Property News · November 13, 2019

Hong Kong’s hotel valuations drop, vacancy rates soar, as business travellers and tourists avoid city amid street protests


Investments in new hotels grounded to a halt in Hong Kong, as valuations fell 10 per cent amid record vacancy rates caused by business travellers and tourists who are avoiding the city’s anti-government protests.The average room rate at three-star hotels fell 46 per cent to HK$446 (US$57) for the week that ended on October 27, from US$105 a year earlier, according to data by accommodation platform WebBeds. Tourists and duty-free shoppers from mainland China led the exodus, with their number of…

Source : South China Morning Post
Read more…Hong Kong’s hotel valuations drop, vacancy rates soar, as business travellers and tourists avoid city amid street protests

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