InterContinental Hotels today said revenue from China would exceed $1 billion for the first time this year, as it prepares to double its hotel count in the fast-growing market.
The emergence of a middle class in China who are keen on travel has led big hotel operators to pile into the market, with InterContinental, Marriott International, Accor and others building up their portfolios.
InterContinental, the world's top hotelier by room count whose brands include Crowne Plaza and Holiday Inn, had 132 hotels in Greater China, which includes Taiwan and Hong Kong, at the end of June, with another 148 in the pipeline.
Its rapid build-up and soaring average room revenues helped to push the company's annual Greater China revenue into second place behind the US, regional managing director Keith Barr said.
“Our contribution to the company is growing at a significant pace,” Barr said. “As we continue to grow at this pace we become more profitable.”
With its rapid economic growth fuelled in part by Beijing's 4 trillion yuan (£378 billion) economic stimulus plan, China has been one of the hotel industry's few bright spots during the global downturn that put a chill on travel.
France's Accor, owner of the Sofitel and Novotel brands, will open its 100th hotel in Greater China next month, with plans to build another 40 through 2013.
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