RECEPTION
Welcome
A flying visit to Macao via Hong Kong for the second IHIF-Asia Pacific conference gave a
good opportunity to check out the latest hotel developments in that part of the world.
COVER STORY: Le Gray is the result of Gordon Campbell Gray’s long held ambition to open a hotel in Beirut. A sculpture of an elephant by Lebanese artist Nadim Karam sits in the lobby, and has already achieved mascot status amongst the hotel’s guests.
Whether through ever greater numbers of Chinese travelling outside their own country, or the ever greater opportunities within China itself, this once-sleeping giant of a nation is increasingly shaping the world outside it. Walking through The Venetian Macao, and seeing thousands of Chinese tourists spending their newfound wealth – either gambling on the vast gaming floors one has to traverse to reach The Venetian’s event spaces, or buying luxury Western goods in the retail spaces that line its gilded corridors – gave me my first real indication of just how profound that impact will be. Since returning, several reports have landed in my inbox to give more constructive insight into this fast developing region. Statistics released by Lodging Econometrics at the IHIF in Macao reveal that in development terms, China will have more rooms coming online than any other in both 2010 and 2011. The government is expected to slow down real estate development to stop the economy overheating, but China will remain “the global hotspot for hotel construction.” According to Horwath HTL’s Chinese Hotel Industry Study, this growth in supply has seen performance suffer, with profitability falling to its lowest levels in the eight years the study has been conducted, driven by a post-Olympic slump in Beijing, and the global economic downturn. It remains to be seen if Shanghai, currently enjoying its own supply spike, and a performance boost from the 2010 Expo, will prove more resilient. Regardless, China’s influence will be one of the defining factors for any business operating in the hotel sector for decades to come. Deloitte’s Hospitality E-Vision report for July says the Chinese economy is forecast to grow faster than any other emerging economy over the next two years. Some analysts believe its economy will surpass that of the US by 2020. These are, as the Chinese proverb has it, interesting times to live in. Whether that proves to be a blessing or a curse will depend on how you adapt your business accordingly.
Matt Turner - Editor Front Desk
Editor Matt Turner
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International Advertising Sales Stephen Quiligotti
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