IT was a mixed week for hotel stocks, with two issues hitting their 1993 highs, one remaining inert, another taking a small dip and the rest making moderate gains. Associated International Hotels reached a year's high when the price hit $4.30. Its previous high was $4.20. The other top performer for the week was Miramar Hotel at $12.10. This compares with its previous high of $12. According to the latest report from Vickers Ballas, the current recovery in the hotel industry is only in the early stage and will continue in the next two to three years. The economic reform in China has resulted in a rapid increase in foreign trade and investment and increased the number of travellers visiting China through the territory. Besides overseas visitors, the tourist industry in Hongkong is also benefiting from the upsurge in the number of mainlanders coming for business or leisure purpose. Given an encouraging growth in visitor arrivals and a slowdown in supply of new hotel rooms, the sector is likely to resume its amazing performance in the 1986-1988 period with average occupancy rates heading towards the 90 per cent level.