U.S. hotel group switches to Yuan
All mainland China properties of WORLDHOTELS are converting to pricing in the local currency (RMB) abandoning a previous policy of offering rates in U.S. dollars.
The conversion “benefits both hotels and guests”, said Roland Jegge, Vice President Asia Pacific for WORLDHOTELS.
Hotels benefit from the appreciating value of the RMB against the US greenback and are saved from the effort of converting currency rates, which fluctuate daily.
For guests, the single pricing is also far more transparent “rather than one price for the domestic market and another in higher US dollar prices for international customers” said Mr Jegge.
“By avoiding dual pricing our aim is to make the pricing more transparent ensuring that WORLDHOTELS rates for China hotels are the most competitive.”
The conversion was proposed to general managers of WORDHOTELS China hotels at a summit held in Guangzhou in mid-November and unanimously accepted.
WORLDHOTELS China portfolio is growing significantly and by the end of 2005 will stand at 25 member hotels for the Greater China area.