Hong Kong's hotel market reported occupancy rose 1.4% to 94.3% in November, according to preliminary monthly data from STR. ADR increased 5.6% to 1,603.28 Hong Kong dollars ($205.39) and RevPAR jumped 7.1% to HK$1,511.50 ($193.63).
LONDON—STR’s preliminary November 2017 data for hotels in Hong Kong indicates significant performance levels.
Based on daily data from November, Hong Kong reported the following in year-over-year comparisons:
- Supply: +3.1%
- Demand: +4.5%
- Occupancy: +1.4% to 94.3%
- Average daily rate (ADR): +5.6% to HKD1,603.28
- Revenue per available room (RevPAR): +7.1% to HKD1,511.50
The absolute occupancy level would be the highest for any month on record in Hong Kong. Additionally, the ADR increase was the first for a November in Hong Kong since 2011. According to STR analysts, strong inbound tourism, as well as MICE events, such as Cosmoprof Asia 2017 (14 – 16 November 2017), pushed demand.
STR will release full November 2017 results later this month.
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