Despite substantial visitor numbers, Hong Kong’s hotel sector has been characterized by improving occupancy but falling average rates, as most overnight visitors adopt a more conservative approach to spending, according to Colliers.
This impacted performance across hotel categories and proved a challenge for the retail and food and beverage sectors in the first quarter. While the city’s average hotel performance figures seem relatively strong in a broader regional context, by Hong Kong’s standards, they continue to lag behind expectations and pre-pandemic levels.
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