There is little room at the inn in Hong Kong -- one of the tightest hotel markets in the world -- but a building boom is about to change that.
A roaring local economy thriving on its status as the gateway to China and an anticipated bounce in already surging tourism with the opening of Walt Disney Co.'s (DIS.N) Hong Kong Disneyland in mid-September has spurred the construction of more than 30 new hotels and prompted concerns that a glut looms.
"Everybody says they will be building a hotel. There seems to be a craze about it. It's a bandwagon thing," said James Lu, executive director of the Hong Kong Hotels Association.
Prominent among the new additions is a towering 1,000 room luxury hotel and serviced-apartment complex overlooking Victoria Harbour to be operated by Four Seasons Hotels Inc. (FSHsv.TO). Developed by Henderson Land Development (0012.HK) and Sun Hung Kai Properties Ltd. (0016.HK), it opens later this month.
Also at the high end is the nearby Mandarin Oriental International Ltd.'s (MOIL.SI) 113 room boutique-style spa, which opened last week and charges $513 for its smallest rooms.
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Source - Reuters
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