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Budget Hotels Seize Opportunities From Olympic Games
With the coming of the 2008 Beijing Olympic Games, the competition for budget hotels in Beijing market has become even fiercer.
In the past few days, local media reports Beijing has seen the opening of several hotels, all of which are budget hotels. Last week, the U.S. funded business budget hotel GreenTree Inn opened its first hotel in Beijing. The hotel said this was only their first step to expand in Beijing.
Along with GreenTree Inn, the four budget hotels invested by the former Beijing Coal Group were also opened. At the same time, Home Inn, which owns the most budget hotels in China, said it would add eight more hotels in the capital city by the end of this year and make its total portfolio in Beijing reach 50 before the Olympic Games. Jinjiang Inn said it too would develop 50-60 budget hotels in Beijing to seize a piece of the cake from the Olympics.
Despite so many openings of budget hotels in Beijing, the market's demand on budget hotels is still big. Room occupancy of GreenTree Inn reportedly reached 80% during the first four days of its opening and the room occupancy of both Home Inn and Jinjiang Inn has each reportedly reached upwards of 100%.
Source: China Hospitality News
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