LONDON, 24 February 2017: Hotels in the Asia Pacific region reported a moderate occupancy decline, but a strong rate growth in January 2017, according to the latest data from STR.
Based on US dollar constant currency, year-over-year comparisons, for the Asia Pacific region, the average daily rate increased 4.6% to USD108.10.
Occupancy across the region declined 0.8% to 64.8%
STR highlighted specific markets in local currency, year-over-year comparisons:
Occupancy: -3.0% to 79.8%
ADR: +16.3% to NZD190.45
RevPAR: +12.8% to NZD151.93
With ADR as the primary driver of performance, New Zealand posted year-over-year RevPAR growth for 43 consecutive months dating back to July 2013.
Key markets like Queenstown (+19.2%), Roturua (+14.8%) and Auckland (+13.5%) each recorded double-digit RevPAR increases for January, while Wellington (-0.7%) was the only major market to report a decline in the metric, albeit marginal.
Occupancy: +1.3% to 68.4%
ADR: +4.2% to VND2,882,582.04
RevPAR: +5.5% to VND1,971,396.72
Hotel performance was lifted by a calendar shift with the Tet holiday, or Vietnamese New Year (28 January), which occurred in February last year.
Despite performance declines seen the week before the holiday this year, Vietnam’s hotel market recorded strong performance during the first half of the month, resulting in the overall positive performance for January. The month marked Vietnam’s highest ADR for any January on record.
RevPAR growth was driven primarily by regional markets as opposed to major markets. This resulted in Hanoi (-2.9%) and Ho Chi Minh City (-4.6%), both recording declines in the metric.
Visit www.str.com for more information.