The bottom end of China's hotel scene seems to get more competitive by the day. Current players are expanding rapidly, and new entrants are investing large sums. The latest market entrant is Inno-Tech Holdings Ltd, which has announced plans to launch a new budget hotel brand, called Young Executive Suite. The company said the new brand will target domestic budget travellers, and the first property is slated to open later this year.
Inno-Tech Holdings aims to open 10 hotels this year, and 40 over the
next two years. Within five years, it aims to have 225 budget hotels,
each with a maximum of 200 rooms - which will be priced between RMB150
- RMB300 per room.
The company estimates that its annual revenue will total more than RMB1 bn once all of the 225 properties are operational.
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