Mixed signals from markets across Greater China, as long-haul markets continue to struggle. While regional travel is strengthening, hotel markets have yet to see an upside. China's international visitor arrivals continued to decline, falling 5.9% YOY to 30.2 million visitors in 1Q 2014. The Hong Kong and Macau markets contracted by 7.9% and 2.5% YOY, respectively; Hong Kong and Macau together accounted for 76.7% of total visitor arrivals. All top five markets (excluding Hong Kong and Macau) also continued to slow: Japanese visitor arrivals further declined by 8.4%, while Taiwan, the USA and South Korea respectively recorded YOY declines of 2.5%, 2.0%, and 1.0%. All Southeast Asian markets, including Thailand, Indonesia and Malaysia, declined by single-digit percentages as well.

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HVS is the world's leading consulting and valuation services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 4,500 assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. Through a worldwide network of over 50 offices staffed by 300 experienced industry professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. For further information regarding our expertise and specifics about our services, please visit www.hvs.com.