The Asia/Pacific region reported occupancy rose 1.5% to 69% during the first quarter of 2018, while ADR increased 3% to $112.48 and RevPAR rose 4.5% to $77.59.
LONDON—Hotels in the Asia Pacific region registered growth across the three key performance metrics during Q1 2018, according to data from STR.
U.S. dollar constant currency, Q1 2018 vs. Q1 2017
• Occupancy: +1.5% to 69.0%
• Average daily rate (ADR): +3.0% to US$112.48
• Revenue per available room (RevPAR): +4.5% to US$77.59
Local currency, Q1 2018 vs. Q1 2017
• Occupancy: +3.8% to 90.1%
• ADR: +10.7% to HKD1,482.02
• RevPAR: +14.9% to HKD1,335.10
This was the first Q1 in STR’s Hong Kong database with occupancy above 90%. According to STR analysts, performance momentum from 2017 extended into the first months of 2018 with strong demand, especially from Mainland China, generating more near-capacity occupancy nights and higher ADR premiums. Data from the Hong Kong Tourism Board showed a 9.9% increase in visitor arrivals during the first two months of 2018. Visitors from Mainland China accounted for 13.6% growth compared with the same two months in 2017.
• Occupancy: +7.6% to 76.7%
• ADR: +1.6% to MVR12,569.93
• RevPAR: +9.4% to MVR9,637.91
The absolute occupancy level was the highest for a Q1 in Maldives since 2014 thanks to the highest Q1 demand increase in the country (+10.6%) since 2010. According to the Ministry of Tourism, tourist arrivals to Maldives increased 17.0% from Q1 2017. Europeans represented the largest share of arrivals (56.8%) and most growth (+23.2%) compared with other world regions.
• Occupancy: +5.9% to 75.7%
• ADR: +5.5% to VND2,917,007.93
• RevPAR: +11.7% to VND2,208,814.66
Even with healthy supply growth (+4.3%), the absolute occupancy level was the highest for a Q1 in Vietnam since 2007. STR analysts cite strong tourism and foreign investment as reasons behind the hotel performance and inventory growth in the country. As of STR’s March Pipeline Report, Vietnam ranked third in the Asia Pacific region among countries with the most rooms in construction (20,633 rooms in 59 hotels). Strong demand has helped hoteliers maintain their pricing power during this time of supply growth.
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