High-speed rail propels Hong Kong hotels, RevPAR growth of 12% predicted
Overnight visitor arrivals from China to Hong Kong grew by over 6% in the first half of 2018 when compared to a year earlier, according to Hong Kong Tourism Board statistics.
Eight years in the making, Hong Kong’s high-speed rail officially opened last month. The USD 11 billion project created the longest high-speed network in the world, connecting 44 cities in China to Hong Kong.
It’s forecast to ferry 80,000 passengers a day – including business travelers and tourists – in and out of Hong Kong.
Hotel rooms in Hong Kong were already in high demand. Overnight visitor arrivals from China to Hong Kong grew by over 6% in the first half of 2018 when compared to a year earlier, according to Hong Kong Tourism Board statistics.
And steadily-increasing visitor arrivals in Hong Kong have pushed hotel occupancy rates to all-time highs, with average daily rates following suit.
JLL predicts that Hong Kong’s revenue per available room (RevPAR), a common term to measure hotel performance, will grow by more than 12% this year, having already grown by a staggering 13% in the first half of the year, according to the Hong Kong Tourism Board.
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