SINGAPORE, 26 February 2020: Hotels in the Asia Pacific region reported mostly negative results in January according to the latest data from STR.
STR monitors occupancy, average daily rate, revenue per available room based on US dollar constant currency for January 2020 compared with January 2019.
Occupancy declined 11.3% to 57.8%
Average daily rate (ADR) down 4.3% to USD104.03
Revenue per available room (RevPAR) slipped 7.5% to USD60.15
Using local currency calculations for January 2020 compared with January 2019 STR highlighted the performance of two destinations in the region.
Hong Kong SAR
Occupancy: -37.2% to 56.2%
Average daily rate (ADR): -30.0% to HKD999.88
Revenue per available room (RevPAR): -56.0% to HKD561.85
The absolute occupancy and RevPAR were the lowest levels for any January on record in Hong Kong, while the absolute ADR value was the lowest for a January since 2004. Demand in the market dropped 36.6% for the month, which STR analysts attributed to ongoing protests in the market topped by the outbreak of Covid-19. Performance declines have extended into February according to preliminary data.
Occupancy: -0.9% to 84.0%
Average daily rate (ADR): +2.2% to THB5,907.87
Revenue per available room (RevPAR): +1.3% to THB4,959.80
RevPAR increased year over year for the first time in 18 months, due primarily to a lift in ADR—the first jump in the metric after 14 consecutive months of declines. STR analysts note that the slight occupancy dip was due to supply (+2.9%) outpacing demand (+2.1%).
STR’s world-leading hotel performance sample comprises 68,000 hotels and 9.1 million rooms around the globe.