Hoteliers Flock to Asia in Search of Faster Growth
The global hotel business is in a deep funk, but that has not kept the industry from betting on the one region of the world where growth is strongest — Asia.
Hardly a week goes by in the region without a hotel’s grand opening or announcement of expansion plans, despite a sharp downturn in the world’s major economies that has caused a plunge in occupancy and room rates across Asia, the United States and Europe.
In October, two major upscale hotels opened in Hong Kong, each with views of the skyscrapers huddled between the city’s mountains and harbor. One is a 381-room Hyatt Regency on top of a shopping mall in the Kowloon district of the city. The other is the 117-room Upper House, owned by the Hong Kong conglomerate Swire and within walking distance of the central business district on Hong Kong Island. A 300-room Ritz-Carlton is among the hotels due to open here next year.
See the full story at http://www.nytimes.com/2009/11/11/business/global/11hotels.html?pagewanted=1&_r=4