Asia/Pacific hotel occupancy fell 0.9% to 71% in October. ADR declined 2.4% to $100.25 and RevPAR dropped 3.4% to $71.16.
SINGAPORE—Hotels in the Asia Pacific region reported negative results in the three key performance metrics during October 2019, according to data from STR.
U.S. dollar constant currency, October 2019 vs. October 2018
• Occupancy: -0.9% to 71%
• Average daily rate (ADR): -2.4% to US$100.25
• Revenue per available room (RevPAR): -3.4% to US$71.16
Local currency, October 2019 vs. October 2018
• Occupancy: +5.5% to 65.6%
• Average daily rate (ADR): -5.5% to THB2,813.53
• Revenue per available room (RevPAR): -0.3% to THB1,846.25
STR analysts note that group demand (+40.3%) drove the lift in occupancy, while demand in the transient segment fell 1.8%. Hoteliers may have lowered rates due to the appreciation of the Baht and a more competitive marketplace with a 3.1% rise in room inventory from last October.
• Occupancy: -2.8% to 87.9%
• Average daily rate (ADR): +19.5% to JPY23,663.64
• Revenue per available room (RevPAR): +16.2% to JPY20,808.51
The decline in occupancy was due to a surge in new supply (+6.9%) outpacing demand (+4.0%). However, STR analysts note that performance was boosted by the Rugby World Cup 2019 (20 September through 2 November). Tokyo saw a double-digit increase in ADR (+46.7%) and a subsequent jump in RevPAR (+44.3%) during the knockout stage of the event (19 October through 2 November).
A note to editors
All references to STR data and analysis should cite “STR” as the source. Please refrain from citing “STR, Inc.” “Smith Travel Research” or “STR Global” in sourcing.
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
The above is a news release written by a third party. While HNN’s editorial mission is to produce unique content, it occasionally publishes timely, newsworthy news releases to complement in-house reporting efforts. All news releases are clearly marked as such. For questions and clarification, please contact Editorial Director Stephanie Ricca at email@example.com.