THE FAR East market is showing signs of returning to pre-1997 levels, with an increase in demand for most major markets except Indonesia, according to hoteliers in the region.
Hyatt International director of marketing for Europe, Africa and Middle East Allan Edgar said regions such as Singapore, Hong Kong, Korea and Japan are all beginning to bounce back from the Asian economic crisis of three years ago, leading to more business travellers visiting the continent.
“Asia looks as though it is really building, with the possible exception of Indonesia,” he said.
“I am pleased to see that Hong Kong is busier now than it has been for the last couple of years. Occupancy is back to over 80%, compared to over 60% this time last year.
“We are hoping that by the end of the year, we will be back to 1997 levels, when Hong Kong room rates were about $300. At the moment they are $235 but this time last year room rates were about $175.”
However, he added: “Hong Kong is not as interesting to the UK market as it used to be because it is no longer under British rule.
“The UK corporate market is going back to the region because the economy is strengthening but at the moment the leisure market is not really doing very well.”
Conrad International Hotels senior vice-president Clement Barter said: “Hong Kong and Singapore business is coming back. Unfortunately, we are finding that in Hong Kong it is not at the same rate as we had four years ago but business is certainly on an upturn.”
A new Conrad property will open in Bangkok next year. It will have 400 rooms and residential apartments.