As the global economy precariously returns to normal growth, new luxury hotels are popping up all over the world.
The Armani Hotel Dubai opened in April in the world’s tallest building, the Burj Khalifa, while guests began checking into the 607-room InterContinental New York Times Square – the largest new-build hotel to open in Manhattan since 2002 – in July.
Still, the economic environment remains uncertain and few countries have regained their confidence, and hunger for luxury goods and services, like China.
InterContinental Hotels Group, for example, reported it jumped back into net profit in the first half of 2010, spurred by increasing demand in Asia, particularly in China. While IHG’s global revenue per available room (RPAR) was up 3.9% overall in the six months to the end of June, the RPAR for Greater China alone jumped by a staggering 29.4%.
Hospitality executives have certainly taken notice. Anticipating China’s rapid growing demand for hotels, the industry has been scurrying to bulk up its presence. Here is a glimpse of hotel openings across the country in 2010.