Hotels in the Asia/Pacific region reported occupancy fell 59.5% to 28.3% in March as ADR declined 17.6% to $80.82 and RevPAR dropped 66.7% to $22.85.
SINGAPORE—Reflecting the effects of the COVID-19 pandemic, the Asia Pacific hotel industry reported all-time lows in the three key performance metrics during March 2020, according to data from STR.
U.S. dollar constant currency, March 2020 vs. March 2019
• Occupancy: -59.5% to 28.3%
• Average daily rate (ADR): -17.6% to US$80.82
• Revenue per available room (RevPAR): -66.7% to US$22.85
The absolute levels in each of the three KPIs were the lowest for any month on record in the region.
Local currency, March 2020 vs. March 2019
• Occupancy: -65.4% to 23.2%
• ADR: -35.4% to CNY332.41
• RevPAR: -77.6% to CNY76.96
Showing green shoots of recovery, China’s absolute occupancy level was the up from February (12.8%), which was the lowest occupancy month on record in the country. Key markets, Beijing and Shanghai, reported decreases in the metric of 78.7% and 73.7%, respectively. China’s ADR remained lower than February (CNY406.22), but RevPAR was up slightly from that second month of the year (CNY52.12).
• Occupancy: -53.6% to 38.3%
• ADR: -19.1% to SGD212.40
• RevPAR: -62.4% to SGD81.35
The absolute occupancy and RevPAR levels were the lowest for any month in STR’s Singapore database.
STR continues to monitor the COVID-19 impact on global hotel performance. More information, such as full analysis pieces and webinar recordings, can be found here.
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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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