Asia/Pacific hotel occupancy decliend 1.7% to 71% in the third quarter, and a 0.5% ADR dip to $98.23 drove RevPAR down 2.2% to $69.72.
SINGAPORE—Hotels in the Asia Pacific region reported negative results in the three key performance metrics during Q3 2019, according to data from STR.
U.S. dollar constant currency, Q3 2019 vs. Q3 2018
• Occupancy: -1.7% to 71.0%
• Average daily rate (ADR): -0.5% to US$98.23
• Revenue per available room (RevPAR): -2.2% to US$69.72
Local currency, Q3 2019 vs. Q3 2018
Kuala Lumpur, Malaysia
• Occupancy: +4.6% to 74.6%
• ADR: -5.8% to MYR331.98
• RevPAR: -1.4% to MYR247.75
The increase in occupancy was the first for any quarter in the market since Q1 2018. STR analysts note that quarterly performance was driven by a 6.8% jump in demand, which included August and September increases of 11.0% and 8.2%, respectively. When looking at individual segments of the market, the Luxury class saw the highest demand jump (+21.7%). Group demand reached double digits for the quarter (+15.2%), while transient demand was up 7.0%.
Ho Chi Minh City, Vietnam
• Occupancy: -2.2% to 67.3%
• ADR: +4.1% to VND2,610,177.33
• RevPAR: +1.8% to VND1,755,605.87
The decline in occupancy came as supply (+2.7%) outpaced demand (+0.5%). STR analysts note that the slowdown in demand could be due to the growing popularity of other destinations in Vietnam such as Phu Quoc, Da Nang and Hanoi. When looking at the individual months, August saw the largest declines in occupancy (-3.9%) and RevPAR (-0.2%).
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STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. 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. For more information, please visit str.com.
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