As of March 2023 1, five-star hotels closed down, including Radisson Plaza Hotel Cixi and Nanyuan Hotel Ningbo.

According to Tianyancha, Radisson Plaza Cixi is the first five-star hotel in Zhejiang to go bankrupt. Because the capital turnover was not enough, it went bankrupt.

As a five-star hotel in Zhejiang, Nanyuan Hotel in Ningbo also declared bankruptcy in June 2022 and has been acquired by BTG Hotel Group.