According to data from Hohi Data, China’s hotel signing market in 2024 continued to be driven by midscale and upper-midscale brands, with upscale hotels emerging as a new focus, experiencing a 24.6% YoY increase in signings due to low chain penetration and growing investor interest in asset efficiency and upgrades. First-tier cities led growth, while lower-tier markets declined. Tourism destinations saw a 37% increase in new signings. Smaller hotels (under 150 rooms) accounted for 64% of total signings, a trend extending even to luxury segments. The overall market reflects a recovery in the high-end segment, growth in conversions, and a shift toward more rational investment strategies.