LONDON, 28 January 2029: Singapore saw hotel occupancy gains in 2018, while Vietnam and Thailand experienced slight declines, according to the latest STR data.
The data for 2018 also showed hotels in the Asia Pacific region reported positive results across all three key performance metrics during 2018, according to data from STR.
STR monitor occupancy, average daily rate and revenue per available room across the region and includes country-specific highlights.
Based on USD constant currency for 2018 compared with 2017 across the Asia Pacific region, STR reported occupancy increased by a marginal 0.2% giving the region an overall occupancy of 70.6%.
Average daily rate (ADR) grew 1% to USD106.99, while revenue per available room (RevPAR) improved 1.2% to USD75.53
Looking at individual country markets using local currency and comparing 2018 with 2017 data, Singapore saw its hotel occupancy grow 3.1% to a high 83.7% average.
Average daily rate improved 0.7% to SGD271.49 and RevPAR was up 3.8% to SGD227.35.
The country experienced its highest total-year occupancy level since 2012. STR analysts note that strong demand (+6.7%) surpassed supply growth (+3.5%) as arrivals to the city-state continued to rise and the pace of new hotel openings slowed.
Ho Chi Minh City, Vietnam, also saw its hotel occupancy decline 1.8% to 73.4%, average daily rate was up 7% to VND2,637,846.90 and RevPAR grew 5.1% to VND1,936,823.10.
Occupancy declined as supply growth (+1.9%) outpaced mostly flat demand (+0.1%) — a trend likely to continue as new hotels are lined up for construction, according to STR analysts. However, booking demand for the city is expected to continue to grow long-term, as plans for an expansion of the international airport should facilitate new arrivals.
Thailand saw hotel occupancy fall by 0.8% to 75.7%, but average daily rate grew 3.5% to THB3,703.16 and RevPAR was up 2.8% to record THB2,803.14
With a wider variety of growth around Thailand, Bangkok maintained strong performance, particularly in the central areas of the city, as supply growth softened. STR analysts noted that there was slight uncertainty in various markets that began later in 2018, as the pace of important international arrival segments such as mainland China slowed. The country has showed its resilience many times in the past to external factors and 2019 is likely to provide another test.