LONDON, 14 February 2018: Hong Kong hotels are enjoying a surge in demand resulting in high occupancy levels according STR’s preliminary January 2018 data.
STR’s report on hotel performance in Hong Kong demand pushing uo occupancy levels to more than 90%.
With that kind of occupancy travellers are not going to snag a sweet deal for holiday break, but it is good news for hotel profit forecasts.
Based on daily data from January, Hong Kong reported supply increased by 3%, while demand for hotel rooms increased by 9.2%.
Hotel occupancy also improved by 6.1% to a remarkable 91.2%.
Hong Kong hotels have some of the highest room rates in the region and the latest performance indicates that for holiday travellers there is no respite from rising costs.
The average daily rate remains steady at HKD1,428.41, while revenue per available room (RevPAR) increased 6.1% to HKD1,302.29.
Hong Kong recorded its fourth straight month with occupancy in excess of 90%, which is not good news for business and leisure travellers. At such a high level there are very few offers or bargains in star-rated hotels.
In addition, STR reports the month was the market’s first January without a negative year-over-year ADR comparison since 2013.
STR analysts attributed those past decreases to political uncertainty and economic downturn.
STR will release its full January results later this month.