Eight international hotel chains to enter Taiwan market

Observers optimistic about growth of tourism in Taiwan

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A hotel in Taipei's Beitou District. (By Central News Agency)

TAIPEI (Taiwan News) – At least eight international hotel chains are planning to open hotels in Taiwan within the next three years due to the rising amount of tourists arriving on the island, reports said Thursday.

For the past three years, the number of tourist arrivals in Taiwan reached 10 million per year, convincing hotel operators there was a market for more rooms, the Liberty Times reported.

Within the next five years, the total amount of rooms available in the country would grow by 8,000, the report said.

According to commercial real estate services group CBRE, Taiwan counted just under 30,000 hotel rooms, with 3,000 new ones expected to be added during 2018. As demand also increased, the average occupancy rate was predicted to stay at around 60 percent even after the new rooms were added, CBRE said.

Investors were also looking at hotels as a promising sector with room for growth, so they would consider buying cheap and waiting for tourism to increase, the Liberty Times reported.