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Shanghai: Pudong Expo Area Singapore: Hotel Market Market Report - March 2019 MARKET REPORT Shanghai: Pudong Expo Area JULY 2019 Shanghai: Pudong Expo Area Market Report - July 2019 1 4 5 6 2 3 7 Introduction The main purpose of this study is to review the historical Upper-Upscale Hotel Market market performance, identify the demand segmentation Opening/ Room No. Hotel dynamics and finally draw an overall evaluation for the Renovation Count upper-upscale and upper-midscale hotels in Pudong Expo Sheraton Grand area. We have selected the following hotels from the 1 Shanghai Pudong Hotel 2007 525 market for our study. & Residences InterContinental 2 2010 384 Shanghai Expo Shanghai Marriott Hotel 3 2011 295 Riverside Total 1,204 Upper-Midscale Hotel Market DoubleTree by Hilton 4 2001 850 Hotel Shanghai, Pudong Four Points by Sheraton 5 2006 326 Shanghai, Pudong Holiday Inn Shanghai 6 2007/2009 261 Pudong Nanpu Holiday Inn Shanghai 7 2009 319 Jinxiu Total 1,756 www.horwathhtl.com 2 Shanghai: Pudong Expo Area Market Report - July 2019 Historical Supply & Demand: Pudong Expo Area Historical Market Performance: Pudong Expo Area 3500 80% 800 744 758 80% 702 712 727 74% 700 74% 2960 2960 2960 2960 71% 2960 73% 2960 70% 700 71% 73% 70% 3000 68% 68% 65% 65% 60% 600 546 559 60% 2500 58% 58% 519 2113 2170 2184 487 2027 50% 500 456 50% 1926 408 2000 1727 40% 400 40% 1500 30% 300 30% 1000 20% 200 20% 100 10% 500 10% 0 0% 0 0% 2013 2014 2015 2016 2017 2018 YTD 2013 2014 2015 2016 2017 2018 YTD ADR Re vPAR OCC Rate Room Night Available Room Night Demand OCC Rate Source: Horwath HTL Source: Horwath HTL *Note: ADR before 2016 includes service charge and business tax, but excludes breakfast; ADR after 2016 includes service charge, but excludes value-added tax Historical Performance • The opening of National Exhibition and Convention Center enhanced Shanghai’s image as an international 2013: MICE destination. Its opening boosted the MICE Occupancy was at a low level of around 55 - 60 percent development in Shanghai as a whole and drove the with very limited new supply observed. We believe that the demand of large-scale national-level exhibitions and in- relatively weak market performance was mainly due to: house meetings in upper-upscale and upper-midscale • Since the introduction of the “National Eight Regulations” hotels. Hotels with extensive, flexible, and larger meeting (a central government’s rule to strictly control facilities tend to be more competitive. expenditure), lodging and consumption demand from the • Large-scale exhibitions held in major MICE venues government reduced significantly. in Pudong (e.g. Shanghai New International Expo • In 2013, the national anti-corruption campaign and the Centre and Shanghai World Expo Exhibition and GSK Bribery Scandal negatively affected the demand Convention Center) stimulated lodging demand from level of in-house meeting. the MICE segment. A great number of exhibitions with international influence (e.g. bauma China and 2014 – 2017: International Solar Exhibition) had a positive effect in In this period, both ADR and occupancy experienced a driving up MICE demand for hotels in those areas. steady growth. Reasons are as follows: • Enhanced tourism destination image contributed to • In-house meeting demand from pharmaceutical and demand growth. As Shanghai was developing cultural financial companies revived. Since 2014, in-house and creative industries and strengthening its image as meeting demand from pharmaceutical and financial an international tourism destination, large sports and industries picked up slightly. Until the second half of entertainment events in the city drove up leisure tourism 2014, the total room night demand and the budget of demand. Shanghai Disney Resort, which had received in-house meetings had recovered to pre-2013 level, more than 35 million tourists accumulatively since its contributing to a higher occupancy for the market. opening, also played a role in promoting weekend or • Shanghai Free Trade Zone drove more corporate and holiday getaway demand in Yangtze River Delta. in-house meeting demand. Since the establishment of Shanghai Free Trade Zone, more than 10,000 businesses 2018 to Present: from sectors like manufacturing, automobile, finance, • Compared with previous years, occupancy and and logistics landed in the region, bringing quite some ADR maintained steady growth. During the China corporate and in-house meeting demand for hotels in International Import Expo, the occupancy of upper- Lujiazui, Zhangjiang and the Expo area, which drove up midscale hotels in the area improved slightly. However, the market occupancy. due to limited high-yielding demand, ADR remained below 750, which is expected to last for a longer period. www.horwathhtl.com 3 Shanghai: Pudong Expo Area Market Report - July 2019 Upper-Upscale & Upper-Midscale Hotel Market Performance Comparison Upper-upscale Hotel Market ADR, RevPAR, Upper-midscale Hotel Market ADR, RevPAR, and Occupancy Trends and Occupancy Trends 1000 90% 700 659 80% 640 871 883 900 860 81% 605 605 613 617 817 818 833 80% 80% 80% 70% 600 68% 69% 75% 66% 800 72% 70% 64% 686 708 707 60% 60% 700 64% 500 628 60% 458 592 54% 434 600 391 405 50% 526 50% 400 363 500 328 40% 40% 400 300 30% 30% 300 200 20% 200 20% 100 100 10% 10% 0 0% 0 0% 2013 2014 2015 2016 2017 2018 YTD 2013 2014 2015 2016 2017 2018 YTD ADR Re vPAR OCC Rate ADR Re vPAR OCC Rate *Note: ADR before 2016 includes service charge and business tax, but excludes breakfast; ADR after 2016 includes service charge, but excludes value-added tax (6 percent) and breakfast. Comparing the historical performance of Pudong Expo area’s But their budget is relatively low, usually less than RMB upper-upscale and upper-midscale hotels, we have drawn the 1,000 (while that of FIT in the city center is generally following conclusions: between RMB 1,000 and RMB 1,500), which limits the ADR level of the market. ADR of upper-upscale and upper-midscale hotels show very minor differences. According to China Hotel Industry Study, The occupancy of upper-upscale hotels is higher than that of in 2017, the ADR of 5-star hotels in Shanghai is RMB 1,022, upper-midscale hotels. Reasons are as follows: while ADR in the selected market is only 883, which is lower • Compared with upper-midscale hotels, upper-upscale than the average market level in Shanghai. This is due to: hotels are able to attract more MICE demand. On the • Upper-upscale hotels in the area have few enterprises one hand, upper-upscale hotels are closer to Expo Centre around them and therefore offer value for money strategy and Expo Exhibition & Convention Center, which leads to attract corporate demand. The reason, is that these to higher proximity to demand sources, and adopting hotels are not located in central business districts, which cost-effective prices can too drive such demand. On the restricts the corporate demand. In addition, the majority other hand, larger-scale meeting facilities provided by of the existing corporate demand is from sectors such as upper-upscale hotels are more attractive to MICE groups. manufacturing, automobile and pharmaceuticals, which Demand from medium and large MICE groups plays an tend to have larger room night demand and accordingly important role in increasing occupancy level in the high- higher bargaining power, lowering the market ADR level. end market. • The meeting facilities of upper-upscale hotels are limited • Upper-midscale hotels were, in general, older than upper- in scale and outdated. To compete with other upper- upscale ones, thus having problems of limited and aging upscale MICE hotels in Pudong (e.g. Kerry Hotel Pudong facilities, as well as less competitive services. Considering Shanghai, Jumeirah Himalayas Hotel Shanghai), those the above negative factors, many travelers prefer upper- upper-upscale hotels had to adopt lower prices to attract upscale hotels whose price is similar. MICE demand. • Some upper-midscale hotels are too large in size, which • Due to the lack of tourism resources, attractions and lowers the overall occupancy rate in the market. If such commercial and entertainment facilities, the area has influences of certain hotels on the market were excluded, limited tourism demand. The majority of FIT demand the occupancy can reach about 83 percent, which would comes from leisure individuals who go to Mercedes-Benz be in a more reasonable range. Arena and other venues for shows and sports events. Such demand concentrates on weekends and holidays. www.horwathhtl.com 4 Shanghai: Pudong Expo Area Market Report - July 2019 Demand Segmentation Upper-Upscale Hotel Market Demand in the market could be categorized into six major 4% segments – corporate, MICE, in-house meeting, FIT, tour group, and others. The following graphs show the hotel 2% market segmentation: 32% Overall Market 33% 14% 15% 10% 2% 34% 32% Corporate In-house Meeting MICE FIT Tour Group Others 8% 12% Upper-Midscale Hotel Market Corporate In-house Meeting MICE FIT Tour Group Others 15% 2% 32% 31% 10% 10% Corporate In-house Meeting MICE FIT Tour Group Others www.horwathhtl.com 5 Shanghai: Pudong Expo Area Market Report - July 2019 Corporate Dynamics Demand Generators The majority of such demand is generated by nearby Corporate Demand offices. The demand from the New Bund area has notable This mainly refers to demand from corporate travelers potential; a small portion comes from Zhangjiang High-Tech in the market, in the form of corporate accounts signed Park and Kangqiao Industrial Zone; very limited overflow between hotels and companies (excluding business demand from Lujiazui. travelers booking with OTA). Characteristics and trends Budget • Local small companies have a flexible budget policy and RMB 650-900 per person per day; high-end demand can higher spending power.
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