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Development Trend of Hotel Industry
Although annual income of the tourism market increases rapidly at the rate of 12.9-16.4%, the contradiction between supply and demand in the tourism accommodation market still exists in terms of the annual growth rate of 948,200 hotel rooms increased by 6% and the annual average rental rate which is 55.9% increased by 2.4% in 2000.
By the end of 2004, there were 283,800 tourist accommodation facilities in China, of which 9,751 were star-rated hotels, with an average rental rate of 56.14%. These objective conditions bring good news for industrial stock adjustment. It is a fact that a large number of residential projects in China are poorly managed. Low-star rated hotels, better-equipped hostels and sanatoriums, etc., will undergo a major transformation under the dual pressures of the reform of state-owned enterprises and the transformation of the accommodation market.
Since 1990s, domestic tourism and business tourism have developed rapidly in China, especially in the surrounding areas of Shanghai. With the rapid development of Commerce, the continuous improvement of people's living standards, the decline of Engel’s Coefficient, and the rise of urban tourism, holiday tourism and business tourism, the domestic tourists have increased sharply. During this growth process, business tourism surpassed leisure tourism for the first time.
According to the statistics of American Hotel & Lodging Association, the total number of economic and commercial hotels whose gross revenue ranked third in the retail industry in the United States is 53.9 million, accounting for 70% of the hotel market share. In China, the proportion of economic and commercial brand hotels in the hotel market is less than 10%, and the grade structure is very unreasonable. By the end of 2001, the number of high, medium and low-end hotels in China was 570, 6025 and 753 respectively. There is a big gap between developed countries’ ratio of 1:4:5 and China’s. Sun Shangqing, in the Development Research Center of the State Council, clearly pointed out the imbalance in the grade structure of hotels in China in his report on the research topic of "Tourism Economic Development Strategy". It is imperative to develop hotels which are clean and hygienic, complete facilities, affordable prices (160-300 yuan), relatively convenient transportation, a sense of security, distinctive services hotels and different from star-rated hotels and traditional hotels.