Hotel occupancy is expected to grow 5 per cent next year as the
economy recovers and travellers return, Great Eagle Holdings deputy
chairman and managing director Lo Ka-shui said.
Great Eagle's two local hotels, the Langham Hotel in Tsim Sha Tsui and
the Eaton Hotel in Jordon, had an average occupancy rate of about 80
per cent in the current quarter with prices about the same as last
year, Lo said.
The two hotels' annual occupancy rate so far this year was about 60
per cent. Occupancy fell to 10 per cent during the Sars outbreak. The
European and American visitor numbers have recovered and the number of
executive travellers has also been rising, Lo said. "The number of
Japanese visitors is still 30 per cent below normal."
Great Eagle also predicted an improvement in the commercial property
market and an increase in office rents next year. Lo revealed that
Great Eagle was negotiating with potential tenants over the 100,000
square feet of space at its flagship office property Citibank Plaza in
Central. The occupancy rate at Citibank Plaza is about 80 per cent,
while that of Eagle Centre in Wan Chai is more than 90 per cent.
At the topping out ceremony of the Langham Place project in Mong Kok,
Lo said 700,000 square feet of office space would be released for rent
after the Lunar New Year. Great Eagle and the Urban Renewal Authority
jointly developed the HK$10 billion project.
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