Asia/Pacific hotel occupancy decreased 37.7% to 41.2% in February, and despite a 1.9% ADR increase to $107.35, RevPAR dropped 36.5% to $44.27.
SINGAPORE—Reflecting the effects of the COVID-19 pandemic, hotels in the Asia Pacific region reported a significant decline in occupancy but fairly steady room rates during February 2020, according to data from STR.
U.S. dollar constant currency, February 2020 vs. February 2019
• Occupancy: -37.7% to 41.2%
• Average daily rate (ADR): +1.9% to US$107.35
• Revenue per available room (RevPAR): -36.5% to US$44.27
The Asia Pacific region was the first to show a significant COVID-19 hotel performance impact. STR continues to monitor the situation and issue preliminary data press releases, such as one specific to Melbourne performance through 8 March. More information, including recent Asia Pacific webinars and analysis articles, can be found here.
In February specifically, China’s occupancy dropped 75.9% to an absolute level of 14.0%. Also of note, Singapore was down 46.9% to 46.4%; South Korea dropped 30.0% to 42.7%; and Japan fell 22.4% to 64.7%.
At the market-level, Sanya’s occupancy plummeted 89.8% to 7.8%. Shanghai was down 82.0% to 9.7%. Hong Kong fell 73.0% to 24.0%.
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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.
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