[photopress:Lodging.jpg,full,alignright]Lodging Econometrics, a company that pronounces on hotel real estate, has just completed a three year forecast for new hotel openings.
China has the largest development projects in the region, and is second globally only to the United States. China has 316 projects and 107,725 guestrooms planned. The room count is a 63 percent of the total rooms in the entire Asian pipeline. Development is fast -tracked everywhere as many major cities in China are presently ‘under roomed’.
By the end of ’06 China will have grown to be the fourth largest tourist destination in the world. It expects to surpass the U.S. and become number one during the next decade. As the Chinese middle class is increasingly benefiting from the expanding economy, China’s native tourist travel is growing impressively as well.
Beijing has the fastest pace which is 36 projects with 11,288 guestrooms. Seven hotels are scheduled to open in the 4th quarter, an additional 10 in ’07 and 12 in early ’08. Lodging Econometric’s president, Patrick Ford, said, ‘Their development pace is geared to getting ready for the Olympic Games which will be held in Beijing in the summer of ’08.’
Shanghai, with 43 projects and 13,957 guestrooms, is even larger but the new openings will be spaced more evenly over the decade; 15 through ’07, 14 in ’08 and another 14 in ’09 and beyond. Shanghai’s pipeline is timed for the World Expo that it will host in 2010.
Another six cities — Tianjin, Guangzhou, Ningbo, Chengdu, Shenzhen and Sanya — combine for a total of 66 projects being worked on. Two-thirds, or 44 projects, are under construction.
Source: Lodging Intelligence
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