Hotel prices soar during Chinese New Year as Cotai hotels near full occupancy

Spring Festival (left)

Hotel prices during this Chinese New Year (CNY) have skyrocketed to an average of MOP4,553 for five-star accommodations, with a check conducted by the Times revealing that Friday, the third day of the Lunar New Year, is the most expensive day for lodging.

As the holiday approaches, hotel bookings in the Cotai area are nearly full, with many establishments reporting high occupancy rates throughout the weekend.

The average price for five-star hotels tomorrow, January 29, is MOP3,110, increasing to MOP4,553 by Friday, January 31, illustrating the significant demand associated with the festive season. Similarly, three-star hotels see average prices rise from MOP913 to MOP1,929 over the same period. On Thursday, January 30, the average price for five-star hotels rises further to MOP3,795, while the Cotai area experiences an increase to MOP4,807.

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The weekend continues this trend, with average prices for five-star hotels on Saturday reaching MOP3,799 and MOP4,253 for accommodations in Cotai.

By Sunday, February 2, the average price for five-star hotels is MOP4,598. Notably, some Cotai hotel prices range as high as MOP6,000 per night, reflecting ongoing high demand.

Maria Helena de Senna Fernandes, director of the Macao Government Tourism Office (MGTO), discussed these price changes in an interview, noting that hotel room prices during CNY this year are not expected to rise significantly compared to the previous year. The occupancy rate is anticipated to be high, with some days possibly reaching 99%.

While the majority of Cotai hotels are fully booked for the weekend, the official noted that there have been no illegal increases in hotel rates across Macau. However, some online booking platforms have demonstrated excessive price fluctuations. Hotels have been reminded to monitor these fluctuations closely, as hotel rates are subject to market supply and demand dynamics.

The MGTO mandates that hotels in Macau report their room rates and any anticipated increases, and the bureau will continue to monitor this data to ensure compliance with regulations. Should any hotel implement unauthorized price hikes, the bureau is prepared to administer penalties.

Additionally, the MGTO will collaborate with law enforcement to combat illegal accommodations and ensure compliance with established regulations.

Inspections will be strengthened, and property owners are encouraged to maintain proper use of their properties.

As travelers prepare to celebrate the CNY, the hospitality industry in Macau braces for a busy holiday season marked by rising average prices and high demand.

In China, its Lunar New Year travel rush has kicked into high gear, with billions of trips expected in coming days for the peak of the 40-day annual mass migration — the world’s biggest annual movement of humanity.

The official New Year holiday, marking the start of the Year of the Snake in the 12-month lunar calendar, begins tomorrow. Victoria Chan