Hotels gear up as China grows as the one of the fastest growing economies in the world. Well known hotel Ritz Carlton, the luxury brand of Marriott International Inc. is one among them. They expect to double up in China by the year 2015 that will make China its most important market.
They plan to open another hotel in the interior city of Chengdu famous for international business by 2012. The chain aims to have 15 hotels by the target year 2015 which will include brand new openings in Tianjin and Hangzhou as reported by Simon Cooper their chief operating officer.
Cooper said that it was a reasonable expectation as China growth level has no comparison levels with the rest of the world. The revenue per available room was broadly up by 30 % for Ritz Hotels in China. Chinese people are becoming more and more sophisticated and they like to travel due to which the hotels have seen a surge in revenues. China as expected will be the top market. Ritz is planning on opening hotels in other major cities like Bangkok, Sydney and Taipei.
Marriott International Inc. is the largest US hotel company by market value and they expect to grow by 10 % in Asia over the next few years.