SINGAPORE, 23 March 2020: Hotels in the Asia Pacific region reported a significant decline in occupancy, but room rates were fairly steady during February, according to data from STR.
Based on US dollar constant currency, comparing February with the same month last year, occupancy in the region’s hotels dropped by 37.7% to 41.2%, average daily rate (ADR) improved by a slim 1.9% to USD107.35 and revenue per available room (RevPAR) dropped by a dramatic 36.5% to USD44.27
The Asia Pacific region was the first to show a significant COVID-19 hotel performance impact.
In February, specifically, China’s occupancy dropped 75.9% to an absolute level of 14.0%. Also of note, Singapore was down 46.9% to 46.4%; South Korea dropped 30.0% to 42.7%, and Japan fell 22.4% to 64.7%.
At the market-level, Sanya’s occupancy plummeted 89.8% to 7.8%. Shanghai was down 82.0% to 9.7%, and Hong Kong fell 73.0% to 24.0%.