The Seaton International Hotel Chengdu, formerly the first Hilton in the city, was recently sold at auction for 502.59 million RMB ($69.31 million). This reflects the ongoing downturn in China’s high-end hotel market, accelerating since 2023 due to financial pressures on owners and investor exits. Many luxury hotels, including the Bvlgari in Shanghai and Westin in Beijing, have also been sold or auctioned. Five-star hotels in China have declined from 845 in 2019 to 736 by Q3 2024, a loss of over 100 properties in less than five years.