Hong Kong's hotels reported occupancy rose 2.6% to 91.8% in March, according to preliminary STR data. ADR increased 13.2% to 1,567.57 Hong Kong dollars ($199.71) and RevPAR jumped 16.1% to HK$1,439.13 ($183.34).
LONDON—STR’s preliminary March 2018 data for hotels in Hong Kong indicates strong performance results.
Based on daily data from March, Hong Kong reported the following in year-over-year comparisons:
- Supply: +2.8%
- Demand: +5.5%
- Occupancy: +2.6% to 91.8%
- Average daily rate (ADR): +13.2% to HKD1,567.57
- Revenue per available room (RevPAR): +16.1% to HKD1,439.13
Performance momentum from last year carried into Q1 for Hong Kong. According to STR analysts, continued strong demand, especially from Mainland China, is generating more near-capacity occupancy nights and driving higher ADR premiums. The absolute occupancy level would be one of the highest for any March in STR’s Hong Kong database. The ADR level is the highest for a March since 2015.
STR will release full March results later this month. The January edition of STR’s Market Forecast and the 2017 Global Hotel Study are now available.
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