Beijing’s five-star hotels saw a 7.9% YoY decline in guest numbers in the first 10 months of this year to 3.93 million. October alone saw a nearly 10% decline. This is a sharp contrast to 2018, when 5.27 million guests stayed. Hotel revenues also fell by 8.2% YoY, with a 12% drop in October. Despite a slight recovery in hotel investment profitability in 2023, Beijing’s hotel sector still lags behind Shanghai and Guangzhou, signaling the need for more rational investment decisions amidst market changes.