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Hotels in the Asia Pacific region experienced negative year-over-year results in the three key performance metrics during February 2015 when reported in US dollars.
Hotels in the Asia Pacific region experienced negative year-over-year results in the three key performance metrics during February 2015 when reported in US dollars, according to data compiled by STR Global. The region’s occupancy for February fell 3.6 percent to 64.6 percent; its average daily rate dropped 3.6 percent to US$117.64; and its revenue per available room decreased 7.0 percent to US$75.97. Performance by country varied significantly on a local-currency basis: China experienced a 9.2-percent decrease in RevPAR to CNY322.45 and an 8.3-percent decline in occupancy to 54.4 percent. “Chinese New Year celebrations impacted hotel performance as demand declined by 4.7 percent in Chinese cities during the month”, said Elizabeth Winkle, managing director of STR Global. “Chengdu continues to see strong supply growth (+8.5 percent), putting pressure on performance, resulting in a decline of 18.2 percent in RevPAR. Hong Kong saw a RevPAR decline of 12.5 percent”. Japan reported increases in both occupancy (+3.2 percent to 84.6 percent) and ADR (+10.6 percent to JPY13,050.26), resulting in a RevPAR gain of 14.2 percent to JPY11,042.41. “Japan’s overall hotel performance grew positively, with RevPAR mainly driven by ADR increases in almost all markets across the country”, Winkle said. Thailand saw the largest increases in occupancy (+26.7 percent to 86.0 percent) and RevPAR (+26.7 to THB3,635.33), but the country reported a slight decline in ADR (-0.1 percent to THB4,225.03). Myanmar experienced the largest decrease in RevPAR (-22.4 percent to MMK128,930.16), driven predominantly by a 16.9-decline in occupancy to 67.8 percent. Winkle noted that a 12.1-percent year-over-year increase in supply has placed pressure on market occupancy levels. Highlights from key market performers for February 2015 in local currency (year-over-year comparisons):
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