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Hoteliers Brave Room Glut In China
Demand is cooling in China for international hotel companies. But that hasn"t kept them from putting new hotels and resorts on the drawing boards.
Hoteliers say China remains their most important country for growth, with Accor SA, Hilton Worldwide Inc., Marriott International Inc. and InterContinental Hotels Group PLC each planning to open more than 100 properties in the country in the coming years.
"There"s a lot of supply growth, but demand will eventually catch up," says IHG Chief Executive Richard Solomons.
Mr. Solomons acknowledges that the pace of construction has created short-term oversupply in certain parts of the country ...
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