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CBRE Expects HK's Inbound & Overnight Visitors in 2024 Summer Holiday to Top 2023 Level; Short Term Resistance Level at 4M Monthly Visitors
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China's five-day May Day Golden Week holiday ended yesterday (5 May). Immigration Department figures showed that as of 9 pm last night, a total of 758,000 mainland visitors had come to Hong Kong on the 5 days, compared with 625,000 during the same period last year, a YoY rise of more than 20%. CBRE's Senior Director of Valuation and Advisory Services in Hong Kong, Stephen Lin, predicted that the overall performance of the hotel industry would be better during the summer holidays this year, and that inbound and overnight visitors would exceed the level in 2023. However, after the summer holidays, Lin expected the relevant figures to recede. He believed that the level of 4 million monthly visitor arrivals appeared to be a short-term resistance point. Lin said the strategies of Hong Kong's hotels to recover from the pandemic varied. High-end hotels usually tended to maintain higher room rates, while budget hotels were more price-sensitive as price was one of their main selling points, and such hotels were usually willing to lower their room rates in order to increase occupancy rates. He envisaged that if Hong Kong could attract more overnight visitors, the overall hotel occupancy rate would have further growth potential. AAStocks Financial News |
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