Visitors to Hong Kong could end up paying more for hotels as the closure of the iconic Excelsior Hotel next March and rising tourist arrivals are expected to drive up occupancy and room rates in Asia’s fastest growing market.
Overall hotel occupancy in Wan Chai and Causeway Bay will immediately surge by at least 6 per cent, and 2.1 per cent on Hong Kong Island, said Hannah Jeong, senior director of valuation and advisory in Asia at Colliers.
“As the 869-room Excelsior contributes 7….
Source : South China Morning Post
Read more…Hotel stays in Hong Kong to cost more as Excelsior’s closure will tighten supply by nearly 1,000 rooms
