During February, hotels in the Asia/Pacific region saw occupancy decrease 1.8% to 67.1%. ADR rose 9.4% to $118.17 and RevPAR increased 7.5% to $79.25.
LONDON—Hotels in the Asia Pacific region reported lower occupancy but significant rate growth during February 2018, according to data from STR.
U.S. dollar constant currency, February 2018 vs. February 2017
- Occupancy: -1.8% to 67.1%
- Average daily rate (ADR): +9.4% to US$118.17
- Revenue per available room (RevPAR): +7.5% to US$79.25
Local currency, February 2018 vs. February 2017
- Occupancy: +0.3% to 85.5%
- ADR: +5.0% to SGD286.41
- RevPAR: +5.3% to SGD244.88
STR analysts note that the biannual Singapore Airshow and calendar shift of the Chinese New Year provided an obvious performance lift from 2017. Thus, it is important to instead compare the first two months of 2018 with the same two months in 2016. When examining those time periods, 2018 occupancy and ADR fell 0.9% and 8.0%, respectively. The 2016 period for Chinese New Year overlapped with the airshow dates, so the performance levels were naturally higher. Airshow dates in February 2018 specifically produced a double-digit decline from the Airshow dates in 2016 (RevPAR: -11.2%), but peaking supply growth (+13.3% in 2018) also factored heavily in that equation.
- Occupancy: -13.1% to 58.2%
- ADR: +3.3% to KRW153,177.72
- RevPAR: -10.2% to KRW89,196.00
According to STR analysts, the Winter Olympics in Pyeongchang failed to produce demand levels capable of overcoming significant supply growth (+11.6%) in the country. Geopolitical concerns in the region also continued to play a role in South Korea’s overall performance decline. The Olympics did, however, help push the first year-over-year ADR increase for the country since September 2014.
- Occupancy: +3.9% to 88.9%
- ADR: +14.7% to THB4,619.38
- RevPAR: +19.1% to THB4,106.80
February is historically one of the stronger performance months of the year in Thailand. STR analysts attribute the added performance growth to the calendar shift of Chinese New Year from January in 2017 to February in 2018. On 16-17 February of 2018, RevPAR increased 43.6% and 47.4%, respectively.
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