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Since February of this year, three of the major hotel indicators have surpassed the figures of 2019. The RevPAR for mainland hotels has recovered to 120.8%, the OCC increased by 4.9 percentages points and the ADR by 11.7%. The comprehensive prosperity index has been positive for the last three years and the hotel industry as a entire has seen a clear upwards trend.
Horwath CHAT : 2023Q1 China Hotel Market Prosperity Survey Report.
Nearly 40% of the hotels reopened in this first wave are high-end hotels such as Grand Hyatt Shanghai and Fairmont Peace Hotel. The Puli Hotel & Spa and Mandarin Oriental Pudong Shanghai also make up this group. In this first wave, these high-end hotels showed their resilience. Ctrip's platform showed that the average booking volume for Shanghai high-start-level hotels had recovered, and was about 25% higher than the March average.
To promote the development and adoption of new consumption scenarios in cities, business revitalization has been implemented vigorously. Statisticians estimate that 588 new shopping malls will open in 2023. This is 1.6 times more than the number of openings in 2022. Search popularity for "shopping centers" grew by 132% in a year. Major cinema chains' attendance rates continued to increase, and box office revenues exceeded 10 billion RMB. The results for the multi-sector market, such as leisure, entertainment, hotels and catering, are also eye-catching.
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