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Strategies & Market Trends : China Warehouse- More Than Crockery
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To: RealMuLan who wrote (3668)11/9/2004 2:57:50 PM
From: RealMuLan  Read Replies (1) of 6370
 
Hotels target China in Asia push

Tuesday, November 9, 2004 Posted: 1628 GMT (0028 HKT)

SHANGHAI, China (AP) -- The elevator shafts at The Regent are still empty. The concrete floors of the half-built hotel are bare. Windows haven't been installed.

But general manager Martyn Standen looks at the building and sees a strong contender in Shanghai's competitive market for luxury hotels.

Premium hotels are popping up all over Shanghai, Beijing and other Chinese cities as Regent, Ritz-Carlton, Hyatt, Sheraton and others pour billions of dollars into expansion. Others are opening motels to serve a market that didn't exist five years ago: Chinese travelers with their own cars.

With growth slowing in Europe and North America, hotel chains are targeting Asia - China in particular - for their new growth. They point to occupancy rates as high as 90% in Shanghai as proof that there's plenty of room to expand.

"Many cities have become overbuilt. Shanghai will be the only city in Asia where there is a high level of established business and a level that will continue to grow," said Standen. "The outlook over the next several years is remarkable. It's the best city to be in Asia by far."

Between 1998 and 2002, the number of tourists visiting China jumped by 54 percent to 97.9 million. Growth stalled in 2003 amid the outbreak of severe acute respiratory syndrome but has rebounded.

The number of Chinese travelers hit 878 million in 2002 and looks set to top that figure this year.

edition.cnn.com
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