China's hotel rates in 1st tier cities affordable in Asia Pacific
Hotel rates in China's first-tier cities remain some of the most affordable in the Asia Pacific region despite an improvement in occupancy, global real estate consultancy Savills has concluded in its latest research.
While room rates in Tokyo cost US$627 per night, the most expensive among 15 major cities around the region, Shanghai ranks No. 9 at just US$300 per night, according to Savills Research, which tracks top five hotel properties in each of the 15 cities.
Beijing, Shenzhen and Guangzhou, meanwhile, ranks No. 10, No. 11 and No. 13, respectively.
"ADRs (average daily rate) remain lackluster in China's leading cities despite original projections forecasting a rise on the back of slowing hotel building, increased domestic tourism as well as development of new theme parks and improvement in infrastructure," Savills Research said. "Nevertheless there has been a pick-up in occupancy rates in the four first-tier cities — from close to 60 percent in mid-2013 to 68 percent by the end of 2016."
Sydney, Hong Kong, Singapore and Osaka trailed Tokyo to close the Top 5 list while Seoul, Taipei and Manila are also ahead of Shanghai, according to Savills Research.