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Jones Lang LaSalle: Shanghai's high-end hotel market has fully recovered

Date: 2023-10-14

It is reported that with the continuous heating up of the domestic tourism market and the accelerated recovery of international inbound tourism, the high-end hotel market in Shanghai has fully recovered.

On the 12th, Jones Lang LaSalle, a leading global commercial real estate service and investment management agency, released the "Review and Outlook Report on the Shanghai Real Estate Market in the Third Quarter of 2023" (hereinafter referred to as the "Report"), which conducted a detailed analysis of the sub markets of office buildings, retail properties, logistics real estate, residential, investment, hotels, etc., among which the hotel market performed outstandingly.

According to relevant data, from January to August this year, Shanghai received a total of 1.923 million inbound tourists, a year-on-year increase of 422%, recovering from 33% in the same period of 2019. After three years of COVID-19 pandemic, the Shanghai Tourism Festival was held offline from September 16th to October 6th this year. During this period, it received a total of 38.468 million tourists and the total amount of tourism consumption transactions was RMB 88.66 billion, an increase of 13.5% year-on-year.

The report shows that as of August 2023, the daily average room rate of high-end hotels in Shanghai was 1031 yuan, a year-on-year increase of 28.9%; The occupancy rate was 66%, a year-on-year increase of 73.4%; The revenue from each available room was 684 yuan, a year-on-year increase of 123.6%. Compared to the same period in 2019, the operating performance of high-end hotels in Shanghai has recovered by over 90%.

The Shanghai Kingston Foreshore Hotel (143 rooms) has opened in the third quarter, and it is expected that 612 high-end and luxury hotel rooms will enter the market in the fourth quarter. Some hotels originally scheduled to open in 2023 have been postponed to 2024, including the Shanghai Arira Hotel (188 rooms) renovated by the Four Seasons Hotel in Puxi, and the Shanghai North Bund Sofitel Hotel (384 rooms) renovated by the Kowloon Hotel.

Wei Junya, Vice President of the Greater China Hotel and Tourism Real Estate Division of Jones Lang LaSalle, stated that the quarterly growth rate of the hotel market has increased month on month this year, showing a positive trend of "stable opening and high growth, accelerating recovery". The continuous release of domestic and inbound leisure and business travel demand has stimulated the comprehensive recovery of the hotel market. As the popularity of large-scale festivals and exhibitions in Shanghai continues to rise, the Shencheng hotel market will continue to develop in the fourth quarter.