SINGAPORE, 25 June 2020: As expected hotels in the Asia-Pacific region are not weathering the Covid-19 storm well as witnessed by the close to ground zero performance in May revealed in the latest data from STR.
All three key performance metrics (occupancy, average daily rate and revenue per available room) dropped points during May 2020.
Based on US dollar constant currency for May 2020 and compared with the same month last year, the occupancy declined by a massive 47.3% to 35.8%. Average daily rate (ADR dipped 40.2% to USD55.93. Revenue per available room (RevPAR) dropped 68.5% to USD20.04
The absolute levels in each of the three KPIs were the lowest for any May on record in the region but were up from April levels.
Based on Local currency, May 2020 vs. May 2019, STR highlighted the performance of hotels in China and Singapore.
Occupancy: -33.7% to 45.2%
ADR: -24.5% to CNY342.78
RevPAR: -50.0% to CNY155.03
Each of the three key performance metrics improved when compared with the lows of April, but ADR remained the lowest for any May on record in the country. Occupancy and RevPAR were the lowest since the SARS outbreak in 2003.
Occupancy: -8.8% to 71.5%
ADR: -62.5% to SGD95.44
RevPAR: -65.8% to SGD68.20
Even though Singapore maintained the world’s highest occupancy level, its absolute ADR was the lowest for any month in the country’s database. As a result of lower room rates, the RevPAR level was the lowest for any May since 2003.