Hong Kong’s hotel market has finally made it back to performance levels comparable with the period prior to the Covid-19 pandemic.
In February 2024, occupancy during the Lunar New Year holiday averaged 93.4% at room rates averaging HKD2,725 which, report agents CBRE, are at or above levels previously enjoyed for the same holiday period in 2019. Mainland Chinese tourists are back travelling in good numbers, while international arrivals too saw positive growth.
The positive results from the holiday period now need to be replicated across regular months through the year, before Hong Kong hoteliers will feel renewed confidence about the future. But CBRE expect the visitor numbers to improve, and this will feed through to stronger rates and occupancy levels in coming months. The agents also expect luxury and upscale hotels to finally enjoy a return of their traditional guest numbers; but the Hong Kong Tourism Board expects it will not be before the end of 2025, for a full recovery in…
