Accor SA is on track to sign a record of about 125 hotel partnership projects in China this year, doubling down on its expansion in a country where tourism has become one of few bright spots amid an economic downturn.

The French hospitality giant currently has more than 640 hotels across Greater China, which are either joint operations with landlords or fully franchised under its “asset-light” model, according to Greater China Chief Executive Officer Gary Rosen. It’s also in talks with potential partners to introduce the region’s first project under its Orient Express brand, Rosen told Bloomberg in an interview.

Accor has already announced its first three hotels under the Orient Express brand — known for the namesake Paris-Istanbul sleeper train that traces its history back to 1883 — in Italy and Saudi Arabia, which are scheduled to open in the coming two years.

Accor’s hotels in China range from luxury brands Raffles, Fairmont and Sofitel to mid-market chains Ibis and Mercure, and the region contributes one-fifth of the group’s revenue in Asia Pacific and the Middle East.

The company’s accelerated expansion there comes as the mainland’s domestic travel has seen a strong rebound — particularly during the peak summer season — defying a post-Covid economic slowdown. Consumers are increasingly spending on leisure and entertainment activities instead of big-ticket items amid uncertainties of a property slump and surging youth unemployment rate, benefitting industries including hospitality.

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“People’s decision making and their consumption patterns have changed,” Rosen said. Travel and time together is something “they are still investing in.”

Revenue per available room and occupancy rates in mainland China and Macau have returned to or exceeded 2019 levels, while Hong Kong’s have not fully recovered, he said, without elaborating.

The tourism boom has also contributed to a strong recovery in Macau, the world’s largest gambling hub, and the only place in China where casinos are legal. Gaming revenue in August surged to the highest since the early days of Covid and reached 70% of the pre-pandemic level. July’s hotel occupancy rate in the city was 89% — compared with 93% in 2019 — according to the latest available government data.

Accor in mid-August opened a new luxury hotel in Macau under its 136-year-old Raffles brand, at the casino resort owned by Galaxy Entertainment Group Ltd.

It’s the group’s second hotel in the city, after opening Sofitel Macau in 2008.

Hong Kong has struggled with a slower tourism recovery and resident outflow following 2019’s social unrest and three years of strict Covid closures. Still, Rosen said Accor — which opened two boutique luxury MGallery hotels in the city last year — remains positive that visitors will eventually come back as the financial hub hosts more events.