Room rates rising around Shanghai Disney resort
August 29, 2016 Category Travel, Weekly
Real estate developers are investing heavily in a variety of hospitality projects aimed at providing accommodation and other services to millions of visitors expected to visit Shanghai Disney in the years to come. More than 10 developers have been building up commercial complexes in the Pudong area close to the Disney theme park. The two in-house Disney hotels in Shanghai receive 1,000 tourists per day who spend CNY2,950 each on average. Hotel room rates in the area have more than doubled since Disney’s opening in May. Surging room rates reflect the huge gap between demand and supply. According to the Shanghai Tourism Bureau, Disneyland may attract 15 million tourists per year, among whom 30% need to stay in a hotel. This means, 4.5 million visitors will likely seek to stay at a hotel in the area every year. That translates to an estimated demand for 2 million room-nights per year. However, currently, there are fewer than 20 three-star or above hotels within 10 km of Disney. The hospitality market sales in the area are estimated to increase by more than CNY100 million every year, according to Shanghai-based RET Real Estate Consultancy.
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