese multi-brand hotel operator, has adopted a similar approach.
- Several of the major international chains, such as InterContinental Hotels Group (IHG), Accor, Starwood, Carlson Rezidor and Marriott, are set to at least double their capacity in China over the next three to five years.
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