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Ritz-Carlton May Open More Hotels in China

Posted by Patrick on Friday, September 4th, 2009 at at 9:24 am.
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Here’s Bloomberg on the latest expansion for the Ritz-Carlton Hotel Co.

The Ritz-Carlton Hotel Co., the luxury hotel company, may open more hotels in China because domestic business and leisure travel may rise on the country’s 4 trillion yuan ($586 billion) stimulus package. “We are definitely looking at opening more hotels in China,” Simon Cooper, president and chief operating officer at Ritz-Carlton, said today in an interview in Hong Kong. “ The economy is growing and the stimulus has been efficient. Domestic business travel is still strong.”

Manufacturing in China, the world’s third-largest economy, expanded at the fastest pace in 16 months in August as record lending and stimulus spending boosted demand for steel and cement.

Ritz-Carlton’s hotel in Sanya on Hainan island in China’s south is more than 80 percent occupied at “very good” average rates, Cooper said.

Ritz-Carlton may also open hotels in Vietnam and Taiwan as more people in China travel abroad, Cooper said. It’s also looking at opportunities in India and Thailand, he added. The chain will open hotels in Shanghai and Hong Kong next year, he said.

- from Bloomberg

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Tags: China · Ritz-Carlton