TUI China kicks off curated short-haul holidays; South Korea has agreed with China to start facilitating some business travel between the two.
While saving costs for travel companies means cutting hotels’ profits, Hotelmize said hotels will need to improve pricing methods.
China saw a declined growth rate of 5.9% in business travel last year; 74.29% of the Chinese hotels and inns have ceased operation due to COVID-19.
The number of hotel-related new company registrations hit a five-year bottom in the first quarter in 2020, down by 38% from last year.
Over 80 million Chinese are expected to enjoy their first vacation since coronavirus lockdown; Virus outbreak severely impacted China's image as a travel destination.
IHG expects Q1 Global RevPAR to decrease 25%, including a 55% decline in March.
Same-hotel RevPAR growth continued to slow down in 2018-2019, reflecting oversupply in hotel market and intensified competition in greater accommodation industry with alternative lodging.
Parent of Chinese OTA Tongcheng-Elong denied speculation about mass layoffs; A study finds COVID-19 will dent China's total tourism income by a third this year.
