Photo: Hilton Hotels and Resorts
It won't be a happy New Year as far as Hilton is concerned, as the chain's original Shanghai location on Huashan Lu is slated to close next year. Once regarded as the centre of the CBD, the hotel will be shutting its doors for the last time on January 1, 2018.
Opened in 1988, Huashan Lu’s Hilton hotel was the first Hilton to open in Mainland China, and in the past a one-night stay would cost the average worker the equivalent of 20 month's salary. Swanky.
Over the past 30 years, Hilton group’s advanced international management has led the development of the Chinese hotel industry. However, with the recent growth of various local Chinese hotel groups such as Jin Jiang International Hotels Group, Home Inn and Huazhu, the market has become much more saturated.
Moreover, with the increase in popularity of domestic travel among locals, Chinese hotel brands have also become more and more popular, their stocks and turnovers outgrowing Hilton's and some other foreign-owned groups, potentially contributing to the Hilton's impending closure.
So what's next for the space? According to a Sina News report, rumours suggest that Shanghai Jin Jiang International Hotels Group may be taking over the space.