Recovery? Only time will tell
Authors
Citation
Building journal Hong Kong China, Dec, 1991, pp. 48-49
Abstract
The pall that came over Hong Kong hotel construction a few years ago seems set to continue into the foreseeable future, reflecting not only the over-built conditions in the luxury hotel sector but the continuation of the world recession and the fading of the glow that characterised the visit-China syndrome.
Yet, Hong Kong to September of this year was still on many people's lists of places to visit or spend a vacation, with an overall industry occupancy rate of 79%, the same as 1990's and down only 1% on average from 1989's (with first-class hotels at 69.9%, down from 1990's 77%).
Preliminary occupancy figures to mid-November suggest that the rate for October and November may have climbed to 88% and that the figure for December could be close to 90%
What then is the future for hotels, whose 31,870 guest units have a central role in an industry worth $40 billion in 1989? Analysts say it depends on which market the hotel is targetted to tap.
(1)Macau hotel scene
(2)China hotel scene
Description
Building Type(s): Hotels
Subject
Type
Article
Format
Date
1991
Language
en