Hong Kong hotels occupancy slightly lower in first eight months
The occupancy rate of hotels in Hong Kong during the first eight months of the year was 84.2 percent, slightly lower than the 85.7 percent from the same period last year, an industry association said Friday.

Average room rate for the period, however, was 1,046 HK dollars (134 U.S. dollars), representing a growth of 11.9 percent year on year, according to the Hong Kong Hotels Association.

Mark Lettenbichler, chairman of the association, attributed the slight decline in occupancies to an increase in hotel room inventory, adding that the inventory was set to increase by a further 5,000 rooms by the year end.

If so, the industry would expand to 52,000 hotel rooms by that time.