Gross Operating Profit (GOP) levels of the 5-star hotel sector in China have fallen to the lowest level recorded in the eight years the China Hotel Industry Study has been published.
The GOP level of RMB 91,752 per room (USD 13,375) is 39 percent lower than the peak recorded in 2005 and is the fourth straight year the figure has declined.
In Beijing and Shanghai, the two largest hotel markets in the country, GOP levels in 2009 were RMB 86,194 and RMB 119,645 respectively. The Beijing hotel market in particular suffered dramatically recording an occupancy of only 47.5 percent and an average room rate of RMB 836, which resulted in a RevPAR of only RMB 397.
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Monday, July 5, 2010
Update: Wyndham back in New Kingston
Hilton Hotels said Monday that its displaced senior managers at Delroy Howell's New Kingston property would be offered, as appropriate, positions in the Caribbean and elsewhere in the global operation.
Hilton ended a 12-year run as managers of the property on June 30, two years into Howell's acquisition of the hotel property, which is held under a company he chairs known as Ocean Chimo.
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Hilton ended a 12-year run as managers of the property on June 30, two years into Howell's acquisition of the hotel property, which is held under a company he chairs known as Ocean Chimo.
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How Will Google Shake Up Online Travel?
Google on Thursday announced that it is moving into the travel industry, buying a flight-information company called ITA Software for $700 million. But what does the entry of the Internet giant mean for companies already in the market, like Expedia, Priceline and even Microsoft’s Bing Travel?
Expedia’s Web site. ITA currently provides airfare data to many of the industry players, including Orbitz, Kayak and Bing; Google said on Thursday that it would honor existing agreements with ITA’s customers. But despite such promises, Google is likely to make a splash. Wall Street analysts say the threat level from Google depends on the company.
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Expedia’s Web site. ITA currently provides airfare data to many of the industry players, including Orbitz, Kayak and Bing; Google said on Thursday that it would honor existing agreements with ITA’s customers. But despite such promises, Google is likely to make a splash. Wall Street analysts say the threat level from Google depends on the company.
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