INDEX NUMBER-- 8242421

CONTEMPORARY ISSUES AND EVENTS HAPPENING WORLDWIDE AND

IMPLEMENTATIONS ON THE INDUSTRY

Swiss-Belhotel International and CTG Hotel, China’s Largest Tourism Enterprise Sign an Alliance
on 21st July, 2023 via press release by Swiss-Belhotel:
Swiss-Belhotel International, the rapidly expanding global hotel management group, has signed a
memorandum of understanding (MOU) with CTG Hotel, part of the largest tourism enterprise in China –
China Travel Group. The partnership is set to significantly boost the Swiss-Belhotel International’s
portfolio.

Making the announcement Mr. Gavin M. Faull, Chairman and President of Swiss-Belhotel International,
said, “The MOU with CTG Hotel will serve as a gateway for rapid growth for us in China and other
international markets. The strength of the robust Swiss-Belhotel International brand, owned and nurtured
by our International Group for over two decades, coupled with CTG Hotel’s vast resources and sterling
reputation, will act as a catalyst for continued expansion”.

HVS Market Report – Philadelphia Hotel Market: Poised for Success – By Michael Lambdin and
Scott Killheffer on July, 21st 2023.

Since the COVID-19 pandemic, Philadelphia’s ADR has fully recovered, but occupancy and RevPAR
remain below 2019 levels. The primary factor limiting the recovery is the stagnant commercial and group
demand segments. However, leisure demand has increased, and the city is preparing to host several large
events in the coming years, supporting a positive outlook. The lodging market in Philadelphia is vibrant
and diverse, catering to the needs of both tourists and business travelers. The city’s rich history and wide
range of attractions draw visitors throughout the year. Philadelphia offers a variety of lodging options,
from luxurious hotels in the bustling city center to charming bed-and-breakfasts in historic neighborhoods