Ibis, a budget hotel brand owned by Accor, has opened a new hotel in Chengdu this week.

It is the only foreign-funded hotel in Chengdu.

According to Michael Issenberg, managing director of Accor in Asia-Pacific, the hotel is three to four stars, and the room rate will be RMB120/night before December 31, 2005.

Starting in 2006, the room rates will increase to RMB168 per night's stay, which will rival other budget hotel chains.