Jin Jiang Hotels reported average room rate of RMB 183.80 and average occupancy rate of 74.09% in H1 2016, according to the financial results released on August 29.
LN Holdings planned to splurge RMB 3.437 billion to acquire 90.45% shares of GuangZhiLv, 100% stake in both Garden Hotel and China Hotel.
China Lodging Group is optimistic that the key performance metrics would continue to show upward movement buoyed by quality of the product and a diverse brand mix.
Occupancy rate was 85.2% in Q2 2016, compared with 85.8% in Q2 2015. The slight decrease was due to lower occupancy in lower-tier cities.
Zhejiang Future Hospitality Network Technology Limited, co-founded by Alitrip, BTG Hotels and Shiji Information in late March, was inaugurated on August 10 in Hangzhou, China.
FlightManager’s CEO Jiang Wang said that his investment in InnMall has been completed. The round had SIG as lead investor and generated tens of millions of yuan.
Four Seasons will open a host of properties in China and popular travel destinations to pick up its pace of development in China in the coming year.
Hotel chains over-expansion has caused four in ten hotel rooms in China staying empty and is driving down room rate and RevPAR.
