Chinese hotels are under pressure, with wobbling RevPAR adversely impacting the overall profitability in Q1.
Hangzhou-based Zhuyou Hotel Group’s COO Yangqing Shi said its Pod Hotel has completed a Series C financing round.
Four major CEOs in China’s hotel industry had a rare and candid discussion at the “CEO Chat” event at the TravelDaily China Hotel Marketing Conference.
SIMPLE Capsule Hotel has won a joint investment from Shanshan Ventures and PIF in its Series A financing round.
“Many Chinese travelers see the hotel they stay in as a symbol of career status.“
Jin Jiang reported a 41.48% increase in revenue and 59.1% increase in net profit in Q1 y-o-y, at RMB909 million and RMB154 million respectively.
After concluding a US$442 million purchase of Hilton International’s Hilton Sydney, Bright Ruby is also looking to buy The Westin Sydney for US$400 million.
Far East Consortium International’s chairman is in negotiations over a AUD$75 million deal to purchase the five-star Pullman Cairns International.
