Sino Express Travel is encouraged by recent reports confirming China’s hotel boom.
The number of domestic tourists soared to 1.61 billion in 2007, an increase of 15.5% from 2006. There will be a small set-back which could be thought of as the post-Olympics effect but it is not expected to be crucial nor yet long-lasting.
According to the China Statistical Yearbook:
* The number of hotels in China increased at an average annual growth rate of 20.12% for the period 1998–2006.
* China had 12,751 star-rated hotels in 2007.
* The country has 1,689 budget hotels with over 180,000 guest rooms in 2007.
* The hotel occupancy rate had been consistently high over the years (66-70% for three to five-star hotels and 88-92% for budget hotels).
Sino believes there is ample demand to fill more hotel rooms.
Sino has previously announced development plans for its Southern Silver Resort & Beach property in Yangjiang and a potential property acquisition in Chengdu for hotel renovation.
Source: BusinessWire