China to become 'No 1' for tourists within seven years

China has put tourism at the top of its priorities, designating the sector a "key strategic industry", as a part of its attempt to transform its economy away from low-end manufacturing.

Significant inward investment is expected, with Thomas Cook eyeing acquisitions to bolster its China business.

"We can expect to see China become the No 1 country both in terms of receiving tourists and also of sending tourists abroad," said Taleb Rifai, the head of the UNWTO, saying he expected this to happen within "five to seven years". "China is full of attractions, from sea to mountain, and it has a culture that is tangible, from its food to its ancient history," he added.

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Chinese bid for big stake in the Maybourne Hotel Group

The battle for control of Maybourne Hotel Group, which owns the Berkeley, Claridge's and The Connaught hotels in London, has taken a dramatic turn this weekend with a surprise bid from the Chinese government for the 37 per cent stake in the group.

Although owner Paddy McKillen, one of Ireland's most successful property developers, has said he did not want to sell, he is understood to be evaluating the offer.

The deal could scupper plans by the Barclay brothers, owners of the Ritz in London and Telegraph Media Group, to take a controlling stake in Maybourne after acquiring 25 per cent from the family of British billionaire Peter Green earlier this month.

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• Barclay Brothers Said to Gain Control of Maybourne Hotels' Owner (hospitalitybusinessnews.com)

Chinese firm buys Universal City landmark hotel

LOS ANGELES—The Sheraton hotel that looms over Universal City's studios and theme park is being purchased by Chinese real estate firm Shenzhen New World Group Co., a company official said Monday.
The Sheraton Universal Hotel's purchase by Shenzhen New World Group Co. is set to close on Wednesday, said Daniel Teng, an executive with the company's U.S. operation.
 
He would not discuss the sale price. The 20-story hotel and its surrounding property was last assessed at $123.3 million, according to county records.

Teng said his company, which in March purchased a 469-room Marriott hotel in downtown Los Angeles, plans to spend about $5 million to renovate the Sheraton's pool area, meeting rooms and other public spaces.

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