Economy, supply hit China's luxury hotel market hard

08/20/2013 | International Business Times

President Xi Jinping’s crackdown on corruption and austerity policies, coupled with China’s weakening economy and oversupply of hotel rooms, is hitting the luxury hotel market hard. According to the China Hotel Association, hotels brought in 16.4% less in the first four months of this year compared to the year before. "We’re seeing a huge amount of new supply coming on," said STR Managing Director Elizabeth Winkle. "The problem is demand is not keeping pace."

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