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Despite Glut in China, Hoteliers Keep Building - WSJ.com
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Hoteliers Brave Room Glut in China
International Chains Keep Building in Expectation Demand Will Pick Up; Favoring Tea
Rooms Over Cocktail Bars
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16
By JASON CHOW
HONG KONG—Demand is cooling in China for international hotel companies. But
that hasn't kept them from putting new hotels and resorts on the drawing boards.
Enlarge Image
Agence France-Presse
Hoteliers say China remains their most
important country for growth, with
Accor SA, AC.FR -0.18% Hilton
Worldwide Inc., Marriott International
Inc. MAR -0.56% and InterContinental
Hotels Group IHG -0.87% PLC each
planning to open more than 100
properties in the country in the coming
years.
A Marriott hotel in Beijing
"There's a lot of supply growth, but
demand will eventually catch up," says
IHG Chief Executive Richard Solomons.
Mr. Solomons acknowledges that the pace of construction has created short-term
oversupply in certain parts of the country in recent years. Beijing and Shanghai, for
example, added hundreds of hotels in anticipation of the 2008 Olympics and Expo
2010, respectively. But he says he expects domestic demand will pick up...