China’s Empty Office Glut Supercharges Hilton’s Expansion Plans

(Bloomberg) — Hilton Worldwide Holdings Inc. and its franchise partners have found a silver lining in China’s real estate crisis — converting empty and unused office buildings into hotels amid a domestic travel boom.

The group, which recently opened its 700th property in Greater China, is expanding briskly on the mainland, despite a meltdown in the country’s housing market that turned many investors off Asia’s biggest economy. Hilton, which owns brands such as Conrad, Waldorf Astoria and DoubleTree, aims to add about 100 hotels to its network there over the next few years and has a pipeline of nearly 900 locations, Clarence Tan, Senior Vice President of Asia Pacific development, said in an interview.